The month of May saw the following trends continue:
Inventory remains low and demand remains strong
Limited supply = record-high home prices
Lumber prices, supply and demand, migration from northern cities to warmer climates, low interest rates. It’s all combining to create a real estate market that is short on available housing and increased competition for properties that are on the market.
Let’s take a look at the numbers.
Park Circle Market Stats - May 2021
Entire Charleston Area: 2,307 – Previous month: 2,495
Park Circle: 37 – Previous month: 33
Median Days on Market
Entire Charleston Area: 3 days – Previous Month: 3 days
Park Circle: 3 days – Previous Month: 3 days
As soon as a home is put on the market it will typically go under contract in 3 days. This is due to extreme demand combined with low inventory. The speed at which properties are selling is one of the main reasons why inventory levels remain a record low numbers. Multiple offer situations are commonplace when inventory is low. If you’re a seller, this may be the best time to consider selling your home or rental property.
Median Sales Price
Entire Charleston Area: $347,000 – Previous month: $340,628
Park Circle: $363,750 – Previous month: $370,000
Entire Charleston Area: 0.7 Months – DOWN from 0.8 in April
Park Circle: 0.5 Months – DOWN from 0.8 Months
This shows how long the current inventory of properties would last at the current rate of sales.
If no new properties were added to the market, and sales continued at a steady pace, this means that it would take 0.5 months to sell ALL the properties in Park Circle.
A balanced market would be 6 months of inventory.
Entire Charleston Area: 1358 – DOWN 20.9%
Park Circle: 15 – DOWN 31.8%
Entire Charleston Area: 2,135 – DOWN 1.3%
Park Circle: 22 – DOWN 12%