Category: Market Statistics

After a widely anticipated benchmark rate reduction by the Federal Reserve in November, home buyers and sellers are eager to see what the new year holds. Although inventory is still low (down 21.4%), the economy remains strong and new construction activity continues to rise nationally with new housing permits up 5% in October.

Closed Sales +2.4% | Median Sales Price -0.2% |  Months Supply -21.4%

Market Statistics by Area

• Downtown Charleston
• Upper Charleston Peninsula
• Upper Mount Pleasant
• Lower Mount Pleasant
• Daniel Island
• Folly Beach
• Isle of Palms/Wild Dunes
• Sullivans Island
• Kiawah Island
• Seabrook Island
• James Island
• West Ashley
• Johns Island
• North Charleston
• Summerville
• Goose Creek

Featured Property

Welcome to 507 Carolina Boulevard, your perfectly situated island retreat,
just 2 short blocks to the beach! This 5 bedroom, 4 bath home features a modern, open floor plan with state-of-the-art kitchen, multiple porches and a beautiful family room that opens to the stunning open air deck.

30 for 30 Year-End Update

Throughout 2019, we’ve been donating to a varied list of 30 worthy charities and non-profit organizations to celebrate our 30th anniversary as a company. Here are some of the groups we’ve supported this year…

One 80 Place
Begin with Books
Dewees Island Conservancy
Green Heart Project
Heart Artist Community
Lowcountry Orphan Relief
Ronald McDonald House
Habitat for Humanity
Camp Happy Days
Meals on Wheels
Doors to Freedom
Fresh Future Farms
Tri-County Veterans Support Network
Charleston Waterkeepers
Genesis Project through Parkland Foundation
Pet Helpers
Friends of the Library
Palmetto Paws
Florence Crittenton Programs of SC
Preservation Society of Charleston
Charleston Parks Conservancy
Lowcountry Food Bank
Abaco Connect
American Red Cross

Top 9 Social Media Posts of 2019

As we approach the end of the year, we are starting to see a more balanced market, with continued low inventory levels and mortgage rates increasing slightly from the three-year lows seen in September. It is hard to say what the new year will bring, but most anticipate continued low rates in 2020.

Closed Sales -0.1% | Median Sales Price +4.8% |  Months Supply -19%

Market Statistics by Area

• Downtown Charleston
• Upper Charleston Peninsula
• Upper Mount Pleasant
• Lower Mount Pleasant
• Daniel Island
• Folly Beach
• Isle of Palms/Wild Dunes
• Sullivans Island
• Kiawah Island
• Seabrook Island
• James Island
• West Ashley
• Johns Island
• North Charleston
• Summerville
• Goose Creek

Featured Property

Located in The Pointe in Rivertowne Country Club, this custom home boasts a 3 car garage, gourmet kitchen with high-end stainless-steel appliances and granite countertops, and large great room which opens to the screened porch and deck. Plus, owners can enjoy use of all amenities including a dock, pool, tennis courts, basketball, and clubhouse!

Toddy Poore Dock Dedication

The Isle of Palms Exchange Club  |  201 Palm Boulevard

Upcoming Events in Charleston

30th Annual Holiday Festival of Lights  |  November 15th – December 31st
The Holiday Festival of Lights is known for its three-mile driving tour of spectacular lights where visitors are encouraged to park the car and experience family attractions, shopping, dining and more. For more information, visit: www.holidayfestivaloflights.com
_____________________________

Steeplechase of Charleston  |  Sunday, November 17th
Dust off those hats and head to Stono Ferry for a day full of big hats, colds drinks, and fast horses! The family-friendly event will feature five high-stakes races with coveted titles on the line. For more information, visit www.steeplechaseofcharleston.com
_____________________________

42nd Annual Turkey Day Run  |  Thursday, November 28th
The annual Turkey Day Run & Gobble Wobble is a U.S. Track & Field certified five kilometer race that winds through historic downtown Charleston and out to the peninsula. For more information, visit: www.turkeydayrun.com

“The real estate market this fall is looking far from scary” (CTAR)

As the real estate market begins to cool with the changing of the seasons, buyers are beginning to see fewer listings, and less competition for homes. That being said, mortgage rates remain considerably low, and the economy strong as 2019 begins to come to a close.

