Charleston SC Real Estate Stats - Oct. 2016

3 Questions to Ask Yourself Before Buying Your Dream Home...

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.

Ask yourself the following 3 questions to help determine if now is actually a good time for you to buy in today’s market.

Why am I buying a home in the first place?

This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.

For example...

Charleston Real Estate Market Update
by the Charleston Trident Association of Realtors

CHARLESTON, SC—(September 13, 2016) 1,732 homes sold during August in the region at a median price of $241,530 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In August 2015, 1,390 homes sold at a median price of $218,000. This data reflects a 25% increase in sales volume and 11% growth in median price, comparing last August to this August.

Year-to-date figures show 12,050 homes sold in 2016 at a median price of $239,900 in our area. Comparing year-to-date figures from 2015, sales volume has increased 9% and buyers are paying 6% more for homes in...

Top 8 Reasons to Buy This Luxury Waterfront Condo in Mount Pleasant (Charleston), SC

Buy this luxury, waterfront condo in Mount Pleasant, SC. and you'll get:

1. UNOBSTRUCTED VIEWS of Charleston SC Harbor, Waterfront Park and the Ravenel Bridge.

2. LOCATION (10 min. to Downtown Historic Charleston and the beach at Sullivans Island, 15 min. to Charleston Airport and Boeing)

3. EASE - lock and go! No lawn mowing, exterior maintenance, frozen pipes, etc.

4. SECURITY - private secure access to building, underground parking and private elevator to home.

5. RESORT-LIKE LIFESTYLE - pool, sauna, fitness room, sunning deck.

7. SAFETY - concrete and steel building, windows rated to withstan...

There are some industry pundits claiming that residential home values have risen too quickly and that current levels are on the verge of another housing bubble. It is easy to see how this thinking has taken form if we look at a graph of home prices from 2000 to today.

The graph definitely looks like a rollercoaster ride. And, as prices begin to reach 2006 levels again, it "seems logical" that the next part of the ride would be downhill. However, this graph includes the anomaly of the price bubble and the correction (the housing crash).

What if the bubble & bust had not happened?

Let's assume that instead of the rise and fall in home prices that we saw last decade, we just had normal ...

Events, News & Activities in Charleston, SC - September 2016 Edition

September is here and the weather will begin to cool off a bit, so there will be lots of great OUTDOOOR activities. September has Charleston Beer Week, Charleston Restaurant Week, Charleston Scottish Games & Highland Gathering, and a Taste of Charleston.

And there’s a lot of good musical acts in town during the month as well. Here’s your September 2016 event calendar:

1: Guest Chef Series: Jeffrey Stoneberger from 2Nixons @ Parlor Deluxe, Charleston

1: Awendaw Green Concert Series @ The Rusty Rudder

1: Bluegrass Mash-Up, Mercantile & Mash

2: Nitro Circus Live, Joe Riley Stadium

2-4: 8 th Annual Lowcountry Jazz Fe...

Remodeling your home can be a big investment – in both time and money – so it is important to choose projects wisely.
According to an October 2015 survey by the National Association of REALTORS®, the following projects are going to be your best bets for attracting buyers when you decide to sell:

Kitchen Renovation / Kitchen Upgrade

Bathroom Renovation / Adding a New Bathroom

 New Master Suite / Owner's Suite

Call me today if you're thinking of remodeling your home. I have an extensive network of experienced professionals that I would love to put you in touch with. I will also show you how much your home is worth in today's market, before and after the renovations.

If anyone you kno...

The price gap between Mount Pleasant and the rest of the Charleston Area continues to widen (see Graph No. 1 - click to magnify).

However, the "supply and demand" Months of Inventory curves have once again intersected (see Graph No. 2 - click to magnify). In the past, this "crossing" has been a precursor to a market shift. While inventory is still low, if history repeats itself and absorption in Mount Pleasant goes up past 6 months' inventory, we may experience a market correction in Mount Pleasant, normally ollowed by a market correction in the rest of the Charleston Area 12-18 months' after.

Last Week's Activity

Analysis of residential properties going under c...

We are lucky to live in Charleston, SC!  

Charleston has been voted (AGAIN) #1 City in the World by Travel and Leisure Magazine!

Our area is growing 3 times faster than the average for the U.S. with 48 new people moving to the tri-county area every day!

We have 744,000 people living in our metro area, with a median age of 36.5 years. The average household income is $75,000/year.

There is so much going on in our beautiful city! Below is your August calendar of events.

August calendar:

Concerts

3 – Blue Velvet, Chas Music Hall

5 - Hootie & The Blowfish - Volvo Car Stadium, Daniel Island (SOLD OUT!)

5 – Reggae Night, James Island County Park

5-7 – Gullah/Geechee Nation Internatio...

We have been experiencing a "boom market" in Mount Pleasant since 2013. Home prices are now above the "high water mark" record prices established in 2006.

However, our real estate market in Mount Pleasant is not as "hot" as it used to be in 2005 and 2006. How do we measure this?

a) Percent of Original Price. The graph shows that in 2005-06 the median percent of original list price in Mount Pleasant (12-month moving average) was 98.7%. Right now (July 2016) it is hovering about 96.4%

b) Days on Market - how fast are single family homes selling? In June 2005 the 12-month rolling average for the median Days on Market was 18 days. Right now that chart shows 24 days. 

