Isle of Palms Office

1400 Palm Boulevard Ste. M
Isle of Palms, SC 29451
843.886.5600

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Folly Beach Office

31 Center Street
Folly Beach, SC 29439
843.588.3800

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11 Fulton Street
Charleston, SC 29401
843.722.5618

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Kiawah Seabrook Office

1887 Andell Bluff Boulevard
Johns Island, SC 29455
843.768.9800

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835 Coleman Blvd Ste. 200
Mount Pleasant, SC 29464
843.881.5600

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Tag: charleston real estate update

Charleston Area Market Statistics Through June 2016

Market Stats graphic June

Halfway through 2016, residential real estate markets are performing as predicted at the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total months’ supply of inventory have been going down. Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive.
New Listings – up 1.3%. Pending Sales – up 17.9%.  Inventory – down 22.2% Median Sales Price – up 4.2%. Days on Market -down 5.2%. Months Supply of Inventory – down 32.7%.

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

Charleston Area Market Statistics Through May 2016

Charleston Area Real Estate NewsWe are in the thick of an exciting period of home buying and selling, often with quick multiple offers that are near, at or even above asking price, depending on the factors of the home and submarket in question. It was widely predicted that we would see healthy sales activity during the second quarter of 2016, and the market has not disappointed.
New Listings were up 3.9 percent to 2,212. Pending Sales increased 26.0 percent to 1,960. Inventory shrank 22.3 percent to 5,230 units. Prices moved higher as Median Sales Price was up 4.0 percent to $244,305. Days on Market decreased 7.9 percent to 58 days. Months Supply of Inventory was down 34.0 percent to 3.5 months, indicating that demand increased relative to supply.
Although inventory is still being stretched thin in many areas, low mortgage rates coupled with higher wages have built a relatively sturdy housing marketplace. How long that can continue without fresh supply remains an important question, but conditions are seemingly good enough for serious buyers. With the current slow state of new construction for non-rental households, the road ahead could be tricky if demand remains high.- According to Charleston Trident Association of Realtors

Market Stats through May 2016

Charleston Area Market Statistics Through March 2016

BlackbirdNational housing trends, like the steady rise in home prices and decline in inventory, should certainly be observed with care, but tracking wider economic conditions is also necessary. Employment figures are positive, wages are going up and employers are hiring.  Buyers want to get into the market, but unlike the rising-price sales environment of ten years ago, people are not diving headlong into risky mortgages or uncomfortable situations. This carefulness should be celebrated, not feared.
The Charleston market is definitely booming. New Listings were up 8.6 percent. Pending Sales increased 24.8. But overall Inventory shrank 20.2 percent. Demand is present but an abundance of choice is not. Prices moved higher as Median Sales Price was up 5.6 percent and Days on Market decreased 10.8 percent. Months Supply of Inventory was down 32.7 percent to 3.5 months.
Consumers seem to be holding for the right deal, even in the face of extremely low mortgage rates. As seller and builder confidence increases, we should see more activity in Q2 2016. The second quarter tends to rank as the best time to list a home for sale. – According to Charleston Trident Association of Realtors

Market Stats through March 2016

Charleston Area Market Statistics Through February 2016

iStock_000024405439_LargeInventory Keeps Charleston Residential Real Estate Market Tight; Prices And Sales Continue To Grow

1,088 homes sold in February in the region at a median price of $236,484 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In February 2015, 1,012 homes sold at a median price of $212,500. This data reflects a 7.5% increase in sales volume and 11% growth in median price, comparing last February to this February.

Year-to-date figures show 2,054 homes sold in 2016 at a median price of $227,750 in the region. Comparing 2015 figures to 2016 thus far, year-to-date sales volume has increased 7.6% and median price has grown by 7.7%.

Inventory has declined by 21% over the last 12-month period, with 5,055 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of March 10.

Charleston Area Market Statistics through February 2016

Charleston Area Market Statistics through April 2015

As we wrap up the second quarter of 2015, most markets are expected to see a rapid increase in new listings. Spring is usually the time of the year that we see the most activity in the real estate market, as we see a huge increase in some of the most desirable homes being polished up and placed on the market. We’re ready for what summer will bring.
National home ownership percentage is actually the lowest since 1993.  Rental prices continue to grow which causes people to think twice about committing to a 12 month lease. The number of homeowners this year will also be determined by mortgage rates and lending practices.
 Charleston Area Market Statistics through April 2015
Upper Charleston
Lower Charleston
Mount Pleasant – South of IOP Connector
Mount Pleasant – North of IOP Connector
Folly Beach
Isle of Palms
Sullivans Island
Kiawah & Seabrook Islands

First Quarter Real Estate Update

Charleston Trident Association of Realtors puts out quarterly video updates on the real estate market.  It’s quick and informative so check it out!

Sales are up 8.2% from last 2010’s first quarter’s end, prices experienced a  6.1% dip.  We’ve posted year over year gains, increasing sales, unemployment is declinging, we’ve had 13 consecutive months of private job growth and all this is cause for optimism. 

[youtube=http://youtu.be/JVW5WzfUGZ0]
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