Tag: charleston sc home sales
REGIONAL REAL ESTATE SALES
CHARLESTON, SC—(December 10, 2015) 1,029 homes sold in November in the region at a median price of $246,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In November 2014, 987 homes sold at a median price of $222,067.
Year-to-date data shows that sales volume is 14% ahead of where it was last year, with 14,758 sales through November 2015 and the regional median price has increased by 5.3%, currently $228,000. Through November 2014, 12,933 homes had sold at a median price of $216,352.
- Upper Charleston Peninsula
- Downtown Charleston
- Mount Pleasant (below IOP connector)
- Mount Pleasant (above IOP connector)
- Folly Beach
- Isle of Palms and Wild Dunes
- Sullivans Island
- Kiawah Island
- Seabrook Islands
- Daniel Island
Residential Real Estate Sales Volume Continues Growth; Prices Follow Suit
Inventory Continues Decline; Nears 6k Mark
CHARLESTON, SC—(May 11, 2012) According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 831 homes sold at a median price of $183,000 in April. There were 24,213 property showings recorded by the MLS in April.
Last April, preliminary figures showed 776 homes sold at a median price of $175,000, following an almost equal number of property tours.
“The number of showings our REALTORS® are completing in 2012 is almost equal to the number of showings we saw in 2009, when the market was significantly depressed, but inventory was much higher. This tells us that the prospective buyers in today’s market aren’t just looking. They are serious buyers, making offers and closing transactions” said 2012 CTAR President, Herb Koger.
Heading into what is typically the busiest season of the year, year to date figures reflect a market that is in the midst of sustainable, healthy growth. Inventory is 29% lower than it was at this time last year; sales volume is almost 6% ahead and prices have increased a healthy 4% from this time last year.
“There has been a substantial decrease of inventory in the last 12 months and a far more serious mindset by those looking to purchase a home—there are fewer homes to choose from, prices are increasing and interest rates remain at unprecedentedly low levels. People have a renewed confidence in our market and buyers are moving much faster than they did in the past few years” said Koger.
There were 6,361 homes listed as actively for sale in the CTMLS as of May 10, 2012. On May 10, 2011, there were 8,899 homes for sale.
476 homes sold at a median price of $228,125 in Charleston County in April. This represents an increase in sales and pricing from April 2011’s 451 sales at a median price of $208,000.
Full article here on CharlestonRealtors.com
August at a Glimpse
- There were 16 residential closings for $11.7 million in Charleston inside the Crosstown in August, 2010 versus 23 for $12.9 million last August.
Year to Date
- YTD there have been 187 closings for $143.9 million versus 145 closings for $120.3 million last year.
- So far this year, the price of the average sale is $769,397 versus $829,606 last year.
This is still a good time to buy real estate. There is a good level of selections, sellers are motivated, and interest rates are still low.
- Fiserv and Moody’s Economy.com predict that real estate prices in the US will increase by 7.2% between the first quarter of 2010 and the first quarter of 2014. They predict the price of real estate in the Charleston area will appreciate 19.6% over that period.
The Charleston Regional Business Journal released their 2010 Market Facts last week. It’s a slew of graphs and charts outlining market performance across the tri-county area over the past 3 years. It’s extremely helpful to get a visual depiction of real estate market trends during this recession.
Not surprisingly, compared to ’07 and ’08, 2009 home sales look pretty pathetic. It was a doozy of a year for all of us. There are a few positive stats to be noted: Home Re-sales in ’09 in Charleston County sky-rocketed up to almost 4,200 closings. However, you have to factor in how many of those were probably short sales and foreclosures. Also, the average home price has steadily declined since ’07 for all areas (James Island, West Ashley, Mt. Pleasant, etc) EXCEPT for Downtown! Downtown resales in 2009 exceeded sales in ’07, and the average sale price jumped from $624,000 to $1.4 Mil for 2009. There is a silver lining people!
There’s also a MLS Sales Stats chart that compares monthly # of sales, price, DOM, etc. On average, there seems to be about 300 MORE sales per month for April, May, and June ’10 compared to the same months in ’09. Maybe I’m falsely optimistic, but to me it seems that Charleston is showing all the right signs of coming out of this recession sooner rather than later. After all Charleston is still a very desirable place to live and visit; that hasn’t changed. People will continue to want to relocate here, and we all should be thankful for that!
*The CRBJ has not posted Market Facts 2010 online yet. I’m sure seeing, is easier than reading, so keep checking back at www.charlestonbusiness.com
I remember my first visit to a Baskin-Robbins Ice Cream store when I was a child. There were more flavors than I had ever seen before all at a price my parents were willing to pay! How could I decide which was best? I was used to vanilla, chocolate and strawberry, but now there was mango, peach, caramel and cream, and about 27 other flavors to choose from. What was I to do?
Today’s real estate market is kind of like that. There are so many homes and neighborhoods available at great prices. How can a person decide on what to choose? If you are in the market for a new home, how can you avoid being mesmerized by the 33 flavors of homes available to you? Before you start looking, know what you need! Answer some questions before you go. The first answer you need is to the question of what you can afford. Here are a few others to consider:
- How big of a home do we need?
- Will three bedrooms and two bathrooms work? Or do we need more?
- How many square feet of air-conditioned space do we need?
- What size lot do we need?
- Do we want a large lot?
- Are we interested in a small lot?
- How much yard work am I willing to do?
- Are we interested in a townhome or condominium?
- What schools are nearby?
