Home sales are skyrocketing across the country. Locally, residential properties only stay on the market for a couple of days, and sometimes hours, before being thrown into the pursuit of a home.
There are many real estate agents who follow the process during all these hot and big sales, but there are no houses for sale.
With furious buying and selling combined with low inventory levels, home prices have risen – nowhere more than in Berkeley County. Prices in Berkeley jumped 12.6 percent in the first quarter of 2021 from a year earlier, with an average selling price of $ 232,360, according to the National Association of Realtors. The average Dorchester price is $ 244,651, up 5.8 percent from last year, and a 3.1 percent increase from the same period last year in Charleston resulted in an average price of $ 369,295.
While Berkeley County has room to grow, it indicates that the Tri-County area is emerging as a more expensive place to buy and live.
But don’t expect any somber mood from Berkeley County sellers like Larry Reynolds, who bought his 2,000-square-foot ranch-style home in the Crawfield neighborhood of Goose Creek back in 2010. It will hit the market on July 19th.
“We already have a lot of people who know we’re moving and I know they are interested, but we don’t have a price yet,” Reynolds said. “I expect to get all my money out of this, plus $ 100,000, maybe more.”
The retiree said that following a bidding process, he and his grown daughters bought land and are building on a site next to Cooper Store Road in Berkeley County. He said that none of them have a problem selling their homes.
“They are [the daughters] it has been watched over 20 times in the last week, ”Reynolds said. “One sold at the Liberty Hall Plantation, and now there are a lot of people looking there, and as we speak, offers are being made.”
For longtime agent Joe O’Saben, the current environment is unlike anything he has ever seen. He has been in real estate for 28 years and lives in Berkeley County but has been selling all over Charleston. He said most of his homes are selling for between $ 200,000 and $ 300,000.
“When I list a house for sale, I pay attention to the two days it was sold, or we made a mistake in the price,” he said. “In fact, when it just started to happen, we threw our sales on Facebook, saying, ‘Hey, sold in one day, sold in two days.’ Plus, almost everyone has the same stories, so it’s no longer the unique talent that led to that short time on the market. “
This is always the case with simple supply and demand, and the supply of agents far exceeds the number of homes that can be sold. O’Saben said that as word of home sales spreads, more people want to get a realtor’s license in order to play the game.
At the same time, he said, over the past year, an average of 1,200 to 1,600 homes in the Charleston area have been put up for sale per day – he worked on two of them.
“There are about 6,000 active realtors in Charleston,” he said. “So what do the other 6,000 agents have? Well, they have buyers and they have houses that are coming to the market and are only going to stay for two days. “