Charleston, SC Real Estate Has Gone Wild!

What's going on?

Charleston, SC Real Estate Has Gone Wild!

This past week set an all-time weekly record for the number of properties going under contract (525), beating the previous record of 497 (that we had set 3 weeks ago) by 5%. That's an incredible level of buyer demand!

May was the busiest month ever in Charleston real estate history! And it beat the previous record (from last year) by over 10%!

What's going on?

This is great news for home sellers, because inventory (supply) is drastically down! You are selling into an under-supplied market and buyer demand has gone bonkers!

I can think of two obvious factors causing this phenome...

This email I received from The Economist Intelligence Unit is a bit scary. I doubt the US economy will be spared, or that Charleston will be fully insulated from this worldwide slowdown. This is going to affect us, whether we like it or not!

If you are THINKING of selling your home in the next 2 years, consider selling it NOW instead to get a top market price. Demand is very high and supply very low. Book a VIRTUAL APPOINTMENT at bit.ly/BUYSELLVIRTUAL or call/text 843-900-0155.

When the rubber hits the road we will likely see an increase in inventory and very probable price decrease for residential real estate.

However, if you are a long-term planner, or you are buying a home to live...

6-4-20 BREAKING NEWS

33rd annual Blessing of the Fleet and Seafood Festival canceled

June is here and the weather is warming up after one of the most beautiful springs Charleston has had in recent years in terms of weather.  Many facilities and operations have been re-opening, with social distancing restrictions and guidelines intended to protect us from and minimize the spread of coronavirus and COVID-19. We can now dine inside most restaurants, many with outdoor spaces added. Most attractions and outdoor venues such as parks and beaches have opened to the public and are beginning to offer programmed activities and events in June. Some indoor art and museum venues opened in late Ma...

Charleston Businesses Get a Double Whammy

Many of the downtown restaurants, retail shops and hotels that normally would have been serving a high volume of out-of-town visitors at this time of year but had to close partially or totally during the pandemic "stay-at-home" order were just re-opening and looking forward to making up for their losses. Unfortunately the rally in downtown Charleston on Saturday, May 30th to protest police handling of George Floyd in Minneapolis developed into an uncontrolled riot and looting spree along King Street and neighboring streets later that night. Many businesses were affected and saw their windows broken and merchandise looted. Many local volunteer b...

Charleston, SC Residential Real Estate Market Update - June 1, 2020

Buyer Demand

Demand for homes in January and February 2020 was up by 13% compared to last year's numbers, but in March and April demand dropped by 25% due to the COVID crisis. However, in May the market rebounded resoundingly, producing 4 RECORD-BREAKING WEEKS in activity, restoring demand up 12% from last year’s numbers. See the "spike" in demand on the chart below. 

Supply of Homes

The number of homes ON THE MARKET (market inventory) has been reduced from ~ 6300 a year ago, to ~ 4500 today (May 30, 2020).

Months of Inventory

The Months of Inventory (MOI) index shows that the relationship between supply and deman...

Keys to Selling Your House Virtually

In a recent survey by realtor.com, people thinking about selling their homes indicated they’re generally willing to allow their agent and some potential buyers inside if done under the right conditions. They’re less comfortable, however, hosting an open house. This is understandable, given the health concerns associated with social contact these days. The question is, if you need to sell your house now, what virtual practices should you use to make sure you, your family, and potential buyers stay safe in the process?

In today’s rapidly changing market, it’s more important than ever to make sure you have a digital game plan and an effective online m...

COVID-19, Quarantine and Real Estate

Ever since the U.S. got affected by the COVID-19 crisis and states imposed quarantine restrictions we have been getting questions about the real estate market and ways to be able to buy or sell real estate during this time. Here are a few of the most common questions that we've had to answer. 

Can I Sell My Charleston Home During COVID-19 Crisis?

The answer is YES!

Our market slowed down by about 30% during February and March, but since April it has rebounded drastically! The first three weeks in May registered RECORD NUMBERS of homes (see table below - click table to enlarge) going under contract. Demand for homes in the Charleston Area is at a RE...

