Video Recap: If you don’t have time to watch the video I share good news and not so good news concerning the real estate market for Charleston & Summerville South Carolina.
- Housing Inventory is going down in the Charleston Area:
- Currently Active in the Charleston MLS: 5,011 houses on the market
- Couple of Years ago-12,000
- This translates into 9 months of inventory. A good number is 5-6 months so we are moving closer to that mark.
- Keep in Mind-upper level homes (400-500K) are still looking at 24 months of inventory.
- 135-165K Range is HOT- only 4-5 months of inventory.
- Length of time on the market is diminishing:
- Annual average for 2012 thus far is 100 Days on the Market.
Not so Good News
- Foreclosures are about to be released into the market. Two years ago the US Government put a hold on foreclosures, but that is going to be removed soon and 11 million foreclosures are going to start coming on the market nationwide. This will most likely cause another market saturation for the real estate market. If you are interested in receiving a list of Charleston or Summerville foreclosures emailed to you, please fill out my Charleston Foreclosure Form on my website.
Read the Foreclosure Follow Up Post I wrote regarding questions I received from this video.