Charleston SC Real Estate Blog - Charleston Real Estate Market

Is the Charleston Real Estate 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…

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Real Estate Statistics for Downtown Charleston (The Peninsula)

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…

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A Few Good Changes in the Mortgage Industry Lately!

Yes, good news amid a slurry of seemingly bad news over the last year.  It seems that banks were tightening more and more as the year went on, but now we have a some great news.

Here in Charleston SC, Carolina One Mortgage is offering some changes to mix things up.  Condos and second homes now seem to be a little more affordable:

Condos:  Up until now, you had to put down 10% towards a condo purchase.  This has been shortened to 5%.  If you’re buying a $200K condo, that’s $10,000 less that you’d have to put down!  This is great news for first-time homebuyers who can still take advantage of the $8,000 tax credit.

Second Homes:  Here again, up until now you had to put down 20% towards the purchase of a second home.  Now you only need to put down 10%.  So…

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Market Update for Charleston, SC Real Estate

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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A Snapshot of the Charleston Real Estate Market

When will the Charleston real estate market "hit bottom"?  How much further down do we have to go until home prices begin to stabilize?  Well, no one really knows for sure but CNNmoney.com have published their analysis of the real estate market here in Charleston.  I wanted to share with you some interesting information I've found from it:

• Out of the nation's 100 largest metro areas, Charleston, SC ranks 89.
• The population for the city of Charleston is 603,178.
• Home prices peaked in the first quarter of '07.
• The forecast for home prices through March of 2010 (from now) shows being down 0.1%.  I find this hard to believe, as I believe the number to be more than that.  However, this forecast is great news for our local Charleston market.  Let's hope…

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The Sky is Falling!

With all the talk about the economy, the weakening dollar, and home values plummeting, you’d think the sky is falling.  Never mind that our local real estate market here in Charleston is on the rise!  Home sales are up for existing homes, as well as new construction in Charleston.  Market activity has increased.  Sales have increased.  I have been very busy lately, and my entire office is excited.  It’s infectious!

So why is now the right time to buy?  Well, for one, interest rates are basically the lowest we’ve seen.  Trust me, THIS WILL NOT LAST.  Interest rates and home values typically operate opposite of one another.  If interest rates are up, home values are down.  If home values are up, interest rates are down.  But for the first time, home values…

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