Watch a 4-minute tour of this community below:

Hi, this is Cynthia Partrick with the Alan Donald Team at Keller Williams, and today we are on one of ours of subdivision video tours. As you can see, we're at DR Horton's Bees Crossing.

[To schedule a free virtual consultation online, click here: https://calendly.com/the-alan-donald-team/virtual-real-estate-consultation]

Bees Crossing actually has an Awendaw mailing address but its annexed to the Town of Mount Pleasant, so residents are able to use Mount Pleasant schools, fire and police services. We are just down the road from Copahee Sound, where there is a public community dock and located just North from Costco and Wando High School...

May is the last month of Spring and the month in which we celebrate Cinco de Mayo (5th), Mother's Day (10th), Armed Forces Day (16th) and Memorial Day (25th) as well as many other fun and sometimes wacky holidays (click here and here for more).  As we navigate these dynamic and unusual times brought upon us by the COVID-19 pandemic, many Charleston area events and activities that had been scheduled for May have been cancelled or postponed.  Thanks to many creative minds, a slew of virtual events and activity suggestions have taken their place.  And now, with the gradual easing of some protective restrictions on access, mobility and operations, we are also beginning to see some "in perso...

COVID-19 Pandemic - Update & Recovery Efforts

Although Governor McMaster further extended South Carolina's State of Emergency due to the COVID-19 pandemic into the middle of May, we are beginning to see the relaxing of some restrictions on access, activity and operations in new orders and in the lifting of previous orders aimed at reducing the spread of the novel coronavirus (click here to access SC Executive Orders).  Public boat ramps and launches, beaches (subject to local jurisdictions) and some types of retail establishments re-opened in April with limitations.  Starting in early May, State Parks, Charleston County parks, most City of Charleston and Town of Mount Pleasant parks ar...

"Should I Buy a House During the Coronavirus Crisis?"

That's the most common question from today's buyers. To answer this question, I will need to consider:

How long do I plan to stay in this home?

The graph shows that the median home tenure in the U.S. is now 9-10 years. If you plan to sell/flip in 1-2 years, the answer is probably "not a good time, too much risk". But if you plan to stay longer than 4 years, the market has time to correct from a recession and the answer is "yes".

Will a COVID recession precipitate a crash in the housing market?

It's possible, but not likely. A crash is the result of sudden oversupply. As the graph shows, in 3...

Since the outbreak of the novel coronavirus (COVID-19), many of us are spending a lot more time at home. We’re all being called upon to avoid public spaces and practice social distancing to help slow the spread of this infectious disease. While it can be understandably challenging, there are ways you can modify your home and your lifestyle to make the best of this difficult situation.

Here are a few tips for creating comfortable and functional spaces within your home for work, school, and fitness. We also share some of our favorite ways to stay connected as a community, because we’re all in this together … and no one should face these trying times alone.

Begin with the Basics

A basic...

Spring is finally here and we could not be happier about the pleasant weather, longer days and colorful blooms that it brings! We also have Easter, Passover and Earth Day to look forward to later this month! The COVID-19 pandemic that we are in the midst of has certainly created a very different and uncertain time for us.

However, respecting the social distancing guidelines, stay at home ordinances, and closure of non-essential businesses orders does not mean we have to stop enjoying ourselves. Rather, this gives us opportunities to spend more time with family, to improve our home environments, to participate in events and activities in different ways, and even to volunteer. Many event a...

International Resources:

1. World Health Organization Video Explanation of COVID19

Federal Government Resources:

1. Center for Disease Control (CDC)
2. IRS Tax Payment Extension & More
3. Veterans Affairs
4. Social Security Administration
5. Medicare
6. Federal Student Aid: Coronavirus Student Loan Forbearance
7. SBA Economic Disaster Loan Assistance
8. FEMA Extends Deadline to Renew Flood Insurance Policies

South Carolina Government Resources:

1. DHEC Coronavirus Testing & Data by County
2. DHEC News Releases & Videos
3. SC Schools News
4. SC Office of Rural Health
5. SC Chamber of Commerce Coronavirus Updates

Charleston Metro (Tri-county) Government Resources:

1. MUSC Health Coronavirus Resource P...

We Are All in This Together! 

