Charleston Real Estate Market Update for August 2016
By Jeff Cook | September 13th, 2016
According to the data released today, the Charleston real estate market is still going strong as we move into 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 August 2016 to see how we are able to accomplish this.
In August we had 23.4% more sales pending than this time last year. That's a HUGE growth. There has also been a 15.4% increase of listings on the market than this time last year. Median sales prices are up 11.3% from last year showing that we stayed in a SELLERS Market moving into the second half of 2016. This means that, as a seller, you can get over 10% more for your home right now than you could have last year!
Let's take a quick look at the August 2016 real estate statistics for Charleston.
August 2016 Charleston Real Estate Statistics
• New Listings: 2,071 (Up 15.4% from Last Year)
• Pending Sales: 1,782 (Up 23.4% from Last Year)
• Inventory for Sale: 5,354 (Down 19.8% from Last Year)
• Median Sales Price: $241,285 (Up 11.3% from Last Year)
• Months Supply of Inventory: 3.6 Months (Down 28% from Last Year)
• % of Asking Price Received: 96.9% (Up 0.7% from Last Year)
• Days on the Market: 54 (Up 10.2% from Last Year)
We Continue to Stay in a Strong Seller's Market!
August was yet again another busy month for Charleston real estate sales. We had increased sales numbers and prices, with decreased available inventory as we continue in 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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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 Real Estate