Tag: charleston real estate
How long can the residential real estate market go on like this? We are about two years into a national trend of dropping housing supply and increasing median sales prices. There are some regional variations to the story, but the shift to a predominantly seller’s market is mostly complete. Multiple-offer situations over asking price are commonplace in many communities, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase.
Market Statistics by Area
Market Statistics by Area
We can comfortably consider the first quarter to have been a good start for residential real estate in 2017. There was certainly plenty to worry over when the year began. Aside from new national leadership in Washington, DC, and the policy shifts that can occur during such transitions, there was also the matter of continuous low housing supply, steadily rising mortgage rates and ever-increasing home prices. Nevertheless, sales have held their own in year-over-year comparisons and should improve during the busiest months of the real estate sales cycle.
The U.S. economy has improved for several quarters in a row, which has helped wage growth and retail consumption increase in year-over-year comparisons. Couple that with an unemployment rate that has been holding steady or dropping both nationally and in many localities, and consumer confidence is on the rise. As the economy improves, home sales tend to go up. It isn’t much more complex than that right now. Rising mortgage rates could slow growth eventually, but rate increases should be thought of as little more than a byproduct of a stronger economy and stronger demand.
Charleston Market Statistics through February2017
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
Nestled in between Charleston’s historic Station 8 firehouse and James Simmons Elementary, this 1920’s home keeps its original charm while hosting a new, functional, open and airy floor plan. Completely renovated this year, down to the studs with a new roof, hardie plank siding, plumbing, electrical, HVAC and duct work, spray foam insulation, foundation, windows (with one original in hallway), flooring, doors, hardware, and a back deck for entertaining. The kitchen features large, granite island and countertops, farmhouse sink, and is open to the living space. Each bedroom has their own full bath. There is off street parking for one car. The large back lot allows room for a future master suite expansion or for a storage building. Contact Emily Gildea, REALTOR for more details.
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.”