Once you’ve established your needs and balanced them with your wants, your Realtor® can focus the search on that target. Your Realtor® will preview a selected group of homes before spending your time in actually visiting everything in the mix. You should be able to find your home within 5 to 10 homes that you visit.
Remember Baskin – Robbins? I got sick sampling as many flavors as I could and never bought one scoop. Avoid the stomach-ache in your search by knowing what you want before you go to market.
Looking to make a change?
Spring is in the air and temperatures are rising in the Lowcountry! We are enjoying great weather and that changes our mood for the better. We get out of doors more to play and have fun. The temperature also improves the real estate market around this time of year.
Families who have planned to move will start looking for their next home now, so that they can be moved in time for the next school year. They want their children to get acquainted with their new surroundings and meet their new neighbors. We are seeing and increase in people looking for new homes.
Getting in the game early might be your best strategy if you want the best prices and interest rates. Our area, Charleston, SC, has been identified by Moody’s as one of their top 5 areas were home prices will increase in 2010, so this is a great time to take advantage of the market before price begin to rise. Mortgage interest rates are still low, but how long that will last is anyone’s guess.
As real estate professionals,we can help you find the right combination that will put you in the neighborhood you want, in a home that meets your needs, and at a price you can afford.
I think all of understand the appeal to living in Historic Charleston, SC. Charleston is considered by many historians to be the second most historic city in the United States only behind Philadelphia. In fact many of the original founders of our country owned property here, and visited our beautiful city regularly. Living in a home built in the 17 & 1800’s has it’s obvious charm, but there are some things one needs to consider before pulling the trigger on an historic home.
In the insurance industry an older home is considered 40+ years old. Yes; only 40 years old. But when you think about it; it makes sense. Insurance is all about risk, and building code changes every few years. So; for a home built 40+ years ago the building codes would have changed many times. Those old codes have resulted in millions of dollars in paid out claims.
When buying a home in a coastal town, insurance should be a very important factor as it can be a very hefty expense. There are many more risks that have to be considered living near or on the coast then living inland. The obvious being wind from hurricanes and the second being flood risk. Buying an older home isn’t out of the question, but there are some things to look for. One; ask your realtor to only show you new homes or ones that have been renovated and brought up to current code recently. This will solve most of the problems of homes 40-80 years old. Remember this; you MUST provide proof that work has been completed by a licensed and bonded professional who will sign a form attesting to the completed work. If you buy or already own a home that is 40+ year old and the work hasn’t been done here are somethings you can do to reduce your premiums.
However, as scary as those perils maybe, the age of construction maybe be even more. The risk of a hurricane only comes a couple times a year, and depending on where you live the risk of flood isn’t something most have to be concerned with very often. But everyday your home’s age is a factor. Old wiring, old plumbing, old roofs, and old foundations get older everyday.
Most insurance providers will not even cover a home over 40 years old. So if you are looking to buy a home 40+ years old one needs to shop insurance and get some quotes first to see if they can even find coverage. When you do find a provider be prepared for it to be most likely more than double what you would expect for a newer home. The cost of your insurance could also make getting a loan approval difficult due to it increasing your debt to income ratio.
If you are buying a historic home, well let’s put it this way your insurance bill each year could be well over $8000+ a year, and finding it will be difficult.
In conclusion, buying a new house can be exciting but just remember it also has to be insured and with the proper knowledge and help hopefully insured afford-ably.
Few of us are in the position to pay cash for our next house. Most of us will need a mortgage. When we apply with a lender we need information about the mortgage and the process of closing a loan. Here are some questions to ask your lender before you apply for your mortgage.
What is the best program for me based on my situation? Why?
How long will it take to process and close the loan?
Will I need Private Mortgage Insurance (PMI)? If so, for how long?
Are there any special underwriting guidelines that you follow?
What is the most popular loan program being offered? Why is it popular?
Who will be servicing the loan?
In six months to a year, what will make this loan look good to me?
What are your standard fees? Are there special fees that I should be aware of?
Are there any escrow requirements?
During the “lock-in” period, what happens if rates go down?
What do you need from me to get the loan approved?
Who will be my contact person during the application process?
You can probably think of many more things you need to know before you apply. Your mortgage consultant should be able to answer your questions and offer you all the information you need to make an educated decision.
- Cost doesn’t equal value. If you’ve converted a bedroom into a home theater for $20,000, it does not mean you have added $20,000 to the value of your home.
- Put your money where buyers will see it. A fresh coat of paint, cleaning your carpets, sprucing up your front door and entry way are examples of good returns on your money. Don’t expect to get the same return on insulation or wiring or even a swimming pool.
- Do not over-improve! The addition of a fifth bedroom when most of the homes in the neighborhood are 3 or 4 bedrooms may not not give you the return you would like. As a guide, use the typical improvements in your area.
- Most quality home improvements cause a home to sell quicker but not necessarily for more money. A timely sale will lessen the carrying costs and stress. Do not underestimate the value of smart improvements.
When I look at our real estate inventory and the numbers of days most are on the market, the answer may be that it is not! Generally speaking, there are a number of factors to consider when selling your home. One of the most critical is the listing price.
Many people set the list price of their home based on their ‘needs’ rather than what the market is saying about the value. Well meaning, but misinformed parties may offer advice that is based on incorrect assumptions. The home owner may allow their own positive emotions about the home to influence what they think the house is worth. Some home owners think they need to allow a negotiating cushion in their listing price. What is the result of any of these pricing strategies? A listing price that is above the current market value!
Houses that are priced at or below the current market value draw buyers and sell quickly, even in a buyers market. Well priced homes will sell in a shorter time and at a higher sales price.