Residential Properties SOLD through the Charleston Trident Multiple Listing Service for September 2018
Greater Charleston Area – 433
Mount Pleasant – 214
Summerville/Dorchester County – 208
Goose Creek/Moncks Corner/Berkeley County – 321
Daniel Island – 25
Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry. Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates coupled with salary stagnation and a generational trend toward home purchase delay or even disinterest could create an environment of declining sales.
New Listings were down 5.2 percent to 1,573. Pending Sales decreased 2.1 percent to 1,212. Inventory shrank 8.6 percent to 5,441 units.
Prices moved higher as Median Sales Price was up 8.2 percent to $276,500. Days on Market decreased 5.7 percent to 50 days. Months’ Supply of Inventory was down 12.5 percent to 3.5 months, indicating that demand increased relative to supply.
Tracking reputable news sources for housing market predictions makes good sense, as does observing trends based on meaningful statistics. By the numbers, we continue to see pockets of unprecedented price heights combined with low days on market and an economic backdrop conducive to consistent demand. We were reminded by Hurricane Florence of how quickly a situation can change. Rather than dwelling on predictions of a somber future, it is worth the effort to manage the fundamentals that will lead to an ongoing display of healthy balance.