Closed Sales +13% | Median Sales Price +3.1% |  Months Supply -10%

Market Statistics by Area

• Downtown Charleston
• Upper Charleston Peninsula
• Upper Mount Pleasant
• Lower Mount Pleasant
• Daniel Island
• Folly Beach
• Isle of Palms/Wild Dunes
• Sullivans Island
• Kiawah Island
• Seabrook Island
• James Island
• West Ashley
• Johns Island
• North Charleston
• Summerville
• Goose Creek

Featured Property

Don’t miss your chance to preview Sullivan’s House – a historic restoration yielding a collection of four bright, luxurious residences designed for the island lifestyle. With open floor plans, expansive master suites, guest bedrooms with ensuite baths and expertly designed kitchens, they are the perfect gathering places for friends and family. Only 2 units remain, so act fast! For more photos and information, visit www.SullivansHouse.com.

New Downtown Office Location!

SAY HELLO to our newest office location in historic Charleston, 11 Fulton Street. Centrally located one half block off of King and within walking distance to world-class shopping and dining, this fabulous (and yet cozy!) office space is steeped in history and will serve as our new hub in the heart of downtown Charleston.

The Real Estate Studio  |  11 Fulton Street, Historic Charleston

And speaking of new…

Thanks to the recent lowering of federal interest rates in July, consumer confidence is up, and many homeowners have taken advantage by choosing to refinance their homes. On the other hand, a lack of affordable inventory and the continuation of high housing prices continue to affect the housing market. As we move into fall, buyers are encouraged to keep and eye on the market, and remained poised to act when the time is right.

Closed Sales -4.6% | Median Sales Price +9.4% |  Months Supply -12.5%

Market Statistics by Area

• Downtown Charleston
• Upper Charleston Peninsula
• Upper Mount Pleasant
• Lower Mount Pleasant
• Daniel Island
• Folly Beach
• Isle of Palms/Wild Dunes
• Sullivans Island
• Kiawah Island
• Seabrook Island
• James Island
• West Ashley
• Johns Island
• North Charleston

Featured Property

JUST LISTED ON FOLLY BEACH!  306 East Huron Avenue
Nothing beats owning deep water property on Folly Beach! With an existing dock out back, short stroll to the beach out front, and an adorable old-Folly style cottage,this is the perfect place to call home. For more info visit: bit.ly/306EastHuron.

Fall Maintenance Checklist

In a much anticipated move, The Federal Reserve cut interest rates for the first time in more than a decade at the close of its July meeting . While it was stated this will not be an ongoing trend, it is seen as a precaution for what the future holds. Regardless of further cuts, the U.S. market remains favorable with a strong labor market, solid consumer spending and relatively high stock valuations.

Closed Sales +6.5% | Median Sales Price +4.1% |  Months Supply -7.7%

Market Statistics by Area

• Downtown Charleston
• Upper Charleston Peninsula
• Upper Mount Pleasant
• Lower Mount Pleasant
• Daniel Island
• Folly Beach
• Isle of Palms/Wild Dunes
• Sullivans Island
• Kiawah Island
• Seabrook Island
• James Island
• West Ashley
• Johns Island
• North Charleston

Featured Property

JUST REDUCED $100,000! 410 Patriot Street, Sullivan’s Island
This beautifully appointed coastal home was thoughtfully planned featuring 6 bedrooms and 4.5 baths, heart of pine floors, an extra-wide screened porch and stunning rooftop deck with some of the best panoramic views of the island!

Upcoming Events in Charleston

Charleston Summer Wine Festival  August 17
Sip the night away as Charleston Wine Festivals hosts the first Charleston Summer Wine Festival at Memminger Auditorium on Saturday, August 17, 2019, 6pm-10pm. Enjoy over 50 wines, mimosas, beer, live music & DJ.

2019 Grape Stomp Festival  August 24
The 2019 Stomp Festival promises to be THE event of the year at Deep Water Vineyard. Join us Saturday, August 24th from 10am- 5pm.

SC Reggae Jerk & Wine Festival   August 25
It doesn’t get much better than Jamaican Jerk foods paired with wine, reggae music, and a stroll around beautiful Magnolia Gardens – all while benefiting a good cause! Sunday, August 25th, 12-7pm

Lowcountry Jazz Festival   August 31 – September 1
South Carolina’s premiere annual Smooth Jazz event returns to the Charleston Gaillard Center Saturday, August 31st and Sunday, September 1st with a stellar lineup of superstar artists and up and coming instrumentalists and vocalists.

