Category: Wild Dunes
As we evaluate the final quarter of 2016 (so far), not much has changed since the year began. Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates. The one basic drag on market acceleration has been inventory decline, and there is little to indicate that the low inventory situation will resolve anytime soon.
Market Stats through October 2016
As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed.
Market Stats through September 2016
Charleston-area home sales increased in August after dipping for the first time in five years in July. Conventional wisdom indicates that year-over-year declines may be present for the remainder of the year, given the low inventory situation in most markets. Demand is certainly present and has created competitive situations that have kept prices up. Rental prices are also up, which may lure more toward home ownership.
Market Stats through August 2016
According to preliminary data released by the Charleston Trident Association of Realtors®, there has been a 2.8% decrease in sales volume and 1.5% growth in median price, comparing last July to this July. Inventory has declined by 22% over the last 12-month period, with 5,335 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of July 31.
“The sales dip can be attributed to several factors. The current lack of inventory is certainly a major reason. Over the last 3 years, sales have peaked in June and this year is no exception,” said 2016 CTAR President Michael Sally. “The year-to-date numbers are strong, and a sign of steady growth. We should see similar, sustainable numbers over the next few months.”
Market Stats through July 2016
With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade.- According to Charleston Trident Association of Realtors
Market Stats through May 2016
Every quarter of 2016, we will print a new version of the Charleston Coast Buyers Guide with updated dunes properties listings and information about the different communities along the Charleston Coast. The 3rd Quarter issue has been delivered to our offices and is also available in digital flipbook form HERE on our website!