Summerville Real Estate: Year End Stats

Today I am looking at the Charleston MLS to see the year end stats for the Summerville real estate market. First, a look at Closed Sales:

First, the number of Closed Sales dipped slightly in December, from November’s 218 to 213.  The peak month for 204 was June and July, each with 303 Closed Sales. The lowest number came in January with 142.

As you can see in the above graph, January is traditionally a slow month for Summerville–each January for the last 3 years was the lowest number of Closed Sales for their respective years.

How does 2014 compare with previous years? Here are those numbers:

Summerville is doing very well–double digit increases (percentage-wise) in the number of sales the last 2 years.

Let’s see how home values are doing:

The Average Sales Price increased in December. For November it was $196,959 and December it was $212,763. December ended 2014 with a bang, as that was the highest Average Sales Price for 2014.  January was the lowest, at $186,068.

Here’s a look at the Average Sales Price for the last 3 years (these are year-to-year comparisons, or January to January):

Home values are also doing very well in Summerville. While they experienced a 3.9% increase from 2012 to 2013, 2014 saw an impressive jump of 9%.

Here is a look at Average Days On The Market (DOM):

The Average DOM increased in December, from 63 in November to 72. May was the longest DOM for 2014 at 80. The lowest was January and November at 63.

How did 2014 compare with previous years?

As you can see, despite the increase in December, the Average DOM has been on the decline in Summerville the last few years.

Finally, here is the Months Supply of Inventory for Summerville real estate:

In December that number dropped to 3.6 Months Supply. That is also the low point for 2014. The highest supply was March through May with a 5 Months Supply. That number has been declining over not only 2014, but the last few years as well:

Overall, Summerville has had a 4.5 Months Supply of Inventory over the last 12 months. That is below the 6-7 month threshold of a normal real estate market, and indicates a sellers market.

Overall, things are well with the Summerville real estate market. It hasn’t seen the increases of some areas in Charleston, but the numbers are very good nonetheless.

It looks like Summerville is trending slightly behind other areas–they have seen large increases and a move to a sellers market since 2013–it looks as though Summerville has eased into that a little later.

However, the growth numbers are healthy. While Summerville hasn’t seen explosive growth, things have increased at a nice, steady pace. If past trends continue in 2015, the numbers should be down in January but increase overall.

If you are looking to buy or sell Summerville real estate, then here are a couple good resources for you.

Sellers can visit my sellers page to learn more about my Strategic Marketing plan that will get your home sold.

Buyers can search the Summerville MLS and have a list of homes emailed to you that include prices, addresses, pictures, complete listing details and a Google map link. This list is updated with the newest, hottest listings.

If you would like to see the latest market statistics for Summerville, then visit my Summerville real estate stats page.