Market Update for Charleston, SC Real Estate
Posted by Mike Ciucci on
The expiration of the federal tax credit for first-time homebuyers still seems to be spurring activity in the Charleston market. Pending sales were up 23.8% in August, which marked the largest increase in pending sales since 2005.
There are fewer new listings on the market, with 1,583 new listings in August, which is a 6.8% decrease from last August 2008. This is great news, which means less housing inventory to absorb.
Prices are still in decline, showing a 5.2% drop from last August 2008. However; this is a smaller decline than seen in prior months, indicating that prices may be a little stronger...slightly.
Here are some visual market stats for you, taken from the Charleston MLS:
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Good news in a sluggish economy- Pending homes sales increase. A NAR (National Association of Realtors) Pending Home Sales index reported more pending homes sales in July than in June. The NAR index, making its sixth straight increase, showed an increase of 3.2% in July, the quickest climb since the group starting tracking the market 10 years ago. This was up 12% from July's '08 level. This reading has far exceeded forecasts of economists that were surveyed. The first-time homebuyers tax credit is cited as the major reason for this trend. The NAR index also shows that the West out-performed the Northeast and Midwest, jumping over 12% in July, and that the South also did well.
I haven't written about any of the neighborhoods in the Charleston, SC area so far on this blog, so I thought I'd tell you a little bit about Bayview Farms located on James Island. This is one of the top neighborhoods in all of James Island, and for a number of good reasons. First of all, the homes are of newer construction. Having newer materials and great floor plans makes it a little more modern for the average buyer looking at something other than the typical 60's style brick ranch found on James Island. They have open floor plans, high ceilings, more closet space, larger master bedrooms, and just seem to be more bright with many windows.
Don't forget that the $8,000 Home Buyer Tax Credit expires on December 1st, 2009! This means that you will have to have closed on your property by that November 30th, NO EXCEPTIONS. I would not wait until the last minute. Closings are often delayed, and especially short sales (which I am hesitant to even recommend at this point- you may not have enough time) will be delayed.