West Ashley Real Estate: 29407 Stats
Here are the latest stats for West Ashley real estate from the Charleston MLS. I have broken down today’s look to the 29407 zip code. First, here are the Closed Sales:
Closed Sales are on the rise in 2015. In January, there were 27 Closed Sales in 29407. In February, there were 35, and that number jumped to 57 in March. Last March there were 42 Closed Sales.
The peak month for 2014 came in June, with 62 Closed Sales. That was the most since June 2007 which saw 70 Closed Sales.
Next up is the Pending Sales:
That number is also on the rise. In January, there were 38 Pending Sales, and another 45 in February. In March that number jumped up to 77 Pending Sales. Last March there were 42 Pending Sales.
The 2014 peak was in May, with 71 Pending Sales. Just 3 months into 2015 and we have already surpassed last year’s peak.
Nationwide, February Pending Sales numbers were the highest since June 2013. It looks like March may surpass that–those numbers have not yet been released.
Here is Charleston, several areas have seen the highest numbers in years, and that is the case for West Ashley real estate in the 29407 zip code.
The Pending Sales numbers for March are the highest since June 2007, which also saw 77 Pending Sales.
So, sales numbers are looking good, what about home values? Here are the latest, starting with the Average Price Per Square Foot:
Another number on the rise, although not as sharply as the sales numbers. In January, the Average Price Per Square Foot for West Ashley real estate in 29407 was $150/sq ft.
In February, it dipped slightly to $149/sq ft. In March, it was $155/sq ft. Last March the Average Price Per Square Foot was $165/sq ft, which was also the highest point for 2014.
The last time it was that high? January 2008, at $168/sq ft.
Here is a look at the Average Sales Price:
The Average Sales Price was trending down to start 2015, but has rebounded. In January, the Average Sales Price for 29407 was $243,729.
In February, it was down to $227,231. In March, home values rebounded and were up to $262,602.
Last March the Average was $262,601, almost identical. The peak last year was in October at $304,418.
That was the highest Average Sales Price for West Ashley homes for sale in 29407 since November 2012 which saw an Average Sales Price of $345,717 in 29407.
Next, a look at the Average Days On The Market (DOM) for West Ashley homes for sale in 29407:
That number is trending downward, although it increased slightly in March. In January, the Average DOM was 72. February saw a DOM of 52, and in March it crept back up to 57 DOM. Last March the Average DOM was 98.
The lowest DOM in 2014 was in August, at 64. The previous low was in February 2013 at 55 DOM.
Finally, here is a look at the Months Supply Of Inventory for West Ashley homes for sale in 29407:
Like most of Charleston, this number continues to decline. In January, there was a 4.1 Month Supply of homes in 29407 and in February it dipped to a 4 Month Supply. In March, it dropped to 3.4 Months. Last March 29407 was at a 5.1 Month Supply.
The lowest Month Supply of homes in 2014 was December, at 4 Months. 2014 never saw a supply higher than 5.3 Months (April).
This is important to note because like many areas of Charleston, West Ashley real estate in the 29407 zip code has been in a sellers market (under 6 Months Supply).
Home values increase in a sellers market simply because demand exceeds supply. That has been the case throughout Charleston, and in 29407 as well.
Much of Charleston saw home values dip at some point in 2015, but most of the Charleston area is seeing home values continue to increase.
Here are the current numbers for West Ashley 29407:
130 Active listings, 6 Pending Sales, and another 115 homes under contract (Contingent Sales).
The 130 Active homes average 114 DOM and a list price of $494,625.
The 6 Pending Sales average 104 DOM and a list price of $364,170.
The 115 Contingent Sales average 78 DOM and a list price of $256,382.
For buyers looking at homes for sale in 29407, it is important to know that home values are continuing to rise.
They aren’t appreciating as fast as we saw in 2013, but they are still rising. This you can count on because of the fact that West Ashley 29407 is in a sellers market, so demand is exceeding the supply.
Plus, we are just getting into the Spring season heading into Summer, and this is the time of year for more activity in the real estate market.
Besides that, you can simply look at the numbers–here is a year-over-year comparison of home values in 29407 for March 2013, 2014 and 2015:
From last March to this March, we are up 7.2%, and so far in 2015 the numbers continue to rise. Interest rates are expected to increase as well, meaning that as the year progresses, buyers will pay more for less house.
Lack of inventory continues to be a problem for buyers. If you spot a home you like, you better move quickly or else you will likely miss out.
For sellers, now is a great time to list. Actually, a couple months ago was a great time to list, but even now with Spring in full swing, more inventory is needed.
Home values are continuing to rise, and are expected to continue into the upcoming years.
Sellers that price their home correctly and have homes that are in great condition are having no problem getting sold quickly and for top dollar.
An advantage home owners in 29407 have is the fact that they don’t face competition that many sellers in other parts of Charleston must contend with: new construction homes.
Of all the West Ashley homes for sale in 29407, only 5 are new construction homes.
This means less competition in general, and especially against competition that can often be tough to go up against.
If you are looking to buy West Ashley homes for sale in the 29407 zip code, then visit my Pam Marshall Realtor website.
It is a true one stop resource to help you in the process of buying a home. You can read more home buying articles, watch my educational videos, download a Buyers Guide, search the West Ashley MLS, and also sign up for a free list of West Ashley homes for sale.
If you are thinking about selling, then check out my Pam Marshall Realtor sellers page to learn more about my marketing to get your home sold.
And to keep up with the latest stats, you can check out my West Ashley real estate stats page.