The Charleston Real Estate Market

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:

 

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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This is a quick quarterly report with year to date Spring totals for 2012 compared to 2011 by area.

Worth noting:  the REO (Real Estate Owned, aka Foreclosure) closings are down from last year this same time by 30%. Closings are up 10% in Charleston county YTD while down 5% in Dorchester and flat in Berkeley County.  With the pendings up 30%, closings will catch up and with inventory falling, our local Charleston real estate market looks to be in recovery mode.

 

Market Statistics Spring 2011 vs 2012 

Let us know if you'd like a customized report for any particular area or Charleston neighborhood

 

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Great News for Our Local Charleston Real Estate Market

2011 Charleston Home Sales 

This graph is terribly difficult to view, so PLEASE DOWNLOAD THE PDF HERE TO VIEW.  Let me first state that the average normal market sees a 6 month supply of homes on the market.  That means, with no new homes coming on the market- it would take 6 months for the current inventory of active homes to sell.

Basically, what this chart is showing is that there is a price range from $0 to $399,000 that have a 6 to 7 month inventory.  But I thought the real estate market in Charleston was gloomy?  That couldn't be further from the truth.  The market here is beginning to normalize.

 

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Here is the Statistical Summary for 2011 MLS Tri-County Residential data.  The Tri-County report shows that the number of Closed Homes (8,953) increased 5.3% in 2011 compared to 2010, and increased by 11.7% compared to 2009.  At the same time, New Listings Taken has decreased by 16.3% over 2010. 

The Median Sales Price dropped from $189,215 in 2010, to the 2011 level of $183,000, or a 3.3% decrease.  The Median Sales Price, just 10 years ago in 2002, was $156,000 or a 17% increase in that time period.

I am also attaching the Housing Appreciation Supply & Demand for the past 10 years, which shows the number of New Listings Taken for each year as compared to the number of Homes Closed each year.  The graph shows, visually, when area real estate was a…

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