North Charleston SC Real Estate: State Of The Real Estate Market
Here are the latest stats for North Charleston SC real estate from the Charleston MLS. First up, a look at the most recent Closed Sales:
Like much of Charleston, as well as nationally, those numbers have really spiked to kick off 2015. In January there were 70 Closed Sales, in February there were 72.
Then, that really shot up in March, up to 114 Closed Sales. Last March also saw a jump in Closed Sales, with 95.
The peak of 2014 came in August, with 141 Closed Sales. That was the most since September 2006, also with 141 Closed Sales.
Next, here is a look at Pending Sales:
Nationally, Pending Sales hit their highest level in February since June of 2013. For homes for sale North Charleston, that number has also shot up.
In January, there were 83 Pending Sales, in February there were 113, and in March there were 162 Pending Sales.
The peak month for 2014 was May with 119, so we have already exceeded last year’s peak only 3 months into the New Year.
March is the highest month since May 2006, which saw 184 Pending Sales.
Nationally February was the highest month in over a year ( March numbers haven’t been released yet), but it looks like March should exceed it–at least that is the case throughout Charleston.
Pending Sales numbers are important because they are indicators of future Closed Sales–these homes will be closing in the next 30-60 days.
Based on these numbers, the Closed Sales should continue to rise.
Next up is a look at home values, starting with Average Sales Price:
That number is actually down. In January, the Average Sales Price for North Charleston SC real estate was $153,488.
It jumped up a little in February, up to $159,477. It then dropped in March to $153,582. This time last year the Average Sales Price was $134,864.
The peak of 2014 was in August, with an Average Sales Price of $179,283. That was the highest since December of 2008 which had an Average Sales Price of $182,477.
Here is a look at the Average Price Per Square Foot:
That number spiked in February, but dropped back down in March. For January, the Average Price Per Square Foot for homes for sale North Charleston SC was $85/sq ft.
In February it jumped up to $92/sq ft. For March, it is down to $88/sq ft. The peak for 2014 came in August, at $93/sq ft.
The last time it was that high was August 2009, also at $93/sq ft.
Next up is the Average Days On The Market (DOM):
January saw an Average DOM of 78. In February, it dropped to 69 DOM. In March, it is down to 61 DOM.
The lowest Average DOM for homes for sale North Charleston SC in 2014 was October, at 64 DOM.
That was the lowest month since June of 2013 at 57 DOM. Prior to that, we hadn’t seen that low of an Average DOM since December 2006 at 60 DOM.
Finally, here is a look at the Months Supply Of Inventory for North Charleston SC real estate:
Like much of the Charleston area, that number continues to drop. There was a 4.1 Month Supply in January, and then it dropped to 3.6 Months in February.
In March, it is down to a 3.2 Month Supply. That is the lowest since December of 2005, which had a 3 Month Supply.
Currently, there are 327 homes for sale in North Charleston SC. There are 53 Pending Sales, and another 226 homes under contract.
The North Charleston SC real estate market mirrors what is happening throughout Charleston, as well as the US. It is, by definition, a sellers market.
It is a little odd to see the Average Sales Price and Average Price Per Square Foot numbers to be down–in a sellers market those numbers go up.
Of course, that could be due to many lower end homes selling. Of the 303 homes that sold in 2015, 97 of them sold for under $100,000.
42 of those sold for under $50,000 and 7 were sold for under $20,000. Of the 327 Active homes, 81 are listed under $100,000.
Of course, the bright side to that is many of the homes are in bad shape.
They are being purchased to fix up, which will help home values in those specific neighborhoods, as well as North Charleston as a whole.
Many of them will be back on the market later this year at higher prices.
It looks like the home values being down is a temporary glitch. North Charleston SC real estate values aren’t that far off from their 2014 peak.
Of the 226 homes under contract, the average list price is $177,077. For the Pending Sales, the average list price is $220,589.
Based on that, home values should increase in the coming months. Plus, it is basic economics–when demand exceeds supply, prices go up.
For buyers of homes for sale North Charleston SC, these numbers are worth paying attention to.
Interest rates remain very low, but home prices look to be heading up. Right now, they dropped slightly which creates a window of opportunity.
For sellers, this is also a good time to list simply because the demand is strong. Home values appear to be heading back to peak levels, and overall, they are not at a bad place.
Keep in mind that we are not too far from the peak of last year, which is just below the peak from 2008.
For reference, the highest Average Sales Price for North Charleston SC real estate in the last 10 years came in October of 2007 at $204,970.
Also keep in mind that the average list price of the current Pending Sales is $220, 589.
We probably won’t hit the all time high number–you also have to factor in the other homes under contract are averaging $177,077 list price.
But, we are just looking at the first 3 months of 2015, so who knows what could happen over the rest of the year?
If you are thinking of selling, don’t try to time the market. Look at the most recent numbers and price your home accordingly.
You can’t predict what will happen with home values, or when. Get your initial list price wrong, and you could spend months on the market and wind up selling for much less.
If you are thinking of selling, it is important to have the right agent. One that is in tune with the market numbers and know how to market your home to get it sold.
Check out my Pam Marshall Realtor sellers page for more information. I also have helpful articles, videos and Home Seller Guides.
If you are thinking about buying homes for sale in North Charleston SC, then visit my Pam Marshall Realtor website–you can search the North Charleston MLS, download Buyer’s Guides, check out my home buyer videos.
You can also sign up for a free list of North Charleston SC homes for sale.
To keep up with the latest stats for North Charleston, then check out my North Charleston SC real estate stats page.