Market Update 4/24/20 - 4/30/20

Amazingly, our real estate market here in Charleston went about business as usual. We were considered an essential business because people have to have shelter. Of course, we expected a huge slow down in demand. But we didn’t see it. The first couple of weeks were about 25-35% off, but I think many thought it would be much worse. Then it started improving as we learned more about the virus and how the government was going to try to help everyone. Two weeks ago was only about 10% off and this past week’s numbers did not show any evidence of anything being wrong. The numbers from this past week look exactlylike the numbers from this time of year in the record year of 2019. We had over 400 residential properties go under contract. People are moving to Charleston.

Analysis of residential properties going under contract(contingent) during week of 4/24/20-4/30/20

  • 406 residential properties under contract past wk. Tremendous!!
  • 323 single family homes under contract past wk. Median LIST price $315k,$161/sqft. 5 under $100k. 17 over $1M, 2 of those over $2M.     Median 25 CDOM.  Median Yr Blt 2002
  • 6(2%) of 323 single family homes under contract past wk BANK OWNED FORECLOSURES or SHORT SALES.  Another 13% new construction.  1 of 3 short sales in areas 31/32, 61-76
  • 63 island single family homes under contract past wk.  James-16,Folly-1($595k),Johns-24,Wadmalaw-3($250k,$333k,$1.3M),Kiawah-4($1.1M,$1.1M,$1.2M,$1.3M),Edisto-4($375k,$399k,$571k,$719k),Seabrook-2($412k,$2.2M),IOP-1($775k),Daniel-8
  • 8 Daniel Island single family homes under contract past wk LISTED from $560k-$2M.  Median $973k,$280/sqft.  1(13%) new construction.  
  • 16 James  Island single family homes under contract past wk LISTED from $250k-$1.05M.  Median   $376k,$208/sqft. 1 under $180/sqft. 0 new     construction.
  • 24 Johns  Island single family homes under contract past wk LISTED from $265k-$1.2M.  3 Woodbury Park.  Median $361k,$176/sqft.  7(29%) new construction.  
  • 45 West Ashley single family homes under contract past wk LISTED from $175k-$725k.  3 under $200k. 4 Shadowmoss. Median $330k,$173/sqft.     2 new construction.
  • 15 North  Chas single family homes under contract past wk LISTED from  $90k-$419k. 2 under $150k.  Median $239k,$139/sqft. 1 new construction. 3 Park Circle
  • 42 Mt Pleasant single family homes under contract past wk LISTED from $295k-$2.4M.  2 under $350k. 5 over $1M.  Median $487k,$226/sqft.  2 under $175/sqft. 3 new construction.  7 Dunes West
  • 9 Peninsula Charleston single family homes under contract past week LISTED  from $220k-$799k. Median $515k,$316/sqft. 1 South of the     crosstown.
  • 59 Summerville/Ladson single family homes under     contract past wk LISTED from $70k-$900k. 8 Mckewn. 8 under $175k. 6 over $350k.     Median     $274k,$135/sqft. 0 BANK OWNED FORECLOSURES or  SHORT SALES. 13(22%) new  construction.
  • 88 Hanahan/Gs  Creek/Moncks Cnr single family homes under contract past week LISTED from $90k-$950k.  11 Cane Bay. Median $250k,$133/sqft.  9 under $175k. 11 over $350k. 1 BANK  OWNED FORECLOSURES or SHORT SALES. 13(15%) new construction.
  • 77 condo/townhomes under contract past wk. 2 LISTED under $100k. 40 from $100k-$199k. 24 from $200k-$299k. 5 from $338k-$550k. 5 from $640k-$930k.  1 at $1.2M. 1 BANK OWNED FORECLOSURES or SHORT SALES. 12(16%) new construction

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