The Charleston Real Estate Market

Charleston Home Sales Up in Last 4 of 5 Months

Homes sales have increased vs last year in the latest Charleston statistical data.  This is great news for homeowners as this obviously means more buyer activity.  Not only that, but the existing number of active homes on the market have decreased once again- making for an even more healthy overall real estate market in Charleston.

The results could potentially be even better.  Don't forget that the Home Buyers Tax Credit expired last year in June, making for an abnormally high amount of sales for those number of months in 2010.

Number of active homes on the market are down (great), number of buyers purchasing in Charleston are up (great), but also keep an eye on home values.  I'm seeing some pockets in…

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Here is a snapshot of the Charleston real estate statistics for Charleston County.  These stats compare the years 2009, 2010, and 2011.

Please note that the listings taken are down.  This is great news, since we want the extraordinary high number of active homes on the market to come down.  In any healthy real estate market, we want the active listing inventory to be around 6 months.  This means that if no other new homes came on the market- it would take 6 months to sell the active homes at the current rate they are selling.  Thus, these results show that we are trending in the right direction.

Also note that while the average sales price is again down, the number of closings are up.  In other words, activity is up.

Charleston stats vs previous years 

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Random Thoughts and Statistics for this Charleston Real Estate Market

Here are some statistics for you regarding the different areas surrounding Charleston.  Remember- every market is different, and every market in each area surrounding Charleston is also different.

Random stats from last week:

  • 165 residential properties under contract past wk. Great buying activity for time of year. But prices continue to fall (like the rest of the real estate markets around the country).
  • 136 single family homes under contract past wk. Median LIST price $180k(low), $94/sqft. 25 under $100k. 7 over $1M.
  • 37(27%) of 136 single family homes under contract past wk were either BANK OWNED FORECLOSURES or SHORT SALES
  • 17 island single family homes under contract past wk:…

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I get a lot of real estate questions during work, at dinner parties, at kid’s birthday parties, from friends, from family- about the current real estate market here in Charleston.  The number 1 question that I’ve been getting lately is:

When are we going to see the bottom?

Well, if I had a dollar for every time I’ve heard that question.  The short answer is: I don’t know, but it could be now, depending on other factors, or your current situation.  I want to put something out there that I hope you buyers will take into account when considering purchasing at “the bottom”.  Know that every person’s situation is different when timing the market- but let’s look at one factor.  Do not only think in terms of home values when determining “the bottom”, but…

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There certainly are some unique and incredible properties in the Charleston, SC area.  We have such a fantastic city rich in history and culture, all while being along the Atlantic Ocean.  I thought this might be quite interesting to show you the most expensive homes that have sold in the Charleston SC area for 2010.  So here they are, the top ten most expensive homes sold in Charleston, SC for the 2010 year.  Which one is your favorite?

 

78 East Bay St#10  78 East Bay St.   This is the only townhouse or condo on our list.  This townhome is located South of Broad on the Charleston Peninsula, downtown.  The home was built circa 1800.  Waterfront views and breezes from the Charleston Harbor.  This townhome was listed at $3,750,000 and sold for 3.3 million.  It had…

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How did the Charleston Market Fare for 2010?

It was a difficult market in 2010, but it showed to be a little better than 2009.  I've had a lot of very successful buyers that have made great decisions in 2010.  If you're selling in 2011, call us so we can share our opinion (and what not to do) for the up and coming year.

 

 

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If you're waiting to pull the trigger on purchasing real estate as a buyer here in Charleston SC, should you consider buying now instead of later? I've found some interesting numbers this morning from the Charleston MLS. The numbers speak for themselves. We have a surplus in sold properties in almost every price range for this year, compared to last year.

But now? In this economy?  Yes.

Did we just miss the bottom of the Charleston real estate market?


But lets not forget, the tax credit certainly helped boost along what would otherwise be a dreary first quarter (and last year's November and December were strong, which are not represented in this report). But this is certainly interesting, and we'll have to see how the rest of the year plays out. I'll do another report at the end of the year for a look at…

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Here's a good video with an analysis for the 3rd quarter of this year.  A couple of points worthy of special attention:

  • Active homes on the market have decreased for the 3rd straight year (at end of 3rd Quarter).
  • There is an increase (6.8%) in median sales price compared to the 3rd quarter last year. 
  • Sellers are getting 90.2% of their list price in negotiations.
  • Buyers continue to control the market due to low interest rates, # of houses on the market, and a favorable negotiating environment.

 

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This is an update for the statistics in the Charleston real estate market from January-July '09 and '10.

-Attached is the monthly update of MLS stats.  Overall, comparing Jan-July 09 versus '10, we are seeing about an 18% increase in transactions and about a 2% increase in price.  The year to date numbers for transactions looks good, but it is now falling from it's high last month of 29% and will continue to do so since the tax credit is gone.  2010 will probably end up with just a few more transactions than 2009, certainly again below 9000 transactions.

-Also indicated in green and red are the numbers that were significantly different than the overall market numbers.  This was only done for areas that have enough transactions for the percentages to be…

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