2 Amazing Numbers

The real estate market here in Charleston is seeing a great increase in activity. I do a lot of statistics for my company, Carolina One Real Estate, and I keep an eye on the number of properties going under contract on the MLS each week. We bottomed out in late February at 120/week. Then we slowly increased into the 160's by late March and early April. Then in the 3rd week of April, we saw an explosion to 186. Since then, the last 6 weeks have seen 194,182,196,180,199, and 197 this past week. These are very strong numbers. However, we are not yet seeing a reduction in inventory. We still have a little over 10k active listings in our MLS and have been at that number for well over a year now. Supply is still much higher than demand and that law still rules. 65% of what is going under contract right now has both list price and $/sqft price under the median for the subdivision. Another 28% has one of these 2 numbers under the median. Only 7% of homes that are going under contract have both numbers above the median. Pricing it right is still the most important thing you can do and the number one service we offer. We have sold 10 properties in the past year or so in less than 30 days for 98% of the list price.