What Does the Charleston Market Look Like?

The latest numbers are in for Charleston. We are excited to share them with you today.

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We’ve got the latest numbers for the Charleston real estate market and we wanted to share them with you today. So far in 2016, 19,000 homes have been listed on the market and 14,000 of those have sold. A large percentage have sold, but there will always be homes that don’t sell for a variety of reasons. Whether it’s because they are priced too high, they're unable to accommodate showings, or they simply go too long without an offer, not every home will sell.

This year, the median price in Charleston is $239,000, a 5.7% jump from last year’s median price. Our average sale price is also up by around 4.5% to $320,000.

Last year, we had about a five-month supply of inventory at this time. Right now, our supply is at 3.6 months. What we mean by this is that if no more new homes came on the market after now, it would take 3.6 months to sell all the homes on the market at the current rate homes are selling. Anything below five to six months is considered a seller’s market, so that’s what we are in right now in Charleston.

Buyers are more reluctant to pay full price.

I do want to caution you that in this fourth quarter, we have seen a growing trend of buyers becoming a little reluctant to pay full price. However, a lot of people are taking their homes off the market right now before the holidays, so you have a window of opportunity to sell high now.

If your home is eligible to be shown during the holidays, I recommend you get it on the market right now. You can get ahead of the January rush that will come and get your home under contract while there is less competition and more serious buyers.

We are in a tremendous market for home sellers. If you have any questions for us or you’re thinking or buying or selling, give us a call or send us an email. We would be happy to come out to your home and give you a complimentary home valuation to show you what you could really sell for this holiday season. We look forward to hearing from you soon.

You're Invited to Our Annual Jeff Cook Real Estate Pie Giveaway!

Buying a Charleston home? Get a full home search

Selling your Charleston home ? Get a free home value report

This is the Jeff Cook Team's favorite time of year because it gives us a chance to express what we're thankful for. Right now, I am thankful for my health and that of my beautiful family. I'm also thankful for all of our wonderful clients, who are the life blood of our business. This is our way of thanking our past clients for their business and referrals. To show you how much we appreciate the support, you can come by one of our four locations for a free pie! For more information, watch this short video.

How do I get my Thanksgiving pie?

1. Please RSVP by Monday, November 14th, 2016 with:

•  Your name
•  Your email address
•  Your choice of Pumpkin or Apple pie
•  A location to pick it up

2. Pick up your pie at our Jeff Cook Real Estate office on Tuesday, November 22nd, between 12 - 6:30pm at one of these locations:

• Historic Summerville: 105 S Cedar St, Summerville, SC 29483
• Oakbrook: 10050 Dorchester Road, Suite 120, Summerville, SC 29485
• West Ashley: 821 Orleans Road, Suite 102, Charleston, SC 29407
• Mt Pleasant: 311 Johnnie Dodds Blvd #181, Mt Pleasant, SC 29464

Click Here to RSVP!

How Will the Election Affect Our Housing Market?

With the presidential election just weeks away, many people are concerned about what effect this election will have on the housing market. In reality, things look good no matter who is elected.

Buying a Charleston home? Get a full home search

Selling your Charleston home ? Get a free home value report

As the 2016 election nears, we find that several aspects of business are affected. What does that mean for the housing market?

One of the leading indicators of where we’re headed is consumer confidence. Consumer confidence is the willingness of an average U.S. citizen to purchase or finance a large asset. What we have found is that consumer confidence tends to remain high as we approach the election.

The National Association of Realtors says the housing market did show resilience and had its best first quarter of the year for existing home sales since 2007.

The dream of homeownership is still alive.

According to Fannie Mae, home sales should pick up heading into the future season. The main reason for this is declining mortgage rates. According to Freddie Mac, forecast housing continues to maintain its momentum through the remainder of 2016.

The outlook of the national housing market is projected to stay strong through the remainder of the year. The dream of homeownership, the American dream, continues to remain stronger than the fear of uncertainty in the next presidency. As we approach this election, the market is still strong and it is still a great time to buy and sell in Charleston.

If you have any questions, don’t hesitate to give us a call or send us an email. We would love to hear from you soon.