Goose Creek SC Real Estate: Booming Market
Here’s the latest numbers from the Charleston MLS to see how things are in the Goose Creek SC real estate market. First, a look at Closed Sales:
Closed Sales jumped up in March after seeing a decline at the start of 2015. In January, there were 58 Closed Sales, then 56 in February. For March, there were 74 Closed Sales. Last March there were 66.
The peak month for 2014 was June with 79 Closed Sales, so already in 2015 we are close to last year’s best month.
Prior to June 2014 the highest months for Closed Sales was May and June of 2013 with 88 and 85, respectively.
Prior to those months we didn’t see numbers that high since September 2007 with 88 Closed Sales.
Could we see the number of homes for sale in Goose Creek SC sold exceed last year’s peak in 2015? Let’s see what the Pending Sales numbers tell us:
Pending Sales have been on the rise in 2015, and really jumped up in March. In January, there were 66 Pending Sales, and that increased to 79 in February.
Then in March Pending Sales jumped up to 112. Last March there were 53 Pending Sales.
The peak month for 2014 was April with 84. So, Goose Creek has exceeded peak numbers for 2014 only 3 months into this year.
March was the highest month for Pending Sales for Goose Creek SC real estate since June 2006, which saw 129 Pending Sales.
Nationally, February was the highest month for Pending Sales since June 2013. The March numbers won’t be released until the end of April, but it wouldn’t be a big surprise if March exceeds April.
If you have read my previous posts covering the market stats for different areas of the Charleston SC market, you can see that most areas have seen big jumps in Pending Sales numbers in February and March.
This is good news because Pending Sales are indicators of future sales–if the Pending Sales numbers are heading up, then most likely the Closed Sales numbers will also trend upwards accordingly in the coming months.
It is likely that we will see the Closed Sales numbers exceed last year’s peak, and maybe even exceed numbers we haven’t seen since the real estate frenzy almost 10 years ago.
Here is a look at the Average Price Per Square Foot for homes for sale in Goose Creek SC:
That number has taken off in the New Year. In January, the Average Price Per Square Foot was $86/sq ft, then in February it increased to $89/sq ft, and in March it was $92/sq ft. Last March the Average was $87/sq ft.
The peak last year was in October at $91/sq ft. Prior to that, March 2012 saw an Average Price Per Square Foot of $108/sq ft.
Something must have been in the water that month because that number really is much different than any other month over the last few years:
Other than that one odd month, the last time we saw an Average Price Per Square Foot for Goose Creek as high as we did in March 2015 was November 2009, which was also $92/sq ft.
Here is another look at home values in Goose Creek–the Average Sales Price:
That number took a slight dip in March. In January, it was $156,021. In February it was up to $160,550, and then down slightly in March to $158,239.
Last March it was $153,419, on its way up to the 2014 peak in April of $175,379.
Other than that weird month in March 2012 (see below), the previous highest Average Sales Price for Goose Creek SC real estate came in August 2009 at $188,792.
In March 2012 Goose Creek saw an Average Sales Price of $344,899:
March 2012 really stands out when you look at the timeline. It’s like that old Sesame Street song “One of These Things Is Not Like The Other”. So, I just had to see why the numbers were so skewed for that one month.
That month Medway Plantation sold. It is on the National Register of Historic Places and was comprised of nearly 7,ooo (!) acres.
It sold for $11,000,000 so that is why that month really stands out–and why we should overlook that number and see what previous high points were for a more accurate look at the Goose Creek SC real estate market.
Here is a look at the Average Days On The Market (DOM):
So far in 2015, that number is dropping. In January, the Average DOM was 68. In February it was 62 DOM, then down to 58 DOM for March. Last March it was 63 DOM.
The lowest DOM for 2014 was in November at 50. Prior to that, the lowest Average DOM for homes for sale in Goose Creek SC was in September 2007 at 46 DOM.
Finally, here is a look at the Months Supply Of Inventory Goose Creek real estate:
Like most of Charleston, that number has been on the decline. In January Goose Creek was at 3.3 Month Supply, then down to 2.9 Months in February, and in March down to 2.5 Months.
That is the lowest number since April 2006 which also saw a 2.5 Month Supply. That puts Goose Creek in a pretty hot sellers market.
Currently, there are 184 homes for sale in Goose Creek SC. There are 5 Pending Sales, and another 179 homes under contract.
The Pending Sales numbers look promising–they average 58 DOM (right on the March average), and an average list price of $222,541.
However, the Contingent homes average a list price of $164,774.
But you have to keep in mind that 1) not all of these homes are guaranteed to close, 2) we won’t know what these homes (both Pending and Contingent) will sell for until after they are sold, and 3) the Contingent homes, while they are averaging much lower than the Pending, are still above the March Average Sales Price of $158,239.
Based on what is in the pipeline, it looks like the number of Goose Creek homes sold will continue to rise, as well as home values in Goose Creek.
Clearly demand exceeds supply, which is a common theme throughout Charleston, as well as nationally.
Buyers are fortunate that home prices in Goose Creek dipped slightly in March–but by the looks of things, that may not be for much longer.
Plus, interest rates remain low for now–but most projections have them heading upward throughout the rest of the year.
Buyers should act quick, before the home they want becomes too much to afford.
Sellers have a great opportunity as well. Values look to continue to rise, and that is typical in a sellers market. The demand is there, there simply is not enough inventory.
This is an excellent opportunity for move up buyers–cash in on the current house and still enjoy rising appreciation on your new home (which likely will be more than your current home, so you will get to enjoy more appreciation).
If you are thinking about buying homes for sale in Goose Creek SC, then visit my Pam Marshall Realtor website.
You can download Home Buyer Guides, see some informative videos, search the Goose Creek MLS, and sign up for a free list of Goose Creek SC homes for sale.
For sellers, check out my Pam Marshall Realtor sellers page and learn more about how important it is to hire the right agent with the right marketing to get your home sold–even in a sellers market.
If you want to keep up with the latest MLS stats for Goose Creek homes for sale, then check out my Goose Creek SC real estate stats page.