Charleston home sales activity picks up sharply
Less than two weeks ago, I wrote that the Charleston real estate market outlook brightens with increased activity.
As of today (Feb 26), a mere 237 homes have closed in the Charleston real estate market during February. That will increase because of the high number of closings always scheduled during the last week of the month and late reporting by the agents entering the data in the Charleston MLS. Still, it's a pretty low number. But there are 893 homes currently under contract (contingent) and an additional 232 homes pending (contingencies removed) that will hopefully be closing in the near future.
As expected due to end of month closings and late reporting by agents, February home sales increased from 237 to 376. The number of homes under contract (contingent) has remained pretty much the same at 897 but pending sales (contingencies removed) have more than doubled increasing by over 132% from 232 to 540. And even more good news, inventory is starting to decline with just 10,430 on the market, the first time I've seen it under 11,000 in seemingly forever.
So what's happening.
Is the first time homebuyer tax credit of $8k from the economic stimulus bill motivating some potential buyers to get off the fence and start to actively look at buying.
Is increasing affordability with the combination of lower home prices and low mortgage rates the reason.
Do buyers sense the bottom is near or are they just noticing some really great buys.
Or could it be that spring has finally arrived.