Tag: home prices
The explosive growth of Charleston, S.C., has heated up the real-estate market on nearby Sullivans Island, a laid-back beach town.
The Wall Street Journal recently published an article about the enduring popularity of Sullivans Island. This historic beach town has long been a well-kept secret among South Carolinians, but with the growth of nearby Charleston, the quaint community has become exceedingly popular. Homes sales in 2015 have already hit historic numbers catching the eyes of international buyers. The island’s allure is due, in large part, to a handful of ordinances passed over the past 30 years that have blocked the development of high-rise condos and the kind of spring break-style debauchery that has plagued other East Coast beach towns. Sullivans Island still posses the calm, cozy lifestyle so many enjoy. “Mayberry by the Sea” does not come cheap , however, the median sale price for this area is $1.4 million.
Whether you are looking for a simple life by the sea or simply a fantastic getaway home, Sullivans Island is the place for you! Stop by our Isle of Palms office to find out more about this sleepy beach town and what properties are currently available. Below are some of our current listings, or you can view what’s for sale on the entire island with our map module at the bottom of the post.
1738 Ion Ave | 4 bedrooms, 3.5 baths, 4,000 sq ft | $2,375,000
Listed by Tim Reese
1608 Atlantic Ave | 4 bedrooms, 3.5 baths, 3807 sq ft | $1,789,000
Listed by Mark Mitchell
2618 Middle Street | 4 bedrooms, 4 baths, 3148 sq ft | $2,449,000
Listed by Tim Reese
1741 Atlantic Avenue | 5 bedrooms, 4 bathrooms, 2969 sq ft | $1,025,000
Listed by Betty Poore
Map of Sullivans Island Properties Currently For Sale:
Home sales have risen for three consecutive years in the tri-county region. Prices increased over 2011, and the Charleston Trident Association of Realtors hopes the price stabilization will continue.
Charleston-area market trends: 2009-2012
Tri-county home sales
Tri-county home prices
Read the full article in the Charleston Business Journal HERE.
Here is your March 2010 real estate market report for Folly Beach. There were 6 properties sold during March 2010. They included one lot on Little Oak Island, a Mariner’s Cay for $412k and an oceanfront property for $655k. The average sales price for the month was $393,400. This continues the downward trend on prices and it seems like many sales are pushing prices lower. This has resulted in a higher number of transactions, as buyers realize that prices are now within reach and pull the trigger on the island lifestyle they have been dreaming of.
Come on down to the island! The prices are fine!
If you have always thought that living at the beach was too expensive, then think again. In 2009 Q1, the average sales price was $438,000 and that has dropped to $401,000 in 2010 Q1. 22 properties sold in 1st Quarter 2010, compared to 11 in the 1st Quarter of 2009. The lower average sales price explains the reason for the increased number of sales. More people are able to move onto Folly Beach, leaving behind the feeling that it is too expensive to live on the beach. Increased demand typically signals the bottom of the market, so if this trend continues we could see prices rise in the future.
Now is a great time to buy a Folly Beach home because of the combination of low prices and low interest rates. Make sure you are working with someone who is an expert in the market and knows their way around the island. Please contact me here with any questions.
Folly Beach Real Estate – 843-425-6414
Housing affordability is very high but contrary to the past, it does not translate into higher sales volume or prices. Historically, housing prices had downward pressure when the housing affordability index was low and vice versa, housing prices had upward pressure when the affordability index was high. These days, the affordability index is above 140 which is close to an all time high (see chart). This would indicate that housing prices experience upward pressure, not downward. Judging from the Charleston/ Folly Beach market and looking at recent price declines in other markets, the fact is that prices are expected to decline further in the short term. The reason for that, I believe, is the lack of available credit and the recession. Let’s try that again. The reason for that, I know, is fear. There is fear of further price declines, fear of a worsening recession, fear of job loss, and fear of the unknown. Buyers want to be certain that the worst is over before investing any money – be it real estate or stocks.
There is no lack of buyers, but there is a lack of ready, willing and able buyers. Without the confidence that things will improve soon, the buyers are on the sidelines. The silver lining is that penned up demand is being created. While new home construction (both single family and apartments) are at a pace of 433,000 units per year and new home and existing home sales are at historic lows, America’s population is growing by 3,000,000 yearly which translates into 1,200,000 households being created yearly. I am not an economist but something is going to have to give sooner or later.
Looking at recent closings, pricing has reverted back to 2004. Taking out the up in 2005 and down in 2007 and 2008, that’s five years of no appreciation. Coupled with the penned up demand discussed above, I believe that a vacuum is being created. In the meantime, everybody is wondering when the economy will come out of this recession. The general consensus is that it will not happen until the financial system is working and banks are healthy again. By then, the bottom in the housing market already occurred. There is no way to know the actual bottom until it’s passed. And by then, prices have jumped. Therefore, if you are a buyer, make sure you have a long term plan. Real estate was never meant to be traded (or flipped) like stocks. However, there is no doubt in my mind that this year’s buyers are going to gain handsomely from their real estate purchase in more ways than one.