Statistics on the Charleston Real Estate Market.

Updates on the Charleston Real Estate Market

Here is some updated information on the extended Home Buyers Tax Credit, as well as some statistics on how the Charleston real estate market performed as a whole for the end of 2009.  Don't forget, the First Time Home Buyers Tax Credit has been extended until April 30th, 2010.

Play the video to take a look at what the Tax Credit did for home sales in October.  Pretty staggering, really.  Signed purchase agreements were up 67.8% in October from a year ago.


 

Video provided by the Charleston Trident Association of Realtors.

2089 Views, 1 Comments

Is the Charleston Market getting better?The Charleston real estate market has been in a slump for the past four years...When will this trend end?

Well, there is not going to be a clear-cut, definitive turnaround if you're looking for one.  Real estate, which has traditionally been a solid investment, has been jittery (at best), right along with every other market.  There isn't going to be a solid, radical change in direction in the Charleston real estate market in the immediate future.  There are just too many foreclosures and short sales coming up on the market, which are still keeping home values down.  While home values nearly doubled from 2000 to 2006, the average has fallen somewhere around 30% in most Charleston areas.

But are things getting better?

The Charleston real estate market…

2079 Views, 0 Comments

I have been showing a lot of property in downtown Charleston on the Peninsula lately, and have noticed things seem to be a bit slow.  I was showing a property to some clients of mine and the listing agent had told me a surprising statistic.  She mentioned that downtown Charleston, on the Peninsula, has seen an increase in the volume of homes selling for the last 3 years.  She also mentioned that the Peninsula alone had a market entirely on it's own, outside of the rest of Charleston.  While I agree with her that the Peninsula has it's own market independant of other Charleston areas, I was floored that the market on the Peninsula saw an increase for the last 3 years.

I decided to delve further into the MLS and find out for my self the performance of the…

1844 Views, 1 Comments

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:


New Listings for Charleston

 

 

2820 Views, 2 Comments

More pending properties, more keysGood 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.

This increase was much better than the 1.5% increase economists were…

2660 Views, 1 Comments

meeting_streetTravel and Leisure Magazine just came out with their best cities in the United States and Canada, and guess who came in at #4?  You guessed it, Charleston, SC.  The number one, two, and three spots were: New York, San Francisco, and Quebec City.

The magazine (with a circulation of a million) conducts a reader’s survey to get the results, and this year, Charleston got bumped up two spots from number 6 to number 4.  Our sister city, Savannah, came in close at #7.

Still considering a move to Charleston?  Please see our Charleston, SC MLS search page to view the best online home search website in Charleston.

2895 Views, 0 Comments

New Home Sales UpU.S. Commerce Department officials said Monday that new home sales jumped 11 percent last month.  That’s better than analysts expected, and this marks the highest increase in 9 years for new homes.  Expectations for last month were to have 360,000 sales, but luckily expectations were surpassed with 384,000.

The federal first-time homebuyer’s $8,000 tax credit and low interest rates have really helped to boost the somewhat struggling real estate market.  Locally here in Charleston, June is typically one of the busiest months for the year, so any increase across the country is welcomed with open arms.  This may help an otherwise potentially difficult winter.  To see an increase like this across the country shows signs of growth and encouragement.  David…

2270 Views, 2 Comments

carolinaoneA long-term leader in the Charleston Real Estate market in residential sales, Carolina One is now on top for commercial sales as well.  Closing 41 units since the beginning of 2008, Carolina One has now doubled its nearest competitor.

The broker of our commercial division has said that Carolina One has led Charleston, Dorchester, and Berkeley counties in the residential market since 1992, and has added commercial value over time, to get to where we are today.  Carolina one is now leader in the market with a 25.1% market share, for those companies that sell residential and commercial real estate.

Since becoming an independent company apart from Prudential in May of 2008, Carolina One now has the flexibility to boost its competitive commercial efforts.

2541 Views, 0 Comments

Let’s take a look at the “solds” for the different areas around Charleston for May.  These are all single-family homes sold from May 1st through May 31st, 2009.  I’ve taken this data directly from the Charleston MLS, so here they are:

5/1/09-5/31/09
Summerville (and rural):  133
West Ashley (and rural):  66
Goose Creek:  60
Mt. Pleasant:  57
North Charleston:  44
James Island:  34
Hanahan:  17
Downtown Charleston:  14
Johns Island:  14
Kiawah & Seabrook:  8
Isle of Palms:  6
Daniel Island:  5
Edisto Beach:  3
Folly Beach:  2
Sullivans Island:  0


Summerville and Goose Creek basically topped out all of the areas around Charleston.  Those 3 areas have some really great homes for the dollar, and your money will go far since it is a little farther from downtown and the…

1851 Views, 0 Comments

charleston_streetIf you weren’t already aware, Charleston, SC is one of the best cities in the U.S.  I have been boasting about this for years, but now I have some facts from some of the readers from various magazines to back it up.

Travel & Leisure Magazine did a survey on “Americas Favorite Cities for 2008” and Charleston, SC came in #1 as “America’s Friendliest People” for 2008.  Charleston received second place for noteworthy neighborhoods, vintage stores, flea markets, and peace and quiet.  We received #2 for “Home Design”, being beat-out by Chicago.

Southern Living Magazine rated Charleston #1 as the “Best Southern City” for '08, beating out other areas such as: Atlanta GA, Nashville TN, and Austin TX.  Downtown King Street got 2nd place for “Best Neighborhood for…

2125 Views, 4 Comments