– Drew Grossklaus, Sales Director/BIC East Cooper
There has been no shortage of commentary regarding the real estate market in 2021. It has been one of the craziest years ever, with high demand and low inventory. The media has covered supply shortages and the outrageous prices of lumber. Homeowners are getting tens to hundreds of thousands more than the listing price of their properties. Multiple offers are being received on homes only hours after they are listed. Without a doubt, the Charleston real estate market has certainly reflected the unique home-buying and selling trends portrayed in the national media.
The question on many people’s minds is what is happening in the real estate market now, since we are nearly three-quarters of the way through the year. The first thing that we have seen in the Charleston market is that July was the first month of lower sales versus the previous year. I believe this trend will continue in August as well.
Part of the reason for this is that the summer months in Charleston tend to see a downward trend; with children out of school and vacation plans and activities, many put the idea of buying or selling a home on the back burner. Given the number of vacations and plans that were cancelled in 2020, it was an especially busy time of year. The low inventory trend continued, but buyers also pulled back on purchasing a home if they felt the asking price was too extreme. While there is still a bit of slowdown, it really is minor compared to the overall craziness of the market.
In the coming months, before we reach the end of the year, demand will remain high, and inventory will remain low. I believe we will still trail behind the last few months of 2020, but sales will remain high. Pushback will likely remain on homes asking for highly unjustifiable list prices, but homes priced correctly will sell quickly.
It will continue to be a time to list your property if you are thinking of selling and be very diligent and ready if looking to buy a home. William Means agents continue to be an integral part of the highest level of success when buying or selling your Charleston home.
