Tag: real estate market
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
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.
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.
Mortgage loan interest rates are one of the key drivers in the real estate industry. In today’s economy, Freddie Mac is reporting 30-year fixed rates at historic lows over the last few weeks (or is that months?).
1.) If you’re thinking about selling, now is a great time because buyers will be able to afford more home at a lower monthly payment.
2.) If you want to sell and move up, a low interest rate will help you get more home for the monthly payment you pay.
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.
Isn’t this grand! It is the first week of May. Temps are getting up to 80 degrees, the birds are chirping, the fish are jumping, my tomato plants are growing leaps and bounds.
Good news in the local real estate market, too. Comparing the first 4 months of 2009 with the first 4 months of 2010 – well, there is no comparison. With the exception of Sullivans Island, most of the Charleston area that I track saw the number of home and villa sales increase from 19-55%. Seabrook and Kiawah were up 50%, Wild Dunes was up 55%, Isle of Palms was up 30%, downtown Charleston was up 24%, Mt Pleasant was up 19%, and Daniel Island was up 24%. Inventory is moving.
Now, PRICES. They are, as you might expect, all over the map. Wild Dunes’ sales prices were down 15%, Isle of Palms’ prices were up 19%, Sullivans Island prices were down 14%, Seabrook and Kiawah prices were up 4%, Mt Pleasant prices were down 1%, Daniel Island prices were up 22% and downtown Charleston prices were down 29%.
So, to summarize, the number of sales were up, while in most areas the average sales price was down – compared to the same time frame as last year. Keep in mind this is an average of all properties, villas, condos and single family homes. I did not have land sales in the mix.
If you have a question about any of the information, please give me a call or shoot me an email.
Betty Poore (email@example.com 843.442.1889)
Selling or Buying, Your agent matters.
You recently decided that the time has come to sell your home. You probably met with several Realtors®, asked each a few questions, then selected a listing agent. Or maybe you already knew someone who sells real estate, so your decision was pretty simple.
The fact that your listing agreement recently expired and your home is still on the market leads me to believe that things didn’t work out as you hoped they would.
It’s a frustrating and unnerving experience to have your listing expire without a sale.
There are several possible reasons your home didn’t sell—your home’s condition, the price, etc.—but my experience has been that when a home fails to sell, there’s usually some kind of communication problem between the Realtor® and the seller.
Now more than ever, choosing the right Realtor® will make all the difference in the world. But how do you make the right choice? How do you make sure you don’t end up in the same situation again?
Unfortunately, most people don’t know the questions to ask a prospective agent. Nor do they know what answers they should look for.
As a Realtor® who has worked with hundreds of sellers, I’ve found that those homeowners who take the time to find the right agent are consistently happier with their home-selling experience than those who don’t. It’s the first and most critical step in selling your home.
I am not just saying this because I am an agent insisting that ‘Now is a good time to buy!“(Cue eye roll) I am saying this because the statistics are sorta blowing me away. I called it when I said Wagener Terrace fixer-uppers were hot about 7 months back, and I mentioned this topic briefly in my February newsletter, but here are the numbers. You tell me what YOU think!
I looked at all homes (2BR+) south of Calhoun St between $850,000 and $1,150,000 on the MLS.
In 2008 – a total of 9 sold.
In 2009 – a total of 6 sold.
Thus far in 2010, 5 have already sold (4 in the past 30 days), and another 7 are under contract.
And there are only 18 available (see the list below).
Using the standard inventory calculation (# active listings/# sold in prior month) which gives you a good idea about the health of a market (6 months is normal) – we come up with 4.5 months of inventory.
So what do you think? Does that qualify as hot? My advice to sellers is if you want to get your average-sized, nice-condition house sold and not just listed, price it at or under $1,000,000. My advice to you if you are looking to buy? If you find one you like at that price, make an offer that you are comfortable with, but by all means don’t dilly dally. There might be a few currently priced over $1,150,000 that you could get for less than that, so don’t be afraid to look a bit higher since the selection is thinning every day.
2732464 – Details: 3 FORD CT, CHARLESTON, SC – $895,000
1006703 – Details: 179 WENTWORTH ST, CHARLESTON, SC – $895,000
2925712 – Details: 4 SAVAGE ST, CHARLESTON, SC – $920,000
2932078 – Details: 65 GIBBES ST, CHARLESTON, SC – $929,000
1007597 – Details: 62 GIBBES ST, CHARLESTON, SC – $940,000
2808165 – Details: 35 SAVAGE ST, CHARLESTON, SC – $949,000
1000742 – Details: 20 WENTWORTH ST, CHARLESTON, SC – $950,000
1003505 – Details: 1 MOTLEY LN, CHARLESTON, SC – $975,000
1005898 – Details: 15 GREENHILL ST, CHARLESTON, SC – $979,000
2920091 – Details: 52 LEGARE ST, CHARLESTON, SC – $995,000
2816697 – Details: 46 CHURCH ST, CHARLESTON, SC – $995,000
2911090 – Details: 50 LEGARE ST, #1/2, CHARLESTON, SC – $995,000
2829720 – Details: 187 WENTWORTH ST, CHARLESTON, SC – $995,000
2909649 – Details: 59 KING ST, CHARLESTON, SC – $998,000
1002964 – Details: 20 STATE ST, CHARLESTON, SC – $999,900
2808617 – Details: 9 GEORGE ST, CHARLESTON, SC – $1,095,000
1006152 – Details: 22 CHALMERS ST, CHARLESTON, SC – $1,095,000
2827896 – Details: 34 PINCKNEY ST, CHARLESTON, SC – $1,150,000
Or Click Here to go view all listings at once
Kristin Badger Walker – Charleston Peninsula Real Estate – 843.412.3333