Charleston Real Estate Market

The Charleston Real Estate Market

There are currently 39 blog entries related to this category.

"Hey Mike, how's the market been lately?"  I get this question asked almost every day I encounter someone I know out in public. I can equivocally say without a doubt, that "It depends". It depends on which micro-market you're referring to in Charleston, and whether you are a seller, or a buyer.

Hello all, I'd like to post a quick update on our real estate market here in beautiful Charleston, South Carolina. We are seeing some changes, and there are talks of the market cooling off, and I wanted to respond to that.

The real estate market has been on fire for a number of years in Charleston. Year-over-year of increased home values and closings. A low inventory of homes on the market, which equates to less choices for buyers, which increases demand, and

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Rainbow Row, Charleston in winter. courtesy Catherine Ann PhotographySo you are thinking of selling your house, but don't know when the best time to sell might be.  You hear it often from realtors or friends at dinner parties- that "Spring is the best!" or, "Summer is red hot".  Sure, those could be the best selling times, but you have plenty of other options, that might even be better than those times, and here's why.

Most of the time, there are other factors and circumstances that surround your decision making regarding selling.  Whether is is a new job, a relocation associated with a job change, an end of a rental lease, etc.  Even if you could time it for the best month (April?), you may not even have the ability to do so.

In light of this, here's my argument why the winter might be the best time to sell for

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New Charleston MLS Listings

New home listings in Charleston

These are NEW real estate home listings in Charleston, that are JUST LISTED on the market.  I'm sure there are plenty of you out there, tired of seeing dated information on Zillow or Trulia.  Well, this website has a direct feed to the Charleston MLS system, so all listings are update multiple times a day, and are brand new!

  • Updated all day, every day
  • New listings only. Those 7 days old or older are removed.
  • Only listings that have come on the market right away.

These are typically the best deals for investors, and for home buyers as well (being new listings).  In this market, you have to beat out the other competing buyers, so get a jump on the competition!

Access the NEW listings here

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Are We in A Sellers Market in Charleston?

Let's take a look at the recent statistics that have come out regarding the Charleston real estate market.  A few notes to consider and look at:

The "Sellers Market" areas are highlighted in yellow and have increased in the below $250,000 ranges, indicating an average of 4month absorption rate and the $250,000-$500,000 ranges indicate an average of 5month absorption rate, based on the recent past sales history.  See below:

Recent Charleston Home Sales Click Here to download the PDF for better viewing.

 

The following is the latest Quarterly Report for Charleston shows the latest residential statistics for the Tri-County area of Charleston:

Residential Housing Charleston Market

 

The Supply and Demand - shows below the $450,000 price range there is more

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We Have a New Look!


Our Website Has Had a New Makeover

We've enjoyed providing a great website for buyers to view new home listings for the Charleston real estate market for many years now, and now we're even more excited to unveil our new look!  With how quickly technology catches up to you- before you know it, it's time to update- and so we did.

The new website has the latest technology for buyers and sellers alike, with great features such as:

  • A completely separate mobile platform.  While this website is a "responsive design" and will automatically resize to the device you're using- we also have a separate mobile site for phone users on the go.  It'll actually pull up the houses nearest you, wherever you are, right on your street (with interactive Google
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These are the top 10 most expensive homes sold in Charleston, SC for 2013. Every year I make these Top 10 lists, the houses continue to climb in price. There's a reason for that- Charleston is a wonderful destination for many with our city deeply rooted in history, our picturesque skyline, our wonderful Charleston Harbor, and our surrounding beaches and fantastic climate. There's no wonder why Charleston continues to attract attention from around the world!

So without further adieu, here is your Top 10 most expensive homes sold in Charleston, South Carolina for 2013!



#10.  1009 Middle Street, Sullivans Island. This beautiful historic home was constructed in the 1850's, and has oceanfront views along with views of the Charleston Harbor and Ft.

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Home sales in Charleston, South Carolina are up from 2012, which means great news to buyers and sellers alike! For those sellers looking to sell their house in Charleston, the market proves a shorter time on the market, and sellers are fetching a higher contract price.

Buyers are excited to see these results as well, since they are looking at purchasing what might be their most important investment. The real estate market for Charleston looks great for the immediate future.

2013 vs 2013 Charleston home statistics

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Here are some quick stats for the Charleston real estate market for the mid-year point of 2013:

  • The market is up compared to 2012 across the board (with a few exceptions) - # of homes sold, median sales price and $$ per sq ft. 
  • Closed Sales are up 23% over last year and up 35% over 2011.  Closed Volume is up 32% over 2012 and up 52% over 2011.  Median Sales Price is up 8% over 2012 and up 13.5% over 2011.
  • For the Tri-County area, below $350,000 there is more demand than supply, with generally a 3-4 month absorption rate.
  • Foreclosures for Charleston are down 24% from Jan through June vs. last year at the same time!

Year to Date 2013 Housing Market Data
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Where are the Best Areas to Purchase in Charleston?

Yes, you heard it correctly- Charleston, South Carolina is currently experiencing a 'Sellers Market' in some areas of Charleston.  Where are the areas? What are the best deals?

Take a look at the illustration below. There are certain areas surrounding Charleston that are experiencing a 'sellers market'.  For those that don't know- a balanced housing market in Charleston means that there is a 6 month inventory of homes for sale.  This means that if NO new homes came on the market, it would take 6 months for the inventory of homes to sell at the current rate that which homes are selling.

For example, a 10 month supply of homes on the market would mean that it is a Buyers Market.  A 4 month supply

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Greg Rand, CEO of OwnAmerica and host of Rand on Real Estate on WABC radio recommends Charleston and Grand Rapids on the FOX Business Network "Where to Invest Now" segment.  Charleston, SC is once again on the national radar with not only a wonderful place to live- but also a smart investment as well.

What are you waiting for?  Find your dream home in Charleston via the Charleston MLS.

**Fast forward to 1:40 for the Charleston, SC housing segment.

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