Category: Market Statistics
Charleston Area Market Stats through July (and other news)
“The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can lock in lower interest rates and extend the length of their mortgages. For borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction. The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to the NAR.”
~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales +13.3% | Median Sales Price +14.8% | Months Supply -63.0%
Featured Listing
708 E Erie Avenue, Folly Beach
3 beds, 2.5 baths, 1390 sq ft | Offered for $1,325,000
Take in breathtaking sunset views of the Folly River from this updated and well-maintained Folly Beach home. The living area with giant vaulted ceilings and kitchen are on the first floor along with the master bedroom and spacious master bath. Off the living area is a screened porch where you can relax and soak in the beautiful sights or entertain a larger crowd on the adjoining deck. Upstairs are two bedrooms split by a full bathroom. With a long list of updates already made, it’s worry-free and ready for you to move right in! For more info, visit: www.708EastErie.com.
Agent Spotlight
“Some buyers are looking to get away from the hustle and bustle of living in a growing city. Others have been interested in affordability, lifestyle, desire for land, and water access.“ (Slowikowski, Post & Courier)
Congratulations to Kain Slowikowski, featured in the Post & Courier‘s article Rural rise: Buyers move to the country for a low-key lifestyle. CLICK HERE to read the full article!
*May require a Post & Courier subscription
In the News
Charleston Coast Vacations
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Charleston Area Market Stats through June (and other news)
“School’s out, and as vaccination rates rise and America enters a new normal, the U.S. housing market continues along at a frenzied pace, with low interest rates and limited inventory fueling record high sales prices. May saw the median existing home sales price exceed $350,000, a 24% increase and the largest year-over-year increase since 1999, according to the National Association of REALTORS®. Eager buyers are making multiple offers, some for well over asking price, while others are making offers on homes sight unseen…As we ease into new routines and look forward to a post-pandemic future, one thing remains certain: America desperately needs more homes.”
~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales +19.0% | Median Sales Price +22.8% | Months Supply -72.4%
Featured Listing
14 Saturday Road, I’On
5 beds, 4.5 baths, 4400 sq ft | Offered for $2,300,000
Nestled in highly sought after I’On, this exquisite marsh front home was custom built by Structures Building Company and designed by architect Neal van Dalen. The home boasts beautiful sunset views of Hobcaw Creek from the kitchen, sunroom, family room, master bedroom and additional bedrooms, while the outdoor area is equally impressive with double back porches and an additional screened porch providing outdoor living spaces to enjoy the view and nature. There is also a lovely carriage house with over 600 square feet complete with indoor staircase, kitchenette, large living space/bedroom and full bath which can comfortably house your guests or provide a great home office. For more information on this stunning home, visit bit.ly/14SaturdayRd.
In the News
Charleston Coast Vacations
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Charleston Area Market Stats through May (and other news)
As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result. With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers. And while the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.
~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales +44.4% | Median Sales Price +21.2% | Months Supply -78.8%
Featured Listing
70 Saturday Road, I’On
6 beds, 5.5 baths, 3456 sq ft | Offered for $1,825,000
Located in highly sought after I’On, this thoughtfully renovated home offers modern conveniences that compliment its original charm. Stepping inside, you will find a spacious dining room, which is connected to the kitchen by the butler’s pantry that makes entertaining a breeze. The custom kitchen boasts luxurious Subzero, Bosch and Wolf Appliances and a large island with tucked away seating, while the living room offers a gas fireplace and built-in cabinetry, plus access to the screened porch. The property has been professionally landscaped with a design by Julie Hensley, and the brick and tabby driveway offers parking for 4+ cars, with space to add a garage or pool. For more photos and information, visit bit.ly/70SaturdayRoadIon.
Agent Spotlight
Congrats to Tim Reese for this record-breaking Sullivan’s Island sale!
1901 Thee Street, Sullivan’s Island
4 beds, 4.5 baths | 5300 sq ft | SOLD FOR $10,500,000
CLICK HERE to Read the Full Article in the Post & Courier!
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Charleston Area Market Stats through April (and other news)
April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase…While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.
