West Ashley Real Estate: A Look At 29407 Homes
Today I am looking at the Charleston MLS to see how West Ashley real estate did in 2014. The MLS breaks West Ashley into 2 different sections, so today I am focusing on the 29407 zip code. Here is a look at Closed Sales:
Closed Sales increased at year’s end, from 30 in November to 41 in December. The peak month for sales in 2014 was July with 62 sales. The slowest month was January which saw 21 Closed Sales. Here is a comparison of 2014 versus previous years for 29407:
Much like many areas of Charleston, 2013 saw a big increase in Closed Sales. Sales continued to increase in 2014, but not at the same rate.
Next up is a check on home values. Here are the 2014 stats for Average Sales Price for West Ashley real estate in the 29407 zip code:
The Average Sales Price also increased in December, from $228,216 in November to $254,285. The peak month for 2014 was October, with an Average Sales Price of $3304,418. The lowest month was January at $191,960.
How did 2014 stack up to previous years for home values?
Home values continued to trend upward at a healthy, consistent rate. Here is the Average Days On The Market (DOM):
The Average DOM increased in December, from 68 in November to 80 DOM. The highest DOM in 2014 came in September, with an Average DOM of 104. The lowest month was August with 64 DOM. Here is a yearly comparison of Average DOM:
That number continued to drop in 2014, slightly down from 2013. 2014 ended with the Average DOM right at the average for 2014.
Finally, here is a look at the Months Supply Of Inventory for West Ashley real estate 29407:
As you can see, that number has been on a steady decline in 2014. In November it was 4.3 Months Supply, and it dropped to 3.7 Months in December. December was the low month, and the highest Months Supply for 2014 was in April at 5.3 Months Supply. Here is a year to year comparison:
Once again that number dropped in 2014. West Ashley 29407 has been in a sellers market since 2013, which is clearly supported by all the numbers.
A sellers market doesn’t necessarily mean that it is a bad time to buy. In fact, it actually indicates the opposite. Home values are continuing to increase, and are doing so at a stable, healthy rate.
On one hand this is good for buyers, but it means the longer you wait to buy, the more it will cost you. Plus, you have to keep in mind that interest rates are also increasing.
In a market like this, it is possible to get into a multiple offer situation. However, knowing the numbers makes you a smarter buyer and will help you find opportunities other buyers don’t know about.
For instance, you can find a home that has been on the market longer than 90 days and make the seller understand where they should be priced at.
You might be able to get the home at a slightly less than market value. Even if you pay fair market value, you know the home will appreciate and that you didn’t pay too much.
Chances are, not many buyers are even considering this strategy, so you will face little competition. This gives you leverage in the negotiations.
For sellers, it is always important to know the market numbers. This will ensure you price correctly and get sold quickly. You can price your home below market in hopes of receiving multiple offers. This gives you better options and usually drives up the price.
Buyers searching for West Ashley homes for sale in the 29407 zip code can search the West Ashley MLS and also sign up to have home listings sent to your inbox. You will also receive updates and all new listings that match your exact search criteria.
Finally, if you want to keep up with the latest West Ashley stats, then visit my West Ashley real estate stats page.