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
Not surprisingly, the Wall Street Journal, named Charleston on of the best places for people to retire. And who could disagree? Downtown Charleston is the perfect size and combination of history, culture, gourmet dining, and shopping. We have an abundance of parks, historical landmarks, and cultural organizations for people to devote their time and talents. Not to mention the College of Charleston which offers adult education and many cultural events year round.
Click Here to read the whole article which also includes some great testimonials.
A continued growth of U.S. foreclosures has caused a bit of confusion among banks. So much in fact, many Lenders are having a hard time identifying the holder of a mortgage. In turn, title concerns have become an issue, putting a stall on the sell of many U.S. homes.
An article from Bloomberg Businessweek reflects on these foreclosure issues and gives a bit of history explaining how our old-school ink and paper method of recording titles and mortgages has essentially collided with the modern MERS (Mortgage Electronic Registration Systems).
Get informed HERE.
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.
Most of us are do not think about how much energy we use in our homes. At least, not until we receive our energy bill from our service provider. Here are a few statistics that we should be familiar with concerning how much energy buildings use in the United States according to the U. S. Green Building Council, the Environmental Protection Agency’s (EPA) web site:
- buildings use 39% of the total energy consumed
- they use 68% of the electricity
- emit 30% of greenhouse gases
- use 30% of the raw materials
- produce 136 million tons of waste annually
- are responsible for 12% of the portable water consumed
Are these statistics indicating good energy use or bad? Can those numbers be changed? What can an individual do to deminish the energy we comsume in our own home? All of us need to educate ourselves about how to more efficiently utilize our limited resources. There are options that make sense and some that may or may not make sense. I will explore some of the options in a series of blogs over the next few weeks. I will share with you what I learn and provide you with references that you can use to find answers that might work for your circumstances. Here are a couple to start with:
Enjoy your research!
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
I have seen a Folly Beach lot that is available for the cheapest price I have seen in a long time. How much is cheap? Not $500,000. Not $300,000. Not even $200,000. Think lower. Click here to find out.
If you are a builder, or investor, or interested in living on Folly Beach this is a great opportunity. I can help guide you through all the due diligence regarding the property, and can walk you through the permitting and building process on Folly Beach. This is one of the lowest prices for land on Folly Island that I have seen in a long time. Call me for details or click here to contact me.