There are many resources available to help us navigate through this very challenging and uncertain time brought upon us by the COVID-19 pandemic. Some even provide us with opportunities to, in turn, support our local businesses and economy. Collectively, this will help us all come out better once we emerge from this. As part of our efforts to assist, we have identified and provided links to several helpful resources.  Please let us know of others to help us continue to update this list:

Business & Employment:
SC DEW Employment & Workforce COVID-19 Resource Hub - Click Here
SC Manufacturers Alliance Summary of COVID-19 Resources - Click Here
Small business reso...

Conceptual study released on the proposed Lowcountry Lowline

There's news about the Lowcountry Lowline, a linear park system proposed for the defunct rail corridor that runs along the high-ground spine of the Charleston peninsula.  This space was purchased by the City with negotiation assistance from the nonprofit Friends of the Lowcountry Lowline. There’s a new “conceptual study” but further design work awaits public input. The Friends now see a green "mobility system," parks and walking paths going not only north and south but east and west, ways to get more people out from behind the wheel of their cars. A bonus may be new ways of handling large volumes of storm water to alleviate...

March has arrived and hopefully spring will soon follow! Don't worry though because there are tons of things to keep you busy this month including the Wine & Food Festival, St. Patrick's Day parades and activities, as well as numerous shows to attend. Pick your favorite ones and let us know what you enjoyed most. Here is your March 2020 Calendar of Events:

1: Gary Gulman: Peace of Mind, Charleston Music Hall, downtown Charleston
1: The Color Purple, North Charleston Performing Arts Center (PAC), North Charleston 
1: Old Crow Medicine Show, Gaillard Center, downtown Charleston 
2: Gay Chorus Deep South Documentary, Charleston Music Hall
2: Pre-Drayton Archaeology with Sarah Stroud Clarke,...

The ups & downs of the U.S. residential real estate market, like any other market, is determined by supply and demand. This means we need to look at how many potential purchasers are in the market versus the number of houses that are available to buy.

With early 2020 housing data now rolling in, it’s quite evident there are two big stories impacting this year’s residential real estate market:

1. Buyer demand is already extremely strong
2. Housing supply is at a historically low level

Demand

ShowingTime is a firm that compiles data from property showings scheduled across the country. The latest ShowingTime Showing Index reveals how showings have increased in each of the country’s four r...

Quick Market Update: Charleston County

The single family detached (SFD) home market for Charleston County showed a reduction in inventory and an increase in sales and median sales price. 

What does this mean for buyers and sellers moving forward?

1. Sellers: This is a GREAT TIME to sell your home! Take advantage of reduced competition and strong demand. Call us today to get started!

2. Buyers: Unfortunately this trend signals a tougher environment you will have to compete in. So hire an experienced Buyer's Agent who can provide the right advice to WIN competitive bids. Fortunately, mortgage interest rates are still super-low, so homes are still affordable, despite the rise in home pri...

Analysis of residential properties going under contract (contingent) during week of 1/31/20-2/6/20

• 408 residential properties under contract past wk. Wow!
  
  
• 336 single family homes went under contract in the past week. Median LIST price $299k,$161/sqft. 2 under $100k. 22 over $1M, 3 of
  those over $2M. Median C Days on Market-27. Median Year Built-2000
  
  
• 7(2%) of 336 single family homes that went under contract this past week were BANK OWNED FORECLOSURES or SHORT SALES. Another 10% were NEW CONSTRUCTION.
  
  Search for NEW, Single Family Homes

• 55 island single family homes under contract past week:
  • 9 Daniel Island single family homes went under contract this past week, LISTED from $62...