~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales +47.6% | Median Sales Price +18.6% | Months Supply -80.0%
Featured Listing
4 Parrothead Lane, Lowndes Pointe
5 beds, 4 full and 1 half bath, 4200 sq ft | Offered for $1,790,000
A waterfront paradise in a Downtown location – what could possibly be better? Nestled in Lowndes Pointe, this custom built home is located on one of the largest lots in the neighborhood, boasting long distance views of the Ashley River, over 1000 square feet of decks on multiple levels, a stunning 700+ sq ft master suite, sparkling salt water pool, and much more. For more photos and information, visit www.4ParrotheadLane.com.
Agent Spotlight
“Because my wife and I had moved out of state, we hired Jack Hurley & Priscilla Shumway to sell our home and help us invest in a rental property. Within 24 hours of listing our home we had multiple offers and sold over asking price. They helped us negotiate an offer on a rental condo and helped to secure a tenant. Their attention to detail and patient advice was invaluable as we were across the country. Thanks Jack and Priscilla! We will use you again when we return to South Carolina!”
Charleston Coast Vacations
NEW VACATION RENTAL!! 1029 West Ashley Avenue “The View”
This brand-new custom-built property boasts some of the best views on Folly Beach. Beautiful interior furnishings, huge windows filling the kitchen and living room with natural light, and an oceanfront infinity pool give this house extra special touches. Summer availability is already limited, so book fast! bit.ly/TheViewFollyBeach
Charleston Area Market Stats through March (and other news)
Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage rates. Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.
~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales +28.4% | Median Sales Price +17.4% | Months Supply -77.1%
Featured Listing
170 Hobcaw Drive, Mount Pleasant
4 bedrooms, 4 full and 1 half bath, 4500 sq ft | Offered for $5,350,000
This stunning home on deep water overlooking the Wando River and Hobcaw Creek offers lowcountry living at its finest! Completely taken back to a shell, Sheppard Construction took this renovation to a whole new level with exquisite details and design. Interior features include wide plank white oak flooring throughout, beautiful chef’s kitchen featuring Calcutta gold marble countertops and a Wolf/Sub Zero appliance package, a large living room and dining room with fireplace and bar area, and a truly stunning wall of large impact glass windows which invites you to enjoy the most beautiful sunsets and water views in Charleston. The exterior of the home is equally impressive with lush, mature landscaping, a newly constructed IPE dock (approx. 75 ft long) with an 11 X 16 foot covered pierhead and copper roof, as well as a boat lift which will hold up to a 20,000 lb boat. The home also features a full house automatic generator, and there is no flood insurance required. For more information, visit http://www.170hobcawdrive.com/.
In the News
Big shoutout to our fearless leader, Randy Walker, featured in the March 2021 issue of Charleston Magazine where local leaders weigh in on Charleston’s unique ability to adjust, adapt, overcome – and in the case of real estate sales, thrive – in the midst of the 2020 pandemic.
Check out the full article on pg. 99 of the March issue, or click the link below to sign up and view the FREE digital issue courtesy of Charleston Coast Vacations!
Featured Podcast
Did you catch Mount Pleasant Magazine’s latest VOICE for Real Estate podcast featuring our very own Laurie Minges?
On this episode of the VOICE for Real Estate podcast, Laurie talks to Mount Pleasant Magazine host and publisher, Bill Macchio, about her experience in real estate, how the real estate market is right now and how to be ready.
CLICK HERE to watch the full episode!
Charleston Coast Vacations
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compliments of Charleston Coast Vacations!
Simply CLICK HERE to claim your free subscription.
Charleston Area Market Stats through February (and other news)
Mortgage interest rates ticked a bit higher in February, but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.” With rates still at historically low levels, home sales are unlikely to be significantly impacted, though higher rates do impact affordability.
~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales +25.1% | Median Sales Price +11.6% | Months Supply -73.5%
Featured Listing
51 Waterway Island Drive, Isle of Palms
5 bed, 5 full and 2 half baths, 5298 sq ft | Offered for $5,235,000
Paradise awaits you in this custom deep water home nestled on Morgan Creek inside the gates of the Wild Dunes Resort. 51 Waterway Island Drive has everything a beach and boating enthusiast could want combined with the charm and inviting character that makes a home on the Isle of Palms so desirable. Features include an oversized shiplapped living room / entertainment area with a wood burning fireplace, gourmet kitchen with top of the line appliances, gorgeous first floor master suite, an elevated infinity salt water pool, and the real gem – your very own 80 ft deep water dock (the largest on the creek!) complete with power, water and lighting ensuring you can enjoy the outdoors anytime of day and any season of the year. For more information, visit www.51WaterwayIslandDrive.com.
