Found 16 blog entries tagged as Charleston Real Estate Market.

Hello clients and friends,

Over the last week Dave Samson (CFO within Carolina One) has looked at what is happening with Charleston home sales levels (surprisingly strong relative to our expectations) and what is happening with house inventory (inventory is low and declining as is normal seasonally before it starts to climb some in the spring).

Today I plan to address pricing and the direction that prices are moving.

What is worth knowing in this estimation:

(1) Prices are holding up very well in Charleston. Median sales prices market wide have held steady inside of a very narrow band since last February (12 months) and appear to be poised to hold this trend.
Charleston home median sales price (2) The rate of price increase, measured year over year, has slowed…

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Exhausted real estate buyerWhat an incredible whirlwind the Charleston real estate market has been lately.  Little home inventory on the market, multiple buyers, sellers calling the shots- all of it...loved by sellers, but hated by buyers.  Well I think it's finally time to let you know that...

BUYERS ARE NO LONGER GOING TO TAKE IT.

We are actually seeing a change in the market from as early as 6 weeks ago.  You see, we've been in a sellers market since the onset of Covid.  No surprise there.  And because Covid has hit us so hard- sellers were not showing houses in the spring of 2020.  So there was a lack of available homes for a large portion of 2020.  Not to mention that after Covid- folks from NYC, Ohio, and California were all leaving large cities and coming to…

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"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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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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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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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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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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