Listing Prices

Last year saw a median SALES PRICE for single family homes of $217k in the Charleston MLS. Now keep in mind that homes that actually sell, average selling for 95% of their LIST PRICE. This would seem to say that active listings should have a median LIST PRICE of $230k to support the $217k SALES PRICE from last year. Of course, that would be a perfectly priced market. Certainly, we never have a perfectly priced market. There are always sellers trying to get much more than their home is worth. If we are overly generous and pad the $230k figure by 20%, we might expect the median LIST PRICE of active listings to be aroung $276k.

Well, here's the shocker: The median LIST PRICE of active single family listings in the Charleston MLS is $319,900!

The good news is that the new listings that have been taken recently show a much better trend. The 1500 new single family listings taken over the last month have a median LIST PRICE of $270k. Still seems a little much, but it's better than $320k. Hopefully, we're moving in the right direction.