Agent Spotlight: Joy Millar
“I don’t think I have ever met a REALTOR® that is
more dedicated, responsive, and pleasant to deal with than Joy Millar. In an intensely competitive and skyrocketing market, Joy was the difference between us getting a truly special house, and being priced out of the market. Her knowledge of Seabrook Island combined with her contacts made the impossible happen. She is an absolutely delightful person, and I cannot recommend her services highly enough.” ~ Paul M.
Charleston Coast Vacations
Sunshine on your mind? 😎 There’s still time to book your spring vacay with us on the #charlestoncoast! Visit www.charlestoncoastvacations.com to explore available rental properties and book your stay today!
Charleston Area Market Stats Through January (and other news)
January started off strong for the housing market, with healthy buyer demand and strong market fundamentals. A robust increase in housing starts in December points to an active year for new construction, but higher material costs, especially lumber, and a limited supply of buildable lots will temper the number of new units.
~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales +22% | Median Sales Price +9.5% | Months Supply -70.6%
Featured Listing
134 North Plaza Court #204, Mount Pleasant
3 bed, 2 full and 1 half bath, 2577 sq ft | Offered for $1,350,000
This pristine waterfront condominium offers panoramic views of historic downtown Charleston, the Charleston Harbor and the Ravenel Bridge. Enter through a private, direct access code elevator with a secure interior door to the spacious 23′ living room. The living room boasts a gas fireplace and connects seamlessly to the expansive dining room and adjoining kitchen, perfect for entertaining. The Renaissance offers outstanding amenities including a pool, clubroom, premium workout room and multiple guest suites in each of the two buildings that can be reserved for a nominal fee. Other amenities include garage parking for two cars and a climate controlled storage room. For more information, visit bit.ly/134NPlazaCt204.
Welcome New Agents
Welcome to our newest dunes properties agents, Nelson Lundberg, Heyward Bonner and Zoe Skinner! To find out more about these agents visit bit.ly/DunesAgents.
Charleston Coast Vacations
New property alert! Book your summer stay at the Riprap Cottage featuring incredible views, a beachfront deck, and great proximity to shops and restaurants. Book your spring and summer vacay dates today! Book online at our website www.charlestoncoastvacations.com
Charleston Area Market Stats through December (and other news)
What a strange year! It was certainly weird for all of us at dunes properties and I’m sure you and yours also! So many vacation reservations had to be canceled or rescheduled while our Charleston islands were closed to the public this past spring. Our agents, already set up with home offices, were joined by our employees, who like so many in the country successfully adapted to working from home. We continue to do so, alternating days to limit our office personnel numbers.
On the bright side, I am simply amazed by our 2020 real estate record year, having closed over $415 Million in sales; a 31 year company record and over 30% above our previous best year, 2017 at $320 Million. In fact, of the over 6,000 Charleston area REALTORS®, FIVE of our dunes agents landed in the top 50.
Demand (mostly from big cities) is off the charts, and with home inventory at record lows, I expect pickings to be slim this year. So, with 30 year fixed mortgage rates STILL BELOW 4%, we encourage you to come get your piece of paradise! We do hope you and your family managed through this past year all healthy as ever, and we look forward to seeing you on the Charleston Coast soon!
~ Randy Walker, dunes properties President
Market Statistics by Area:
Closed Sales +31.1% | Median Sales Price +14.4% | Months Supply -62.9%
- Downtown Charleston
- Upper Charleston Peninsula
- Upper Mount Pleasant
- Lower Mount Pleasant
- Daniel Island
- Folly Beach
- Isle of Palms/Wild Dunes
- Sullivan’s Island
- Kiawah Island
- Seabrook Island
- James Island
- West Ashley
- Johns Island
- North Charleston
- Summerville
- Goose Creek
Featured Listing
2740 Seabrook Island Road, Seabrook Island
5 beds, 5 baths, 3400 sq ft | Offered for $1,625,000
Set amongst glorious live oaks and overlooking Crooked Oaks golf course, this magnificent home exudes southern charm, offers curb appeal galore, and is an easy stroll to the beach and club amenities. With 5 beds, 5 baths plus study/office and a year-round outdoor kitchen/porch/sunroom, this home would be a welcome gathering place for multi-generations of a family, but is also warm and inviting for more intimate living. The stunning Brazilian Koa flooring throughout sets the scene for this special property, and the custom oyster shell linear gas fireplace is exceptional. Amenities include two separate Russound systems, a three stop elevator, an infrared sauna, and electric car charging outlet. For more information, visit bit.ly/2740SeabrookIslandRd.
