How has the Charleston real estate market improved over the last year? Here’s what the numbers tell us.
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1. New listings. Almost 23,000 new homes have come on the market in the last 12 months.
2. Home sales. How many homes were sold during the same time frame? Some of you may be under the impression that every home that comes on the market is selling. However, that’s not what’s happening in reality. Out of those 23,000 listings, only 17,700 sold. That means there are between 5,000 and 6,000 properties that failed to sell. Regardless of what you think about the market, I encourage you to make sure that your Realtor has a strong marketing plan in place to sell your home. That's really the only way to guarantee a sale in this market.
It is taking an average of 11 showings to sell a home.
4. Market time. How long does it take a home to sell on average? Over the past 12 months, the answer is 58 days.
5. Average showings. Finally, let’s look at the average number of showings it takes for a home to get an offer. Right now, homes are getting offers after an average of 11 showings.
If you’re interested in learning more and taking a better look at these statistics, you can view them in their entirety here.
If you have any other questions about Charleston real estate, don’t hesitate to give us a call or send us an email. We would love to hear from you.