A home listed for sale that doesn't sell is a #FAIL
It seems that I always write about homes that sell but there are a lot of homes listed for sale in the Charleston real estate market that don't sell. The listing either expires unsold after an agreed upon listing period or is withdrawn from the market. In many cases, the seller will eventually hire another Charleston real estate agent to list their home for sale, sometimes they will adjust the price or make necessary repairs or improvements or wait until the home is no longer rented so that it is easier to view and often shows better.
But the bottom line is that a home listed for sale that doesn't sell is a #FAIL.
There were 19,240 new listings entered into the Charleston MLS this year. 8041 homes successfully sold but 3432 listings expired and 8646 listings were withdrawn. That total of 12,078 represents almost 63% failed attempts to sell a home. And if you think that's bad, take a look at what happens when you calculate the failure rate by price range.
Please note, the percentages of homes that sell and fail add up to over 100% because some homes that either sold, expired or were withdrawn were listed prior to January 1, 2009 and new listings represent only listings entered into the Charleston MLS during 2009. In the chart below, green represents sold and red represents fails by percentage.
By price range, you'll see that homes selling for less than $300k successfully sell almost 50 percent of the time but fail to sell over 50 percent of the time. Where it gets even scarier for home sellers is mid priced homes where 1/3rd of the listings sold but almost three out of four listings failed. And scarier still is in the Charleston luxury real estate market where 18% sold but an astounding 89.6% failed to sell. That is 9 out of 10 homes that were listed but did not sell.
