Goose Creek Real Estate: Poised For A Big Breakout?

Today I am looking at the Charleston MLS to see how the Goose Creek real estate market did in 2014. First, here is a look at the Closed Sales:

In December the number of Closed Sales increased, from 56 in November to 72 in December. The peak month in 2014 was June, which saw 79 Closed Sales. January was the low point, with 31 Closed Sales. How did 2014 compare to previous years?

2014 sales increased by nearly 10%. 2013 was up double digits, at 12.6%. Those are some very good numbers, and although sales didn’t increase by as much in 2014, that is actually a good thing. More on that later.

Here is a look at 2014 Average Sales Price:

Home values actually dropped in December, from November’s $160,336 to $146,754. April was the 2014 peak month for Goose Creek real estate values, with an Average Sales Price of $175,379. The low point came in February at $141,887.

Here is a comparison of the last few years:

Unlike most areas of Charleston, Goose Creek actually saw home values decline in 2013–by 12.6%. But, Goose Creek has rebounded in 2014, with an increase by 8.4%.

Next, a look at the Average Days On The Market (DOM):

That number is up in December, from 49 DOM in November to 61 DOM. The highest DOM for 2014 came in April at 92. The lowest was November.

Here is a comparison of the last few years:

Like most of Charleston, the Average DOM in Goose Creek has steadily been on the decline, and dropped further in 2014.

Finally, here is a look at the Months Supply Of Inventory:

That number came down in December, from November’s 3.8 Months to 3.2 Months. The peak came in July at 5 months, and December was the low point. Keep in mind that a normal real estate market is 6-7 months inventory, and like most of Charleston, Goose Creek is in a sellers market.

Typical if a sellers market, home values increase, and the tend to not stay on the market for very long. As you can see by the above graphs, home sales and values are on the increase in 2014, and Average DOM and Months Supply are coming down.

For most of Charleston, this is what is happening–both overall and to specific localities. Goose Creek is a little different in that it saw values decline in 2013. Most other areas not only saw growth in 2013, but explosive (double digit) growth.

Goose Creek saw an increase in values of 8.4% in 2014. Not exactly explosive, but still a very good number. Keep in mind that a normal appreciation rate is usually 3%-4%.

It will be interesting to watch the numbers unfold in 2015–it appears Goose Creek still has plenty of room for positive growth, but will the numbers remain fairly steady, or is Goose Creek getting ready to see the numbers explode?

Much of the rest of the greater Charleston area has already seen these type of numbers, so is Goose Creek going to follow suit, or will it’s growth remain at a more steady pace?

If it continues at this pace, that is a good thing. Sure, a year of explosive increases in sales and values would certainly be a good thing, but remember that slow and steady wins the race.

8.4% is still a very good number–and if that pace is maintained, that would probably be better overall for the Goose Creek real estate market. Explosive growth can’t be maintained for too long before there is a market correction. This is what happened with the real estate bubble a few years back.

For most of Charleston, there was an explosive increase in 2013, and in 2014 the numbers are still increasing, but at a lower pace that is easier to maintain and a sign of a market that is correcting itself into a more stable market.

Goose Creek may simply be a little late to the party, but it could be taking a smarter path. 8.4% isn’t as impressive as some other markets, but it could mean longer term growth.

If you are thinking of buying Goose Creek homes for sale, then search the Goose Creek MLS here. You can sign up and have a list of homes that match your criteria sent to your mailbox, with real time updates of the newest, hottest listings.

If you are thinking of selling, then make sure you hire the right Goose Creek real estate agent to get your home sold.

And if you want to keep up to date with the latest numbers and statistics, then visit my Goose Creek real estate stats page.