Ladson Real Estate: Another Hot Market In Charleston
Here is the latest numbers for the Ladson real estate market from the Charleston MLS. First, here is a look at Closed Sales in Ladson:
That number really shot up to start 2015, but it dropped in March. In January, there were 40 Closed Sales, then up to 55 in February. March dropped to 47 Closed Sales. Last March, there were 31 Closed Sales.
The peak month in 2014 was 46 Closed Sales in August. So, we have already exceeded that both February and March of 2015.
February’s 55 Closed Sales are the most in one month for Ladson since July 2013 which also saw 55 Closed Sales. Prior to that, the high was in June 2010 with 53.
Here is a look at the Pending Sales:
That number is up, way up. In January there were 48 Pending Sales, then it dropped to 40 in February. March shot up to 66 Pending Sales. Last March there were 42 Pending Sales.
The peak month in 2014 for Ladson real estate was in 55 in June, so we have already exceeded last year’s peak only 3 months into the New Year. The previous high before March was in March 2007 with 85 Pending Sales.
Here is a look at the Average Price Per Square Foot:
That number was heading upward, but took a slight dip in March. In January, the Average Price Per Square Foot was $81/sq ft.
That shot up to $92/sq ft in February, but dropped to $87/sq ft in March. Last March, it was $75/sq ft.
The peak month for 2014 was September, at $88/sq ft. February was the highest month since September 2008, which also saw an Average of $92/sq ft.
Here are the Average Sales Price numbers:
It’s starting to look like a trend–big numbers hit in February. The Average Sales Price for Ladson real estate in January was $137,853.
That shot up in February, to $158,485. It dropped to $149,015. Last March it was $132,405.
Last year’s peak came in October, at $157,782. Once again, we have exceeded the peak numbers from all of last year only 3 months into 2015.
February’s Average Sales Price was the highest since December 2008 at $161,063.
Next up is a look at the Average Days On The Market (DOM):
This number also increased in February, only to drop in March. In January, it was 60 DOM, then up to 63 DOM in February. In March, it dropped to 38 DOM. Last March it was 76 DOM.
The lowest Average DOM for Ladson real estate in 2014 was 39 DOM in July. March is the lowest Average DOM for Ladson since July 2007 at 36.
Finally, here is the Months Supply Of Inventory:
Like most of the Charleston area, that number is on the decline. In January, there was a 3.4 Month Supply of Ladson homes for sale, and in February it remained the same.
In March, it dropped to a 3.1 Month Supply. Last March it was 3.9 Months.
The low point for 2014 came in December at 3.7 Months. Once again, we have beaten last years best only 3 months into 2015.
The lowest month for Months Supply prior to March was in March 2006 at 2.9 Months.
Currently, there are 123 Ladson homes for sale. There are 10 Pending Sales, and another 110 under contract.
The Active listings average 80 DOM and a list price of $179,991.
The Pending Sales average 98 DOM and a list price of $245,203(!)
The Contingent listings average 55 DOM and a list price of $159,012.
Based on those numbers, it looks like the Average DOM will increase. But we should also see the Average Sales Price increase above the highest levels in some time.
Of course, the Pending and Contingent homes still have to get to closing, so time will tell.
What is happening in the Ladson real estate market is similar to many other parts of the Charleston market.
Numbers are up, and in many cases have already exceeded peak numbers from 2014. In fact, many numbers are hitting levels not seen in many years, and in some cases, not seen since before the bubble burst.
Buyers caught a little break with home values dipping slightly, but it looks like they ave headed back up. There are still very low interest rates to help offset that.
Plus, buyers know that they are in an appreciating market–the longer you wait, the more the market will work against you.
However, buying sooner also has another advantage–market appreciation then works in your favor, as your new home will continue to increase in value. That appreciation now works for you in the form of equity.
Sellers are also in a very good position. Ladson real estate is in a sellers market, and at 3.1 Month Supply of Inventory, there clearly is not enough inventory.
Despite this, it is still important that sellers realize you still have to take the proper steps when listing your home to get it sold: price it right and make sure it shows well.
Despite the strong buyer demand, buyers will still ignore an overpriced home. They also are not looking for a home that needs work–they want something that is move in ready.
Even in this market, you simply cannot just list your house and expect it to sell.
Just look at the Average DOM numbers for the Active, Pending, and Contingent homes. Of the 123 Active listings, 43 have been on the market for 38 days or less.
Of the 10 Pending Sales, 5 have been listed for 38 days or less.
And of the 110 Contingent homes, 71 have been listed for 38 days or less.
If you are thinking about buying a home in Ladson, then check out my Pam Marshall Realtor website.
You can search the Ladson MLS, watch helpful home buying videos, download Buyers Guides, and you can also sign up for a free list of Ladson homes for sale delivered to your inbox and updated with the latest, hottest listings.
If you are thinking about selling, now is the time! It is important that you hire the right agent to get your home sold, so make sure you check out my Pam Marshall Realtor sellers page to learn more about my marketing strategies to get your home sold.
If you want to see the latest stats in Ladson, then visit my Ladson Real Estate stats page.