2017 Goose Creek SC Real Estate Stats
Here is a look at what is happening in the Goose Creek SC real estate market from the Goose Creek MLS.
Goose Creek Real Estate: Buying Stats
Here is a look at the home values stats for Goose Creek real estate so far in 2017:
January started the year off with an Average Sales Price of $168,966. That was a drop from December of 2016, which saw the Average Sales Price of homes for sale in Goose Creek SC at $187,839. That was also the peak for all of 2016.
In February, prices trended upward to $177,408. In March, values dipped very slightly to $177,302. April saw a jump to $190,508 and May continued the upward trend to $198,659.
May was the highest Average Sales Price in Goose Creek since March of 2012, which saw an Average Sales Price of $344,899. However, that number is a little misleading.
The Average Sales Price of March 2012 was inflated by the sale of the Medway Plantation.
This Nationally Registered historic property included 6,728 acres in the sale and sold for $11,000,000. Certainly not your typical Goose Creek home.
Taking that home out of the equation, all other homes that sold in Goose Creek in March of 2012 averaged a sales price of $154,629.
So, technically, this May’s Average Sales Price is the highest seen in Goose Creek other than August of 2007, which had an Average Sales Price of $203,733.
Here is a comparison of January through May for both 2016 and 2017:
Nationally, home values have been trending upwards in the high 5% range so far in 2017.
Here is the latest Year-Over-Year Price Change statistics from Case Shiller:
Here is a look at the year-over-year change in Goose Creek home values in 2017:
Looks like the Goose Creek SC real estate market is ahead of the national market.
Next is a look at the number of Closed Sales:
January saw 70 homes for sale in Goose Creek SC sold. That increased in February to 80, then in March it increased to 106.
April saw a drop to 86 homes sold, and May was back up over 100, to 107 Goose Creek homes sold.
The numbers are up in 2017, although both 2016 and 2017 trended almost identically:
The most homes sold in 2016 happened in June, which saw 118 homes sold.
The most homes sold in a month in Goose Creek happened in June 2005, which saw 154 homes sold.
Next up is a look at Pending Sales:
January saw 96 homes for sale in Goose Creek SC go under contract. February dipped to 87.
In March, there were 115 homes under contract, and April saw another dip to 104.
May finished with 129 homes for sale in Goose Creek under contract.
May of 2016 was the peak month, with 124 Pending Sales.
This May is the most Pending Sales in Goose Creek since February of 2006, which saw 147 Pending Sales.
Here is a comparison of 2016 vs. 2017 for Pending Sales:
Nationally, Pending Sales numbers have made big leaps in their year-over-year numbers, but have seen some months with declines in 2016, and now in 2017.
March and April numbers are down:
The main reason for the decline is not because demand is slowing down, but because inventory is not keeping up. There simply not enough houses available to buyers to go under contract.
Although Goose Creek isn’t mirroring the national trend, 2017 is following the trend of 2016 (so far).
Is Goose Creek seeing strong demand and not of enough inventory? By the numbers so far, it appears the demand is strong.
But we need to see the supply numbers before making a conclusion.
Speaking of which….
Homes For Sale In Goose Creek SC: Selling Numbers
First up is a look at the Average Days On The Market (DOM) for homes for sale in Goose Creek SC:
January saw the Average DOM for homes for sale in Goose Creek at 49 days. That shot up to 63 days in February.
March started a downward trend to 48 days. April dropped to 39 days, and May finished at 28 days.
August of 2016 was the lowest Average DOM in Goose Creek at 31 days. That was the lowest since July of 2005, which was also 31 days.
May 2017 is the lowest Average DOM ever, with the previous low (29 days) coming in August of 2004 and January of 2005.
Here is a comparison of 2016 and 2017:
With the sharp decline in Average DOM, it would appear that Goose Creek is reflecting what is happening nationwide: strong demand and not enough supply to satisfy it.
Here is a look at the Months Supply of Goose Creek SC real estate:
Goose Creek has been very consistent with Months Supply in 2017 as every month has seen a Months Supply of 1.9 months.
That is the lowest it has been since July of 2005, which was also at 1.9 months.
The lowest Months Supply however occurred in October 2004 at 1.8 months.
Goose Creek is definitely experiencing a sellers market:
In fact, the highest Months Supply of 2016 happened in January, at 3.6 months.
It’s been dropping since. The last time Goose Creek had a 6 month inventory? December of 2011, at 6.1 months.
Goose Creek Real Estate Stats: Current Numbers
Here is a look at Goose Creek homes for sale on the Goose Creek MLS:
January saw 176 homes for sale in Goose Creek SC. February saw 178, then 182 in March. April dropped to 174, and May was at 181 homes.
Those numbers are way down from the same period in 2016:
These numbers are very similar to trend with Months Supply: January was the peak month of 2016 (with 268 homes listed on the Goose Creek MLS), and the numbers have trended downward since then.
This is the problem nationwide–not enough new inventory to catch up with the demand.
A recent quote from the Chief Economist of the National Association of Realtors (NAR), Lawrence Yun, sums up the current national market (and also applies to the Goose Creek SC real estate market):
Finally, a look at New Listings to hit the market:
January kicked off the New Year with 96 new homes for sale in Goose Creek, and that increased to 113 New Listings in February.
March jumped up to 133, before seeing a dip in April, to 104 New Listings. May took a big leap to 158 New Listings.
Here is a comparison of 2016 and 2017:
This is encouraging news–it appears home owners in Goose Creek are seeing the opportunity that exists in the current market.
Of course, we need to see a bigger increase in these numbers, but 2017 is outpacing last year (so far), and the numbers are trending upwards.
Summer is the traditional busy season for listings, so hopefully these numbers will continue to increase.
Breaking Down Houses For Sale In Goose Creek SC
Basically, what is happening on the national market is happening in the Goose Creek real estate market: strong buyer demand and not enough homes to satisfy it. In turn, home values are skyrocketing.
This is good for both home owners and sellers, but not necessarily good for buyers.
Buyers can buy confidently, knowing they will reap the benefits of home ownership via equity build up. Real estate remains a strong investment.
However, buyers are finding a limited selection of homes, and when they find one they are likely to have to compete with other buyers for it, which further drives up the price.
For those thinking about selling, now is a great time.
Competition is weak, and there simply is not enough homes on the market.
This quote from Bill Banfield (VP of Capital Markets at Quicken Loans) sums it up perfectly:
It appears that many home owners in Goose Creek are seeing the opportunity in the current market, and the increase in New Listings so far in 2017 is an encouraging sign.
However, the number of Homes For Sale in Goose Creek SC and the Months Supply numbers have both plummeted over the last year and a half.
So, although there is a small silver lining, the black cloud is still huge.
That’s not to say that the Goose Creek SC real estate market is in bad shape. Overall, things look very good. But, just like the national market, more inventory is needed.
Another quote from Bill Banfield:
“The strong demand for housing paired with the low levels of inventory continue to push values higher,” said Banfield. “Prices are rising as values push higher, making many parts of the country enticing markets for sellers. Many owners will find that they can get more than expected out of their home.”
If you are looking to buy a home in Goose Creek, sign up for a free list of Goose Creek homes for sale here.
If you are looking to buy or sell Goose Creek SC real estate, then be sure to visit my Pam Marshall Realtor website and see why I am the right Goose Creek realtor for you.