So, hot? Yes. S...

Senate Unanimously Passes Bipartisan Condo Legislation

Our client Jerry Garner from TowneBank Mortgage sent us a copy of this article that we found very interesting.

The U.S. Senate approved legislation by unanimous consent that is designed to make FHA's condo recertification process substantially less burdensome. H.R. 3700, the "Housing Opportunity Through Modernization Act," passed the House of Representatives by a 420-0 vote in February.

The legislation now goes to President Obama’s desk for his signature. Under the Act, FHA must:

• establish and implement a recertification process that is substantially less burdensome than initial certification
• cease and desist from rejecting co...

There are so many new construction projects being developed in the Mount Pleasant area it's tough to keep up!  Luckily, we put together this update for you, so that you're in the loop...  Feel free to call/text 843-900-0155 for more information or with any questions. You can also send us a quick email here. 

Carolina Park - New Phase in Riverside: Bolden Grove!  ​

• The site agents expect to have pricing, floor plans, homes site renderings, and included feature sheets for this next Riverside Phase within 45 days or so.  They will start pre-sales for sometime later this summer or early fall.  Stay tuned for more specifics on pre-sales and timing.  There will be 27 lots total, some that a...

Special Offers for Magnolia Village - New Construction Homes in Mount Pleasant

Beazer Homes is offering special incentives for July: Magnolia Village in Mt. Pleasant, SC (priced from the low $400Ks) is having a July Promotion! 

• $10,000 off their Quick Move In homes; or
• a FREE Screened Porch for all To-Be-Built homes

Search ALL Magnolia Village Listings

Search ALL New Construction Homes In Mount Pleasant

Search ALL New Construction Homes in West Ashley

CONFUSED? UNCERTAIN?

Call/Text 843-900-0155 to book a FREE BUYER CONSULTATION with one of our Buyer Specialists!

Supply & Demand – The Charleston, SC Real Estate Market – July 2016

The following table shows the Active (homes currently for sale on MLS - supply) and Pending (homes currently under contract on MLS – demand) for the Charleston SC Area. (click on the table to view a larger version).

Interesting take-away points from this table:

1. Lines 2 and 3 show that there are a lot of overpriced listings on the market. Watch for many price reductions at the end of the summer.

2. Lines 4 and 5 show that buyers are focused on the low prices offered by short sales and foreclosures. However, the amount of distressed sales is so low that they are becoming almost irrelevant.

3. Line 6 shows that the p...

Saving to Buy a Home? Do You Know the Difference Between Cost & Price?

Very Convenient Location!

This beautiful 2-story home in The Courtyard is ready and in move-in condition! This home has new roof shingles, new HVAC, smooth ceilings, new paint, new carpet & new appliances. The first floor has hardwood floors, a family room with a fireplace, powder room, formal dining room, the kitchen tall cabinets, ample counter space, stainless steel appliances, backsplash, an island, an eat-in area (that leads to the screened in porch and the back yard).The large master bedroom boasts tray ceilings, new ceiling fan, walk-in closet and a reading nook. The master bathroom has double vanities, separate tub & shower and tiled floors. Two bedrooms and a full bath plus a ...

Perfect Starter Home In Summerville

Beautiful Summerville home with large fenced lot and lots of upgrades! This home is move-in ready!  This home has an open floor plan featuring arches and french doors. A gourmet kitchen with tall cabinets, granite countertops and stainless steel appliances and an eat-in area make it perfect for entertaining. There are 4 bedrooms, 2.5 bathrooms, an office (or 5th bedroom) and a big loft (second living area). There is a fireplace in the family room.  Very large master bedroom with double doors and walk in closet, master bathroom with dual sinks, separate tub & shower and designer lighting. Beautiful landscaping, full privacy fence and a large garden sh...

Single Story in Park West!

Move right in! This beautiful single story home has been meticulously maintained and cared for. With an open floor plan it is great for entertaining.  There is an eat-in area with bay window, vaulted (smooth) ceilings, canned lighting and a private, quiet backyard that backs to wooded/wetlands area. Lots of light! Spacious master bedroom with vaulted ceilings, master bath with dual sinks, separate tub & tiled shower with glass enclosure. Close to shopping, hospitals, restaurants and the beach, this home is perfect if you are looking to retire to a quiet community.  The Medical University of South Carolina Medical Center in Charleston, SC is ranked nationally ...

The Post & Courier reported today that for the first time ever, readers of Travel + Leisure Magazine voted Charleston the No. 1 city on the planet in the tourism periodical’s World’s Best City ranking. It’s also the first time a U.S. destination earned the honor. Here is the Post & Courier article, written by Warren Wise: 

"For the first time ever, readers of Travel + Leisure Magazine voted the Holy City No. 1 on the planet in the tourism periodical’s World’s Best City ranking. It’s also the first time a U.S. destination earned the honor. Readers also selected Charleston as the No. 1 city in the U.S. and Canada for the fourth consecutive year.

Charleston took top marks in the categories...