Moncks Corner Real Estate: Heating Up
Here’s a look at how the Moncks Corner real estate market is doing, from the Charleston MLS. First, a look at the Closed Sales:
That number has been on the rise in 2015. January started off the New Year with 39 Closed Sales.
February saw an increase to 59 Closed Sales, and March went up slightly to 60 Closed Sales. Last March there were 39 Closed Sales in Moncks Corner.
The peak month for 2014 came in September with 72 Closed Sales. September was the highest in at least 10 years, with the closest month coming in March 2007 with 71 Closed Sales.
Here’s a look at the latest Pending Sales:
Those numbers are also on the upswing for 2015. January saw 59 Pending Sales, and February saw an increase to 76. In March, there were 83 Pending Sales. Last March there were 67 Pending Sales.
The peak for 2014 came in October with 69 Pending Sales.
This March was the highest number of Pending Sales for Moncks Corner real estate in at least the last 10 years, if not ever.
Next up is a look at Moncks Corner home values. First, a look at the Average Price Per Square Foot:
Here’s another number on the rise for Moncks Corner homes for sale. In January, the Average Price Per Square Foot for Moncks Corner real estate was $86/sq ft.
In February, the sold homes averaged $87/sq ft and that increased to $91/sq ft in March. Last March the Average was $84/sq ft.
The peak month in 2014 came in July at $96/sq ft. That was the highest since September 2008 which also saw an Average Price Per Square Foot of $96.
Here is the Average Sales Price of Moncks Corner homes for sale:
Again, numbers on the rise. In January, the Average Sales Price was $181,112 and that increased in February to $185,980. In March, it rose again to $199,610. Last March the Average Sales Price in Moncks Corner was $158,171.
The peak for 2014 was in July, at $211,857. That was the highest since December 2006 which saw an Average Sales Price of $230,263.
It certainly looks possible that Moncks Corner could exceed last year’s peak, but is it possible for it to catch the high point from 2006?
Here is another look at the Average Sales Price, compared year-over-year for March of 2013, 2014, and 2015:
From this graph we can see that Moncks Corner home values are appreciating at a good rate. The average rate of appreciation in real estate has been around 3%-4% annually. Last year, Moncks Corner appreciated at the more normal rate.
So far this year, things are appreciating a little more rapidly at 7%. However, this is not double digit appreciation we have seen in other parts of Charleston, and it is a little more of a sustainable and healthy rate of appreciation.
That said, it doesn’t appear to be enough to match up with December 2006, which was the highest Average Sales Price for Moncks Corner real estate in at least the last 10 years, if not ever.
It will still be interesting to watch–current home values average right at $200,000 and the all time high is $230,00. However, that high should not be what we measure the Moncks Corner real estate market by in 2015.
Next up is a look at the Average Days On The Market (DOM):
That number was on the downward trend to start 2015, but went back up in March. In January, the Average DOM for Moncks Corner homes for sale was 77. That dropped in February to 72 DOM, but climbed back up to 92 DOM in March.
Last March it was 83 DOM. The lowest DOM in 2014 was June, at 76 DOM. The previous low came in November 2013 at 63 DOM.
Finally, a look at the Months Supply of Inventory for Moncks Corner homes for sale:
Like much of the Charleston area, that number has been on the decline, although it did see a very slight uptick in March. In January, there was a 6.3 Month Supply of Moncks Corner homes for sale, and that decreased to 5.5 Months in February. March saw a slight increase to 5.6 Months.
2015 is significant in the fact that Moncks Corner real estate finally hit a sellers market status.
Most other areas of Charleston have been in a sellers market, at least for much of, if not all of, the last year. Some areas have been there for the last 2 years.
In all of 2014, Moncks Corner has been above that threshold. The lowest Months Supply number came in December, at 6.3 Months.
The rest of 2014 saw numbers up to the 8 Month Supply in April.
A sellers market is anything below a 6 Month Supply. It is defined by demand exceeding the supply of homes, and as a result, home values are driven upward.
Despite not being in a sellers market until only recently, Moncks Corner home values have still been on the rise. But, this has allowed Moncks Corner to see stable and steady growth and not explosive growth.
That said, could 2015 be a breakout year for Moncks Corner real estate? Only time will tell.
Here is a look at the current Moncks Corner MLS numbers to perhaps get a peak at what is to come for Moncks Corner homes for sale:
Currently, there are 282 Moncks Corner homes for sale (Active Listings). There are 41 Pending Sales, and another 133 homes under contract (Contingent Sales).
The Active homes average 137 DOM and a list price of $216,820.
The Pending Sales average 56 DOM and a list price of $220,864.
The Contingent Sales average 79 DOM and a list price of $208,769.
A couple caveats. The Active numbers don’t really matter except to see how they compare to the most recent (March) numbers, which were 92 DOM and the Average Sales Price of $199,610.
Based on those numbers, it would appear that there are many overpriced homes in Moncks Corner currently on the market.
For Pending Sales and Contingent Sales, the prices listed are the most recent list price. These are not the prices they are under contract for, i.e. the price they will sell for.
We will not know that number until after they close. So, while the Pending Sales are averaging $220,864 and that is a very promising number, that is not the final number.
Also, not all of the Pending Sales or Contingent Sales homes will make it to closing–likely a few fall out. On top of that, we don’t know when they will close–we do know that most of them will close in the next 30-90 days.
However, they likely won’t all close in the same month, so we won’t know for sure how they will affect the final numbers.
That said, it looks like the number of Closed Sales will continue to rise. Home values are likely to do the same.
What is happening in Moncks Corner real estate is happening throughout Charleston. We are seeing numbers that are comparable to, if not exceeding, peak numbers from 2014. And we are only 3 months into 2015.
In many cases, we are seeing numbers, if not in 2015 then within the last year, that are approaching or exceeding numbers from before the bubble bursting.
All promising signs from our local real estate market.
If you are thinking about buying Moncks Corner homes for sale, then visit my Pam Marshall Realtor website.
You can check out my videos, download Buyer Guides, search the Moncks Corner MLS, and sign up for a free list of Moncks Corner homes for sale that is updated with the latest, best listings.
If you are thinking about selling, this is a good time to do so in Moncks Corner. Visit my Pam Marshall Realtor sellers page for more info about my internet focused marketing strategies.
If you want to see the latest MLS numbers for Moncks Corner, then head over (and bookmark) my Moncks Corner Real Estate stats page.