Charleston Real Estate Market Update for October 2016
By Jeff Cook | November 10th, 2016
According to the data released today, the Charleston real estate market is holding steady in the last quarter of 2016. Other than the change of another month and year, little else is changed in residential real estate both nationally and locally. Here at Jeff Cook Real Estate we will sell over 700 homes this year while still being able to earn 98% of asking price on average for our clients. Let's take a look at the real estate statistics for October 2016 to see how we are able to accomplish this.
In October we had 7.3% more sales pending than this time last year. That's a good growth. However, there has been a 1.2% decrease of listings on the market than this time last year. Median sales prices are up 6.7% from last year showing that we remained in a seller's market going heading toward the end of 2016.
Let's take a quick look at the October 2016 real estate statistics for Charleston.
October 2016 Charleston Real Estate Statistics
• New Listings: 1,470 (Down 1.2% from Last Year)
• Pending Sales: 1,313 (Up 7.3% from Last Year)
• Inventory for Sale: 5,285 (Down 19.1% from Last Year)
• Median Sales Price: $240,000 (Up 6.7% from Last Year)
• Months Supply of Inventory: 3.5 Months (Down 27.1% from Last Year)
• % of Asking Price Received: 96.3% (Up 0.5% from Last Year)
• Days on the Market: 53 (Down 3.6% from Last Year)
We Continue to Stay in a Seller's Market!
October was yet again another busy month for Charleston real estate sales. We had increased sales numbers and prices, with decreased available inventory as we get closer to the end of 2016. Overall, these numbers indicate that it is still a great time to be a home seller in Charleston.
These numbers cover all of Charleston, SC and the surrounding areas, including Daniel Island, Hanahan, Goose Creek/Moncks Corner, Wando/Cainhoy, Downtown, Historic Downtown, Edisto Area, James Island, Johns Island, West Ashley, North Charleston, Upper Mt Pleasant, Lower Mt Pleasant, Folly Beach, Isle of Palms, Sullivan's Island, Kiawah and Seabrook Islands, Summerville, Dorchester Road Corridor, Hollywood/Ravenel/Meggett, St George and Rural Dorchester County.
To view statistics by area, follow the links above. To view statistics by county, follow the links below.
Berkeley County | Charleston County | Dorchester County
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