What does the Spring 2023 Charleston real estate market hold for us?

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.
(2) The rate of price increase, measured year over year, has slowed…

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Real Estate Stats on The Charleston SC 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:

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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A Sellers Housing Market in Charleston, SC Right Now?

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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How is The Real Estate Market Faring from 2011 to 2012 So Far?

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.

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

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More Great Charleston Real Estate Statistics for the Past Few Years

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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Recent Sales in The Charleston Real Estate Market Are Up

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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Charleston Real Estate Statistics: '09 vs '10 vs '11

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.

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Charleston Real Estate Market Update

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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When is the Real Estate Bottom Going to Arrive in Charleston SC?

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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First Quarter 2011 Charleston SC Real Estate Statistics

Charleston Real Estate Statistics for 2011 (Video Blog)

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