Seasonal trends in the Charleston real estate market
There is a spring selling season in real estate and while people buy and sell homes throughout the year, more do so in spring than any other time. A glance at the chart to the left shows that immediately after the Holiday season, interest starts strong and builds through the spring.
As we enter July, vacations are at the top of most everyone's priorities and many decisions have been made regarding moving in order to be least disruptive to children attending school.
On a positive note, the first half of this year was the best in many years in the Charleston housing market due to both the home buyer tax credit and improved consumer confidence. Not only did entry level homes sell very well but demand was also strong by the move up buyer of mid priced homes and the luxury Charleston real estate buyer.
While the media has predicted doom and gloom for the housing market in general and a double dip recession for the economy, it's interesting to note that page views are still about 33 percent higher this year compared to last. And while I don't believe that we'll see either doom and gloom or a double dip, I do expect slowing demand and resulting fewer home sales in the second half of this year as a significant amount of demand was pulled forward by the home buyer tax credit.
The chart represents page views by online Charleston house hunters searching the Charleston MLS via the IDX search portal on this website.