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UNDERSTANDING THE MARKET
There’s a lot of talk about the real estate market on any given day. Understanding the market can mean a successful sale or an unsuccessful one. The problem is that people often find understanding the real estate market difficult. Staring at countless charts and numbers can be confusing if you don’t know what you’re looking at. Don’t worry. The team at Drew Sineath & Associates has taken the time to keep you up to date with the market statistics for the Lowcountry. Why? Because we’re passionate about empowering you.
Are you looking for your dream home in Charleston? Looking to sell your home, but not sure where to start?
Business is booming
Simply put, 2020 was a year that the Charleston housing market won’t soon forget. On the heels of the COVID-19 lockdowns in the early spring of 2020, house sales spiked in the Charleston area and haven’t looked back since. In fact, Charleston currently sits atop the standings of the most active housing markets on record for our major listing service (MLS).
We currently have approximately 1,400 active MLS listings, which is the smallest this number has been since the 1980s. We are about 10,000 listings shy of balancing the market (which means that it’s neither a buyer’s market nor a seller’s market). In a balanced market, we’d have six months’ worth of inventory, but instead, the Charleston market barely has one months’ worth of inventory. That’s a new record low.
Eyes on the future
Part of how we stay on top in the real estate world is by always making sure we’re looking ahead. Here are some things we’ll be keeping an eye on as 2021 progresses.
Though 2020 saw a meteoric rise in the number of house sales, 2021 is looking like it could be even stronger. The first few months of 2021 have already seen more sales than the first few months of 2020.
Another thing to watch out for in the rest of 2021 is the continued decline of the short sale and foreclosure market. As of now, short sales and foreclosures make up less than 1% of the Charleston market.
Record Sales Numbers
Additionally, houses that have been valued at over one million dollars have enjoyed record sales numbers over the past ten months in the Charleston area. One main reason for this is that a large number of Charleston residents are taking this time to upgrade to more expensive houses, which include either waterfront property or more square footage. Another main reason is that Charleston is seeing an influx of home buyers from external markets, particularly the northeast and the west coast, who are looking to settle in a charming southern city with great weather year-round.