Hanahan SC Real Estate: Sellers Wanted

Today I am looking at the Charleston MLS to see the latest stats for Hanahan SC real estate. First, a look at Closed Sales:

That number is on the rise. In February, there were 30 Closed Sales, 36 in March. March is higher than the peak month of 2014, which was June with 34. Last March, there were 20 Closed Sales.

That is the highest number of Closed Sales in a month since August 2013 with 38 Closed Sales. Prior to that, the highest month was June 2010 with 36 Closed Sales.

Here is a look at Pending Sales:

That number took a big drop in December, but it too is on the rise. In January there were 38 Pending Sales, and that is up to 41 Pending Sales in both February and March. That too is also higher than the peak month of 2014, which was May with 39.

March is the highest number of Pending Sales in a month since September of 2006 with 53.

Here is a look at home values for Hanahan SC real estate, starting with Average Price Per Square Foot:

That number increased from February to March, from $102/sq ft to $103/sq ft. That’s not quite back to where it was in January, which was $105/sq ft. Last March it was $94/sq ft, the lowest average in 2014.

November of 2014 was the peak month for 2014 at $106/sq ft. That is the highest Average Price Per Square Foot since December of 2008 which had an Average Price Per Square Foot of $110/sq ft.

Here is a look at the Average Sales Price:

As you can see, that number dropped from December to January, and has come up a little bit. 2015 started off with an Average Sales Price of $210,124, and increased to $214,225 in February.

In March it was $216,155. Last March it was $188,371 which was the lowest Average Sales Price for 2014.

The peak month for 2014 was in January which saw an Average Sales Price of $245,087.

That was the highest price since March 2013 at $247,285. The previous high was August of 2007 at $319,909.

Here is the Average Days On The Market (DOM) for Hanahan SC real estate:

 

That number was on the upswing, from 81 DOM in January to 92 DOM in February. But, it dropped in March to 68 DOM. Last March was 52 DOM, but the lowest DOM in 2014 was January at 26 DOM.

January was the lowest Average Days On The Market for Hanahan homes for sale since September 2006 at 23 DOM.

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

Like much of Charleston (and the nation as well), that number has been dropping. The Months Supply dropped from February to March, from 2.6 to 2.2 Months Supply. March is the lowest Months Supply since June 2005, which was also 2.2 Months.

This suggests that Hanahan is in a pretty hot sellers market, and that demand is exceeding supply. This causes home values to increase, and this is the same thing we are seeing all over Charleston, and most of the nation as well.

Currently, there are 64 Hanahan SC homes for sale. There are 5 Pending Sales, and another 69 homes under contract.

Just like the rest of the nation, the Hanahan SC real estate market needs more listings. However, it isn’t as simple as list your house and it will sell.

Of the 64 current Hanahan SC homes for sale, 27 have been on the market longer than the Average DOM of 68.

4 of them have been listed for over 200 days, and one has been listed for 609 DOM, and there is one that has been listed for 1887 DOM (!)

Even in a sellers market, it is still important to price a home correctly. Even with strong demand, buyers are still ignoring overpriced homes.

For buyers, now is a good time to buy. Home values have leveled off slightly. They are still on the upswing, but not at the same rate we saw in the last year or two. With demand far exceeding supply, that could very well change in the coming months.

If you are thinking about buying Hanahan SC homes for sale, then bee sure to visit my Pam Marshall Realtor website to search the Hanahan SC MLS.

If you are thinking of selling, then it is important you hire the right agent. Visit my Pam Marshall Realtor sellers page for more information.

If you want to keep up with the latest MLS stats, then check out my Hanahan SC Real Estate stats page.