[buyers wanted] One Thousand Million Dollar Listings in Charleston
A client recently asked me why are there so many homes for sale in Charleston. Actually, there are always a lot of homes for sale in Charleston but back in the day, they simply sold faster than they are currently selling. And that is especially true when talking about luxury Charleston real estate.
My wife and I were downtown on Sunday. We had brunch at Poogan's Porch and had some time to stroll around the Historic District looking at the beautiful homes and gardens for a little while before going to the Baptism of my neighbor's daughter at The Cathedral. I commented to her that there seemed to be a lot of for sale signs.
And so today, I checked the statistics in the Charleston MLS and counted over One Thousand Million Dollar Listings for sale throughout the Charleston area. In addition to homes in the Historic District, there are Million Dollar listings available at the beach, waterfront homes, homes situated on golf courses and country estates.
That would equate to a five year inventory of homes at the current sales pace if no new homes came on the market, it's what is referred to as the absorption rate.
So obviously buyers are wanted, lots of buyers.