Overall the economy is performing well due to factors such as low unemployment and solid retail sales. An interest rate reduction seems likely in 2019 and would, especially in the Charleston market, be a welcome opportunity for growth.

Closed Sales -1.3% | Median Sales Price +7.3% | Months Supply -5.1%

Market Statistics by Area

• Downtown Charleston
• Upper Charleston Peninsula
• Upper Mount Pleasant
• Lower Mount Pleasant
• Daniel Island
• Folly Beach
• Isle of Palms/Wild Dunes
• Sullivans Island
• Kiawah Island
• Seabrook Island
• James Island
• West Ashley
• Johns Island
• North Charleston

Featured Property

Pool party anyone? 😎🍹 This stunning marshfront home on Sullivan’s Island recently underwent a whole-house renovation by Renaissance South Construction where no expense was spared! Enjoy gorgeous marsh views from the unbelievable outdoor area with spacious deck, infinity-edge pool, large hot tub, and cabana area complete with a grill, bar and sitting area perfect for relaxing and entertaining! For more information, visit www.2402Raven.com

We Did It Again!

Did you hear the news? For the 7th consecutive year, the readers of Travel + Leisurehave named Charleston the No. 1 city in the US. I can’t say we’re surprised, but we’ll take it! To read the full article visit: bit.ly/ChasNo1USCity

Where to Eat in Charleston, July 2019

Baker and Brewer

Baker and Brewer   |   Downtown Charleston
Located at the former home of DeSano Pizza Bakery, Baker and Brewer is the hottest new pizzeria and brewpub from the makers of EVO Pizzeria and Holy City Brewing.

Dashi   |   North Charleston
Fans of Dashi’s foodtruck (myself included) are thrilled to finally see a brick-and-morter restaurant, serving up Asian and Latin cuisines – now with an expanded menu!

The Salty Dog

The Salty Dog Cafe   |   Bohicket Marina
After a long wait, The Salty Dog has opened in Bohicket Marina (right next to our Kiawah/Seabrook office!) offering waterfront dining with some pretty great views.

Maison  |   Downtown Charleston
Brought to you by Carlton “Vandy” Vanderwarker, the former chef de cuisine at The Ordinary, and former Fish bartender, Will Love, Maison is a french inspired bistro sure to please!

As we hit the mid-year mark, we are starting to notice a reoccurring trend – low inventory and steadily increasing home sales. In addition to this, we are currently seeing a slight rise in days on market (up 8.5% from this time last year), which is most likely due to schools being out for the summer causing buyers to wait to make those large purchase. That being said, markets across the country are starting to level off, meaning more wiggle room for buyers which is always a good sign. As long as the weather works in our favor, we anticipate a healthy real estate market for the Charleston area.

Closed Sales +3.0% | Median Sales Price +4.0% | Months Supply -2.6%

Market Statistics by Area

Spring has SPRUNG and eager buyers are out in full force this season. With beautiful weather and new listings up 4.2%, it’s no wonder competition is fierce for well-priced homes in the Charleston area. Although inventory is still a factor, sellers are poised to make quite a profit in the coming months. With the the national unemployment rate dropping to 3.6% during April 2019 (the lowest level since 1969) we anticipate a positive affect on the real estate market.

Closed Sales -2.6% | Median Sales Price 0.0% | Months Supply 0.0%

Market Statistics by Area

Despite mixed weather patterns across much of the U.S. in the first quarter, prices in the Charleston,SC market moved higher as the Median Sales Price was up 5.8 percent. Many home buyers and sellers are sighing in relief as the Federal Reserve announced there will be no further interest rate hikes planned for 2019. This is great news for the area and we anticipate increasing numbers reflected not only in home sales, but in terms of mortgage rates as well, which typically follow suit.

Closed Sales -9.1% | Median Sales Price + 5.8% | Months Supply -2.6%

Market Statistics by Area

Despite early predictions of a housing market slump, February numbers indicate a resilient market, even with inclement weather in other parts of the country deterring some buyers. While it is too early to predict how the rest of the year will pan out, we do anticipate an active market as the weather gets better and more buyers flock to the city to find their forever homes.

Closed Sales +9.4% |  Median Sales Price + 2.9% | Months Supply -5.4%

Market Statistics by Area