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Charleston Real Estate Market Update for October 2016

Thursday, November 10, 2016   /   by Danielle Mercer

Charleston Real Estate Market Update for October 2016

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. 

Bottom Line

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 IslandHanahanGoose Creek/Moncks CornerWando/CainhoyDowntown, Historic DowntownEdisto AreaJames IslandJohns IslandWest AshleyNorth CharlestonUpper Mt Pleasant, Lower Mt PleasantFolly Beach, Isle of PalmsSullivan's IslandKiawah and Seabrook IslandsSummervilleDorchester Road CorridorHollywood/Ravenel/MeggettSt 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

Interested in your home value? Visit: www.843value.com

Interested in buying a home, yet worried about the sellers market? Our agents are certified negotiators who are trained to get you the best deal possible. Visit: www.JeffCookRealEstate.com

Jeff Cook

Jeff Cook Real Estate 

Charleston, SC