Hanahan Real Estate Stats: Hot Market!
Today I am looking at the Charleston MLS for the Hanahan real estate market numbers. First, Closed Sales:
The number of Closed Sales was down for November, from 25 in October to 22. Those are down from the 31 Closed Sales in September. However, the peak month for 2014 was June with 34. January was the lowest month with 11.
Sales are up in 2014 for Hanahan as compared to 2013. Here is the look at year-to-year Sales comparisons for the last couple Novembers for Hanahan real estate:
Total Sales are up 12.2% over this time last year, one good sign.
Next is Pending Sales:
Pending Sales dipped slightly in November, from 35 in October to 31. October was close to the peak month in 2014–however, May was slightly better with 39 Hanahan homes for sale go under contract.
Next is the Average Sales Price:
The Average Sales Price increased in November, from October’s $205,776 up to $233,494. January was the peak for 2014, at $245,087. However, September wasn’t too far off at $241,162.
Here is another year-to-year comparison of the last couple Novembers for Average Sales Price:
24.2% increase in home values in Hanahan? That is an incredible jump in values.
Here is the Average Price Per Square Foot:
The Average Price Per Square Foot for Hanahan real estate increased in November, from $98/sq ft in October to $106 in November. That was the peak month for 2014, and the highest in over 2 years.
Next up, the Average Days On The Market (DOM):
That number dropped, from 89 DOM in October to 62 DOM in November. January was the lowest DOM for 2014 at 26 DOM. February was the highest at 115 DOM.
Finally, the Months Supply Of Inventory:
As you can see that number has plunged since August, which saw a Supply of 5.3 months. October saw a 4.4 Months Supply, and in November there was a 3.6 Months Supply of Hanahan homes for sale. April was the highest Supply of 2014 with 5.7 Months Supply. November is the lowest.
Under 6 Months Supply indicates a sellers market, and the above graphs all show the usual tendencies of a sellers market–increasing values, and sales numbers up as well.
There are currently 86 Hanahan homes for sale, and another 49 under contract.
For buyers, this means you probably want to buy sooner than later. A sellers market can be a little tougher because you don’t quite have the leverage in negotiations–it is not uncommon to see multiple offer situations.
However, waiting will only mean an increase in prices. Plus, interest rates are also on the rise, so the house you love today will only cost you more if you wait. It could even mean that same house will no longer be affordable to you if you wait.
A smart buyer will use this Hanahan real estate data to their advantage. Chances are there are Hanahan homes for sale that have been listed longer than the current Average DOM.
In fact, 55 of the 86 current Hanahan homes for sale have been listed for 62 DOM or longer. Chances are, some of these are overpriced. But even if they aren’t, the sellers are probably ready to be sold.
But, being armed with this data can help with your leverage in negotiations. Some sellers will understand the numbers, some will remain stubborn.
For sellers, this is a great market to sell in. Values have jumped up, the Average DOM has dropped, and demand far exceeds the supply. Of course, it is still important to choose the right agent to list with.
Buyers should check out my Hanahan MLS page. You can search available Hanahan homes for sale, and also have a list of homes that match your criteria sent to you.
These include prices, addresses, photos, complete details and a Google map link. You will also receive updated and new listings as soon as they hit the market.
Finally, if you want to keep up with the latest numbers for the Hanahan Real Estate Market, then visit my Hanahan Stats page.