Let’s face it: This has been a challenging time for most of us, both personally and professionally. COVID-19 has become a global subject, and one that we need to take seriously in our daily lives.
Markets have been fluctuating due to the uncertainty, and that includes real estate. This is what has been referred to as the ‘new normal.’ To help explain the situation, my team and I have gathered some important data.
First, in the history of the market, we’ve only seen two weeks where over 450 residential properties went under contract: One week in 2017 saw 452, sales and one week in 2018 saw 458. In the last four weeks, we’ve exceeded that mark each time. The market keeps setting new records, and it’s absolutely unbelievable.
The average price per square foot, meanwhile, increased 7% from June 2019 to June 2020, which means we’re still in a healthy market. We anticipate a 3% to 5% appreciation rate throughout the rest of 2020.
For sellers, the average list-to-sale-price has increased year over year from 98% to 99.5%. There are more buyers entering the market than there are sellers interested in selling, and it’s guiding us further into a seller’s market. Furthermore, the median days on market has decreased from 19 to 13 days. If you list your home now, there’s a good chance that it will sell quickly and for top dollar.
Despite the pandemic, buyers see now as a great time to invest in new properties. Most would-be sellers, on the other hand, prefer not to list at the moment, which is creating a huge inventory shortage.
The bottom line is, the Charleston market is on fire. Inventory has never been lower, and we’ve never seen so many homes sell. I’m even planning on selling my own home, so take advantage of these conditions.
If you’re ready to list your home or have any questions about our market, don’t hesitate to reach out to me. I look forward to hearing from you, and I hope you stay safe out there!