The Million Dollar Market in Downtown Charleston is Hot Hot Hot
I am not just saying this because I am an agent insisting that ‘Now is a good time to buy!“(Cue eye roll) I am saying this because the statistics are sorta blowing me away. I called it when I said Wagener Terrace fixer-uppers were hot about 7 months back, and I mentioned this topic briefly in my February newsletter, but here are the numbers. You tell me what YOU think!
I looked at all homes (2BR+) south of Calhoun St between $850,000 and $1,150,000 on the MLS.
In 2008 – a total of 9 sold.
In 2009 – a total of 6 sold.
Thus far in 2010, 5 have already sold (4 in the past 30 days), and another 7 are under contract.
And there are only 18 available (see the list below).
Using the standard inventory calculation (# active listings/# sold in prior month) which gives you a good idea about the health of a market (6 months is normal) – we come up with 4.5 months of inventory.
So what do you think? Does that qualify as hot? My advice to sellers is if you want to get your average-sized, nice-condition house sold and not just listed, price it at or under $1,000,000. My advice to you if you are looking to buy? If you find one you like at that price, make an offer that you are comfortable with, but by all means don’t dilly dally. There might be a few currently priced over $1,150,000 that you could get for less than that, so don’t be afraid to look a bit higher since the selection is thinning every day.
2732464 – Details: 3 FORD CT, CHARLESTON, SC – $895,000
1006703 – Details: 179 WENTWORTH ST, CHARLESTON, SC – $895,000
2925712 – Details: 4 SAVAGE ST, CHARLESTON, SC – $920,000
2932078 – Details: 65 GIBBES ST, CHARLESTON, SC – $929,000
1007597 – Details: 62 GIBBES ST, CHARLESTON, SC – $940,000
2808165 – Details: 35 SAVAGE ST, CHARLESTON, SC – $949,000
1000742 – Details: 20 WENTWORTH ST, CHARLESTON, SC – $950,000
1003505 – Details: 1 MOTLEY LN, CHARLESTON, SC – $975,000
1005898 – Details: 15 GREENHILL ST, CHARLESTON, SC – $979,000
2920091 – Details: 52 LEGARE ST, CHARLESTON, SC – $995,000
2816697 – Details: 46 CHURCH ST, CHARLESTON, SC – $995,000
2911090 – Details: 50 LEGARE ST, #1/2, CHARLESTON, SC – $995,000
2829720 – Details: 187 WENTWORTH ST, CHARLESTON, SC – $995,000
2909649 – Details: 59 KING ST, CHARLESTON, SC – $998,000
1002964 – Details: 20 STATE ST, CHARLESTON, SC – $999,900
2808617 – Details: 9 GEORGE ST, CHARLESTON, SC – $1,095,000
1006152 – Details: 22 CHALMERS ST, CHARLESTON, SC – $1,095,000
2827896 – Details: 34 PINCKNEY ST, CHARLESTON, SC – $1,150,000
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[…] by Kristin B. Walker I’ve written about handy man specials in Wagener Terrace, about the hot million dollar market in Downtown Charleston, about condo buildings and the highest-priced home for sale on the […]
[…] 19, 2010 by Kristin B. Walker If you’ve been reading along with me, you know I started this series in March of this year, posted another update in May, and now it’s time for another! The million […]