West Ashley Real Estate 29414
Here are the latest stats for West Ashley real estate from the Charleston MLS. Yesterday I looked at the stats from the 29407 zip code, today I am looking at 29414. First, a look at the Closed Sales:
That number dipped in February, but is back up in March. In January, there were 70 Closed Sales. In February that dropped to 50, and jumped back up in March to 84. Last March there were 80 Closed Sales in 29414.
The peak month for 2014 was June, with 123 Closed Sales. That was the most since August 2005 which saw 126 Closed Sales.
Here are the latest Pending Sales numbers:
Those numbers are also up. In January there were 75 Pending Sales. In February that increased to 79. In March, there were 117 West Ashley homes for sale in 29414 that went Pending. Last March there were 94 Pending Sales.
The peak for 2014 came in April with 126 Pending Sales. That was the most possibly ever, and the most in at least the last 10 years.
Nationally, February saw the most Pending Sales since June of 2013. This could partially explain the big jump in Closed Sales we saw in March.
With the big jump in Pending Sales in March, we could see a repeat of bigger Closed Sales in the next couple months. We might even see the August 2005 Closed Sales numbers matched or beaten.
Next up is a look at home values for West Ashley real estate in 29414. First, a look at the Average Price Per Square Foot:
That number was trending upward in 2015 but took a drop in March. In January, the Average Price Per Square Foot was $122/sq ft.
That increased in February to $124/sq ft. In March, it dropped to $116/sq ft. Last March it was $112/sq ft.
The peak in 2o14 was in September at $120/sq ft. So, just 3 months into 2015 we have already exceeded last year’s peak.
February was the highest Average Price Per Square Foot for West Ashley real estate in 29414 since November 2008 at $125/sq ft.
Here is a look at the Average Sales Price:
Although that number took a slight dip in February, home values in 29414 are on the rise in 2015. In January, the Average Sales Price was $232,871.
In February, it dipped to $232,032. In March it was back up to $234,790. Last March the Average Sales Price in 29414 was $225,467.
The highest Average Sales Price in 2014 was in September at $243,776. That was the highest since November 2008 which saw an Average Sales Price of $247,177.
Here is a look at the Average Days On The Market (DOM) for West Ashley homes for sale in 29414:
The Average DOM dropped in March. In January, it was 63 DOM and increased to 71 DOM in February. In March, it dropped to 55 DOM. Last March it was 68 DOM.
The lowest DOM in 2014 was 41, which happened in both September and December. That was the lowest DOM since July 2006 at 40 DOM.
Finally, here is a look at the Months Supply Of Inventory for West Ashley real estate in 29414:
Like most of Charleston, that number continues to decline. In January, there was a 3.2 Month Supply, in February it dropped to 2.9 Months, and March dropped to a 2.7 Month Supply. Last March there was a 3.5 Month Supply.
The lowest Month Supply in 2014 was in April, November and December–each month saw a 3.2 Month Supply.
The highest month was both February and September, in which each had a 3.6 Month Supply. March 2015 is the lowest Month Supply Of Inventory in 29414 since March 2006 which had a 2.6 Month Supply.
West Ashley 29414 has been a sellers market since mid to late 2011.
In August 2011 there was a 7.3 Month Supply, and that dropped to 6.8 in September and then 6.4 in October.
In November of 2011 the Month Supply finally dropped below 6 months, to 5.8 Months.
A 6-7 Month Supply is considered a neutral market, and below a 6 is considered a sellers market. What we are seeing in West Ashley real estate in the 29414 zip code is typical of a sellers market–home values increase.
This is pretty basic–demand exceeds supply, therefore, home values are driven up.
Here is a look a the current numbers for West Ashley homes for sale in 29414:
There are 194 Active Listings, 47 Pending Sales, and 167 Contingent Sales.
The Active Listings average 98 DOM and a list price of $268,759.
The Pending Sales average 16 DOM and a list price of $280,017.
The Contingent Sales average 69 DOM and a list price of $242,506.
For home buyers, there are two advantages you have working for you right now. Home values are still going up, but not at the right they were in 2013 and 2014.
This means homes remain affordable, and prices aren’t skyrocketing.
Here is a look at a year-over-year comparison of home prices the last 3 years:
In the last year, home values in 29414 have continued to increase, just not at the rate they had previously.
In the last year (March to March), values have increased by 4.1%. However, in the previous year (March 2013-March 2014), home values increased by 13.2%.
Nationally, rising home values have been a concern for some–wage increases haven’t kept pace with home value increases, and many experts fear this could hurt the housing market.
So, with home values slowing down (but, still increasing), this is a good break for buyers.
Another factor in favor for buyers is interest rates remain low.
They are expected to increase as the year progresses, and combined with home values continuing to increase, there is concern that some buyers will get priced out of the market.
Buying sooner than later is something buyers should keep in mind given the fact that home values and interest rates are going up–houses aren’t getting any cheaper.
Of course one big obstacle for home buyers is the lack of inventory. Good homes do not last in this market, and in many cases, there are multiple offers to contend with.
The lack of inventory is something that works in the sellers favor. Less competition. Despite this, it is still important that if you list your house, you still do it the right way.
Price it right, make your house look it’s best, and eliminate any repairs or issues your house may have.
Despite the high buyer demand, buyers are still ignoring overpriced homes. Most buyers also want a house that is move in ready.
This is why new homes are popular with buyers. Builders are recognizing this demand and are working hard to get houses built. This presents sellers more competition.
In West Ashley 29414, home sellers aren’t seeing a lot of competition from New Construction. Of the 194 West Ashley homes for sale in 29414, only 21 are New Construction.
If you are looking to buy West Ashley homes for sale in 29414, then bee sure to visit my Pam Marshall Realtor website.
You can search the West Ashley MLS, check out my home buying videos, download a Buyers Guide, and also sign up for a free list of West Ashley homes for sale that is delivered to your inbox and updated regularly with the hottest listings.
Sellers can learn more about my internet focused marketing strategies on my Pam Marshall Realtor sellers page. It is important, even in a hot sellers market, that you hire the right agent.
If you want to keep up with the latest MLS stats, then check out my West Ashley Real Estate stats page.