The Charleston Trident Association of Realtors has just released a video showing the first quarter results for 2011. It shows promising things for our local real estate market.
The number of closed sales were up 8.2% in the first quarter from the first quarter of 2010.
The number of homes for sale was down 17% in the first quarter of 2011 from the same time period last year. That number at the end of the first quarter this year was 8,594
The median sales price fell 6.1% to $173,779 from the same time period in 2010 -- great for all of you Buyers out there!
List price to actual sales price was down 2% to 88.6% in Q1 of this year versus Q1 of last year.
All of these are strong indicators that now is a great time to be a Buyer in the Charleston real estate market! If you've been waiting for the right time--it's now! As the number of homes for sale shrinks--this will have a direct result on the prices of those homes. With reduced inventory, prices will stop decreasing--they are already showing signs of stabilization--and, ultimately, prices will be begin to increase over time.
Our local economy continues to strengthen which will lead to a trickle down effect on our real estate market.
To view the 3 minute video on our first quarter statistics-- click here.
If we can ever answer any of your real estate questions, please feel free to contact us at teamdehaven@century21properties.com; or 843-343-7640.
Best,
Melanie & Jed DeHaven, Century 21 Properties Plus, Inc.