In The News
Charleston County announced that new maps guiding flood insurance requirements and costs will go into effect on January 29, 2021. Click Here to watch a helpful video or view a list of frequently asked questions.
A study by United Van Lines determined that South Carolina was the second most sought after state to move to in 2020. Overall, 55% of the country’s inbound moves were to the Southern region, with the Carolinas, Alabama, Arkansas, Florida and Tennessee topping the list. Click Here to read the full article.
Charleston Coast Vacations
Our 2021 vacation brochures started hitting mailboxes earlier this month! If you’ve stayed with us the last few years, look out for your hard copy soon. If you want to make sure you receive a copy, email vacations@dunesproperties.com to request one. See something you like? Search and book online at our website: www.
Charleston Area Market Stats through November (and other news)
“November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month. Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.”
~ Charleston Trident Association of Realtors® (CTAR)
Market Statistics by Area:
Closed Sales +34.5% | Median Sales Price +18.4% | Months Supply -61.5%
- Downtown Charleston
- Upper Charleston Peninsula
- Upper Mount Pleasant
- Lower Mount Pleasant
- Daniel Island
- Folly Beach
- Isle of Palms/Wild Dunes
- Sullivan’s Island
- Kiawah Island
- Seabrook Island
- James Island
- West Ashley
- Johns Island
- North Charleston
- Summerville
- Goose Creek
Featured Listing
1509 Ocean Club, Wild Dunes
4 bedrooms, 4.5 baths | 2,810 sq ft | Offered at $1,599,000
Welcome to 1509 Ocean Club, a premier oceanfront penthouse villa with spectacular 180 degree views from the Intracoastal Waterway to the Atlantic Ocean. This 4 bedroom, 4.5 bath villa is a rare find with the desirable ”B” floor plan, offering additional square footage, a breakfast room, private powder room for guests, and 3 of the 4 bedrooms facing the stunning view! For more information or to schedule a private showing, visit bit.ly/1509OceanClub.
Top 9 of 2020
Charleston Coast Vacations
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Simply CLICK HERE to claim your free subscription.
Charleston Area Market Stats through October (and other news)
“October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.”
~ Charleston Trident Association of Realtors® (CTAR)
Market Statistics by Area:
Closed Sales +54.5% | Median Sales Price +16.3% | Months Supply -55.0%
- Downtown Charleston
- Upper Charleston Peninsula
- Upper Mount Pleasant
- Lower Mount Pleasant
- Daniel Island
- Folly Beach
- Isle of Palms/Wild Dunes
- Sullivan’s Island
- Kiawah Island
- Seabrook Island
- James Island
- West Ashley
- Johns Island
- North Charleston
- Summerville
- Goose Creek
Featured Listing
31 Smith Street, No. 204, Harleston Village
3 bedrooms, 3.5 baths | 1,758 sq ft | Offered at $1,850,000
Historic Charleston’s new distinctive address, Harleston Gates, is now welcoming its new owners. There is just one opportunity left to become a part of this compelling boutique building. The North Flat offers ten foot ceilings, a gracious open floor plan, a spacious master suite, and opulent appointments. With views to Wentworth Mansion and french doors to a balcony set amidst the trees, this Flat is one-of-a kind. For more information, visit www.HarlestonGates.com.
Charleston Coast Vacations
CONGRATULATIONS TO THE LUCKY WINNER!
Thank you to all our past guests who submitted stories and photos to our Charleston Coast Vacations Experiences Vacation Giveaway! It was very hard to choose a winner…but we did. BIG CONGRATS to our past guest Robert M. on his winning story and photo. The image and Robert’s story made for a winning combination.🖤
www.CharlestonCoastVacations.