For many years, the Charleston real estate market has seen a surge in activity during the spring months of March, April, and May. It makes sense that the most beautiful months of Charleston weather entice people to buy real estate here. A typical slowdown would occur in June, July, and August as summer weather with higher temperatures and high humidity sets in. People’s attention would become rightly focused on the beach, the boat, or the pool. While this trend has been less pronounced over the last few years, it has typically held true.
This year in particular, Charleston real estate’s second quarter has been unprecedented. Many thought that the global pandemic would slow and negatively impact home sales. While the slowdown was felt during the months of April and May, Charleston home sales have since taken off. In nearly all areas, sales rose versus the first quarter. However, the biggest numbers have come in over the last month, including the record-setting number of contingent homes versus other years.
Pent-up demand is one of the key contributors to the area’s recent real estate success. “Stay at home” mandates across the U.S. in April and part of May slowed showings; with those mandates lifted in June, housing demands soared. William Means also saw increased website traffic from more densely populated cities, including New York, Boston, Chicago, and Charlotte.
The influx of demand was also met with limited inventory. Over the last month and a half, there have been increased contracts occurring within days and multiple offer situations. I see no signs of the strong housing demand slowing down. William Means agents are busy and ready to assist in selling or buying a home in this rising market.
