1573 Longview Road in Mount Pleasant

Very nicely updated in centrally located Candlewood subdivision in Mount Pleasant, South Carolina

Spectacular Home on James Island

Renovated and updated from top to bottom on James Island

Charleston Region Real Estate Market Continues to Expand - April 2013 Stats

Charleston-Area Real Estate Sales Continue Growth in April

 

CHARLESTON, SC—(May 10, 2013) 1,028 homes sold at a median price of $200,000 in the Charleston region in March, according to data released today by the Charleston Trident Association of REALTORS® (CTAR). Year to date, 3,472 homes have sold in the tri-county region, an 18% increase from the same period in 2012. The area’s year to date median price is $191,275 through April.

“Our market continues to expand and progress in a positive direction. We have a stable inventory paired with prices increasing at a steady and healthy pace—up 7% year to date—which is a great indicator for the sustainability of our market” said 2013 CTAR President Owen Tyler.

 

Sales volume was last at this level in 2007, and is being driven mainly by investors and relocations to the area. “Our region’s ability to create and retain quality jobs has been a crucial component to the recovery of our market. Increased activity in the construction sector will continue to strengthen our local real estate economy and will create additional inventory as we expect the higher rate of home sales to continue as we enter the busy summer months” said Dave Sansom, 2013 President of the Charleston Trident Multiple Listing Service (CTMLS).

 

Over the last 12 months, inventory levels have stabilized, with 5,636 homes currently for sale in the CTMLS. Pockets of the tri-county area are beginning to see shorter market times, with homes selling in an average of 90 days.

 

MARCH ADJUSTMENTPreliminary data reported in March indicated that 1,045 homes sold at a median price of $202,210.  Adjusted numbers now show 1,062 homes sold at a median price of $200,940.

 

BERKELEY COUNTY

210 homes sold at a median price of $169,500 in Berkeley County last month.  The area bordered by Jedburg Road, Highway 17A and College Park was again the most active, with 49 sales at a median price of $167,000.

 

CHARLESTON COUNTY

587 home sales resulted in a median price of $239,000 in April in Charleston County.  Of those, 171 sales were in Mount Pleasant and sold at a median price of $315,00. West Ashley (outside of I-526) was the next most active area, with 77 sales at a median price of $205,830.

 

DORCHESTER COUNTY

196 homes sold at a median price of $167,357 in Dorchester County in April.  The area of Summerville/Ridgeville was the most active area, with 87 sales at a median price of $173,000.

 

With 3,600 members, CTAR’s mission is to promote the highest standards of professionalism, ethics, education and technology, and to ensure that its members are the primary source for real estate services in the South Carolina Lowcountry. Only those who are members of the Association of REALTORS® and its parent organizations are called REALTORS®.

 

 

Thinking of Buying a Home or Investment Property, Now Could be the Time

A Strong Rental Market Makes It A Good Time to Buy

The cost of renting is going up in markets across the country, as the number of available rental units shrinks. According to investment research firm Marcus & Millichap, apartment vacancies fell 0.8 percentage points to a national vacancy rate of 4.4 percent in 2012, almost half that of the recession high, which saw vacancy rates of around 8 percent. Effective rental prices increased nearly 5 percent in 2012 and are expected to increase at similar rates in 2013. Prices may rise even faster than average in major markets with low vacancy rates like New York, Chicago and Los Angeles.

Fueling Factors
The rising cost of rent is fueled by several key factors that make the trend likely to continue for the foreseeable future. During the recession, construction of many new rental developments was put on hold, causing the number of completed units to fall by over 50 percent. While rental unit completions are on track to match pre-recession levels in 2013, the dip translates to fewer units available now. The recession hit young people especially hard, to the point where 31 percent of households had young adults aged 20 to 34 living with parents. As those young adults find jobs and seek independence, and since financial companies tightened up their lending practices, demand for apartments should remain strong.

 

A Good Time to Buy
While the rental market is on a clear upswing, housing is still in recovery mode. Home prices and sales have stabilized since they hit bottom, but median sale prices remain almost $50,000 below pre-recession highs. Relatively inexpensive homes, low interest rates and increasing rents make it a good time to buy—especially because landlords can increase rent price each year according to the direction of the rental market. When home prices increase, homeowners build home equity that becomes profit if they decide to sell.

May's E-Newsletter is Out

Don't miss my E-Newsletter for May 2013 with great helpful articles.  If you aren't currently receiving my monthly E-Newsletter just send me your name and e-mail and I will add you to the list.

Some of the May topics included are:

Is It Time to Replace Your Roof or Windows?
5 Ideas for Landscaping that Will Increase the Value of Your Home
A Strong Rental Market Makes It A Good Time to Buy
A Strategy to Keep Your Home Organized In 15 Minutes Per Day

Learn about 5 Ideas for Landscaping that Will Increase the Value of Your Home in the link.