Overall Market Review
By the Charleston Association of Realtors
As was widely expected, the Federal Reserve did not change the target range for the federal funds rate – currently set at 2.25 to 2.5 percent – during their June meeting. Although the economy is still performing well due to factors such as low unemployment and solid retail sales, uncertainty remains regarding trade tensions, slowed manufacturing and meek business investments.
New Listings were down 4.4 percent to 2,192. Pending Sales increased 11.9 percent to 1,928. Inventory shrank 5.3 percent to 5,731 units.
Prices moved higher as Median Sales Price was up 7.3 percent to $289,798. Days on Market increased 6.1 percent to 52 days. Months Supply of Inventory was down 5.1 percent to 3.7 months, indicating that demand increased relative to supply.
In terms of relative balance between buyer and seller interests, residential real estate markets across the country are performing well within an economic expansion that will become the longest in U.S. history in July. However, there are signs of a slowing economy. The Federal Reserve considers 2.0 percent a healthy inflation rate, but the U.S. is expected to remain below that this year. The Fed has received pressure from the White House to cut rates in order to spur further economic activity, and the possibility of a rate reduction in 2019 is definitely in play following a string of increases over the last several years.
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Last 12 Months | ||
SOLD | ||
$347,500 | 22 | 97.1% |
Median Sold Price | Median Days on Market | Median Sale to List $ Ratio |
ACTIVE | ||
1110 | 4.6 months | 13 |
Median Number of New Listings | Median Months of Inventory | Median Showings to Contract |
Rolling 12 Month Comparison to Prior 12 Months | |
SOLD | |
⇑ +1.5% | ⇑ +2.3% |
Sold Price Trend | Days On Market Trend |
ACTIVE | |
⇑ +7.3% | ⇑ +9.5% |
New Listings Trend | Months of Inventory Trend |
Performance Comparison by Area | ||
MEDIAN DAYS ON MARKET | ||
AREA | Last 12 Months | Compared to Prior 12 Months |
West Ashley | 22 Days | ⇑ +69.2% |
Johns Island | 16 Days | ⇑ +32.0% |
James Island | 18 Days | ⇑ +9.1% |
Mt Pleasant | 31 Days | ⇑ +18.9% |
Summerville | 15 Days | ⇑ +3.3% |
North Charleston | 14 Days | ⇓ -9.7% |
Goose Creek | 11 Days | ⇓ -15.4% |
MEDIAN MONTHS OF INVENTORY | ||
AREA | Last 12 Months | Compared to Prior 12 Months |
West Ashley | 3.1 Months | ⇑ +22.0% |
Johns Island | 3.9 Months | ⇓ -13.5% |
James Island | 3.5 Months | ⇑ +15.0% |
Mt Pleasant | 4.4 Months | ⇑ +10.0% |
Summerville | 2.8 Months | ⇓ -5.1% |
North Charleston | 2.8 Months | ⇑ +3.7% |
Goose Creek | 1.6 Months | ⇓ -11.1% |
MEDIAN PRICE PER SQUARE FOOT | ||
AREA | Last 12 Months | Compared to Prior 12 Months |
West Ashley | $158 | ⇑ +5.0% |
Johns Island | $162 | ⇑ +4.5% |
James Island | $199 | ⇑ +3.9% |
Mt Pleasant | $207 | ⇑ +0.5% |
Summerville | $125 | ⇑ +6.8% |
North Charleston | $118 | ⇑ +2.2% |
Goose Creek | $122 | ⇑ +7.5% |
MEDIAN PERCENT OF LIST PRICE | ||
AREA | Last 12 Months | Compared to Prior 12 Months |
West Ashley | 97.4% | ⇓ -0.7% |
Johns Island | 98.6% | ⇓ -1.5% |
James Island | 97.3% | ⇓ -0.2% |
Mt Pleasant | 96.9% | ⇓ -0.5% |
Summerville | 98.8% | ⇓ -0.4% |
North Charleston | 98.2% | ⇑ +0.5% |
Goose Creek | 99.4% | FLAT |
All statistical information is provided by the Charleston Association of Realtors. Information is deemed reliable but is not guaranteed.