Goose Creek Real Estate Stats: The Creek Is Looking Good!
Today I am looking at data from the Charleston MLS for the numbers for the Goose Creek real estate market. First, Closed Sales:
Closed Sales dropped in November, from 72 in October to 56. June was the peak month in 2014 with 79 Sales. That wasn’t higher than the 2013 peak of May with 87 Closed Sales. June of 2013 also saw 85 closed sales.
As has been the case for most of Charleston, the number of Closed Sales is on the decline as we head to the end of the year.
But overall sales for the year is up over 2013. So, what do the numbers of Closed Sales look like Goose Creek? Here is a comparison of the last 2 Novembers, looking at year-to-year sales:
As you can see, the total sales in Goose Creek is up 21.7%!
Next, Pending Sales:
Pending Sales are up. In October, there were 58 Goose Creek homes to go under contract. In November, there were 75. Pending Sales are important because the homes are under contract and will close in the next 30-60 days. Therefore, Pending Sales are a good indicator of future sales.
Most of Charleston has seen a decline in Closed Sales towards the end of 2014. However, this has been the trend for the last couple years. Despite the decline in sales, most areas in Charleston have seen overall sales increase from last year.
Goose Creek appears to be bucking that trend, and 2014 could is looking like it will end on the upswing.
So, the number of sales is down, what about home values? Here is the Average Sales Price for Goose Creek homes for sale:
The Average Sales Price is up slightly, to $160,336. In October it was $159,208. The peak month was April, at $175,379. It hit the lowest point (for 2014) in August, at $142,477. As you can see by the graph, home values are up above any point from 2013.
Here is the Average Price Per Square Foot:
That number actually is down. In November it was $85/sq ft, down from October’s $91/sq ft. However, October was the peak month for 2014, and November’s number is more in line with where that number has been for the year.
Also note that November’s Average Price Per Square Foot is also higher than any point in 2013.
Next is the Average Days On The Market (DOM):
The Average DOM dropped in November, from 65 in October to 49. April had the highest DOM with 92, and in September it was 87–but it has been dropping since. In August of 2013 the DOM peaked at 87.
Also note that November is the new lowest DOM for 2014, dropping below the previous low of 52 DOM in July.
Finally, the Months Supply Of Inventory:
That number is also on the decline, and at the lowest point in over 2 years. In November, there was a 3.6 Month Supply of Goose Creek homes for sale.
The previous low was October, at 3.9. This number is important, because anything less than a 6 Month Supply indicates a sellers market, and a market that values are appreciating:
So, what do the numbers mean for the Goose Creek real estate market?
All the numbers are heading in the right direction–even though the number of Closed Sales are down, overall sales are above last year.
Plus, with Pending Sales up, those Closed Sales should also see an increase.
Of course, the Average Price Per Square Foot is down. However, it is important to keep that in the proper perspective.
First, the November number is down from the peak of 2014. Second, it is still where it has pretty much been for 2014, and, it is still above any level of 2013.
Overall, Goose Creek is doing very well. So, what does this mean for buyers and sellers?
For buyers, it is a good time to buy. Waiting will cost you as values continue to increase. That perfect house will cost you more if you wait.
Buying sooner, rather than later, will mean you take advantage of lower interest rates (that should be rising in 2015), lower prices, and you will have the increasing values working for you and not against you.
Buying sooner means you will start building equity–money into your pocket and not coming out in the form of higher prices. A sellers market means that sellers have a little more leverage in negotiations.
However, you are armed with this data, so that works in your favor. Not all sellers know the numbers like this, so use that to your advantage.
There are currently 208 Goose Creek homes for sale on the market. Of those, 122 have been listed for 50 days or more. 76 have been on the market for 100 days or more. Chances are, many of those are probably overpriced.
Sellers that have been on the market for a long time are usually eager to get sold. Notice I said eager, not desperate. However, this puts you in a better position.
Armed with this knowledge you can first see if they are overpriced. You can have me perform a Comparative Market Analysis on the home to see where they should be priced.
This will strengthen your negotiating power because you will be backed by the market numbers. You can also point to the Average DOM to show them that their listing is old.
Not all sellers will listen, but there are some that will understand the cold hard facts and agree to sell at a more favorable price.
You could probably even get them down a little further or get some extras in the negotiation (paid closing costs, home warranty, the washer and dryer, etc.)
For sellers, this information is critically important. You should not put your house on the market without knowing not only the most recent data, but the trends of the market overall.
Otherwise, you are flying blind and may learn a hard lesson. There is nothing worse than getting under contract, only to have the deal fall apart towards the end because the appraisal came back too low. Don’t let this happen to you!
However, priced correctly you can get your home sold for top dollar and quickly.
Buyers can search the Goose Creek MLS, and you can also get a free list of Goose Creek homes for sale. These include prices, addresses, photos, complete details and a Google map link.
You will receive these to your inbox and will be updated with new listings when they hit the market.
You can also download my “Home Buyer’s Survival Guide“, or sign up below for my Fall 2014 Buyer’s Guide.
Either location will allow you the option of getting a Comprehensive Home Value Report that will let you know what your home is worth right now in the current Goose Creek Real Estate Market.
Also check out my videos for both buyers and sellers.
If you want to keep up with the latest stats from the Goose Creek Real Estate market, then check out my Goose Creek stats page.
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