Moncks Corner Real Estate Stats: Just Where Is The Market Headed?
Today I am looking at the numbers from the Charleston MLS for Moncks Corner real estate. First, here are the latest Closed Sales numbers:
Closed Sales are up in Moncks Corner, from 49 in October to 56 in November. September was the peak month for 2014 with 72 Closed Sales. As you can see, sales are up in 2014 for Moncks Corner. Just how much?
The above graph is a year-to-year comparison for the last 2 Novembers, and as you can see, Moncks Corner sales are up 21.3%!
Here is a look at November Pending Sales, which often indicate future sales:
Pending Sales took a big drop in November, from October’s 72 to 40. However, October was the highest month for Pending Sales not only for 2014, but 2013 as well. In fact, November was the lowest month (in 2014) since February, which saw 29 Moncks Corner homes for sale go under contract.
Next, let’s look at home values, starting with the Average Sales Price:
Average Sales Price increased in November, from $198,335 in October to $203,903. July was the peak for 2014 at $211,857. Overall, Average Sales Price is up compared to last year. Again, here is a year-to-year comparison of the last 2 Novembers:
The Average Sales Price increased by 6.5%. Keep in mind that in a “normal” real estate market, homes appreciate around 3%-4%.
Next is the Average Price Per Square Foot:
That number increased slightly from October to November, from $89/sq ft to $91/sq ft. July was the peak month for 2014, with an Average of $96/sq ft.
Here is a look at the Average Days On The Market (DOM) for Moncks Corner homes for sale:
Average DOM increased in November, from 87 in October to 100. June was the lowest DOM for 2014 at 76, the highest was February and May which both saw 127 DOM.
Finally, here is the Months Supply of Moncks Corner homes for sale:
That number dropped in November, from 6.3 Months Supply in October to 6 Months in November. This number is important, and you can see why with this infograph:
Moncks Corner has seen the Months Supply of Inventory above 7 months going back to the beginning of last year. However, it is now moving into the 6 month range and trending down.
Interestingly enough, despite the high Supply of homes, values have increased. Moncks Corner is heading towards a sellers market, so it will be interesting to watch and see if the Moncks Corner real estate market continues these trends.
So, what does this mean for buyers and sellers of Moncks Corner homes for sale?
For buyers, now is a smart time to make a move. Waiting could cost you. Price are trending upward, as are interest rates, so the same home today will cost you more in 6-12 months.
It is worth keeping an eye on the market numbers to see if they continue this trend (more on that in a minute), but right now it appears that is where the market is going.
For sellers, the market is improving for you–it is right on the cusp of becoming a sellers market like may areas of the greater Charleston SC real estate market. Prices have increased nicely this last year and appear to be continuing that trend into 2015.
There are 300 Moncks Corner homes for sale right now, and over half (161) have been listed for 100 days or longer. Chances are, some of these are overpriced. This is why it is so important for buyers and sellers to know the market numbers–or at least work with an agent that does.
Knowing these numbers and trends allows for a smart, educated buyer or seller that can take advantage of the market and have it work in their favor.
Smart sellers will see where prices are and price their home accordingly. Demand for Moncks Corner homes for sale is increasing, and there is no reason a smart seller couldn’t take advantage of this and get a quick sale for top dollar.
Meanwhile, many would be sellers that don’t know the numbers (and as a result, are basically “flying blind”) will continue to have a stale, unsold listing. Don’t let this happen to you!
Buyers can go to my Moncks Corner MLS page to search for Moncks Corner homes for sale. You can also sign up for a free list of Moncks Corner homes for sale to be delivered to your inbox.
These homes include prices, addresses, photos, complete details and a Google map link. Plus, you will be updated in real time with any new or updated listings.
For anyone that would like to keep up with the latest numbers for the Moncks Corner real estate market, then check out my page for Moncks Corner Real Estate Stats.