Residential Sales Have Increased 24% Year-To-Date

 

 

Charleston-area residential real estate sales strong through summer’s end

 
CHARLESTON, SC—(September 10, 2013) According to preliminary data released today by the Charleston Trident Association of REALTORS®, 1,278 homes sold at a median price of $217,462 in August. Last August, 1,034 homes sold at a median price of $199,414 in the region.

Year-to-date, 8,706 homes have sold at a median price of $205,417 and in an average of 87 days. Compared to this point in 2012, sales have increased by 24% and median price by 7.6%. Days on market have declined by an average of 27 days, meaning homes are selling nearly a month faster than they were a year ago. In August 2012, year-to-date figures showed 7,030 sales at a median price of $190,907.
 
“Looking at the year-to-date figures, we are positioned to finish 2013 with significant gains in sales volume and healthy, steady growth in prices” said 2013 Multiple Listing Service (MLS) President, Dave Sansom. “Thus far, we’ve made more progress than we anticipated in 2013 and this level of growth is sustainable for our market” said Sansom.
 
Inventory has held steady throughout the year, with 5,702 homes listed as “active” for sale in the MLS database. This figure represents approximately five months of inventory available in the region and considered by industry experts to be the benchmark of a balanced and healthy real estate market.
 
“As we expected, the minimal increases in mortgage rates have not soured the demand for residential real estate in Charleston” said 2013 CTAR President, Owen Tyler. “Buyer activity and interest is still very strong—the mix of cash buyers/investors and traditional buyers who recognize the long-term value of Charleston-area  real estate have helped keep the pace of sales high and our prices strong and stable” he continued.
 
JULY ADJUSTMENTPreliminary data reported for July indicated that 1,272 homes sold at a median price of $209,950. Adjusted numbers now show 1,280 homes sold at a median price of $210,000.
 
BERKELEY COUNTY
257 homes sold at a median price of $180,000 in Berkeley County in August. The most active area in the county was the area bordered by Jedburg Road, Highway 17A and College Park, with 66 sales at a median price of $175,045.

CHARLESTON COUNTY
Charleston County sales and median price increased in August, with 731 sales at a median price of $270,000. Homes in the county are spending an average of 77 days on market, the lowest average recorded this year. Outside of Mount Pleasant, where 250 homes sold at a median price of $381,125, the county’s most active area was James Island, with 83 sales at a median price of $245,000.
 
DORCHESTER COUNTY
253 homes sold at a median price of $165,000 in August in Dorchester County. The most active area of the county was Summerville/Ridgeville, where 101 homes sold at a median price of $184,990.

With 3,700 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®. To learn more, visit www.CharlestonRealtors.com.

Charleston Area Home Sales Up 14% Year-to-Date

 

 

Charleston Area Home Sales Up 14% Year-to-Date

Pricing shows sustainable growth as well; 5.6% increase in regional median price

CHARLESTON, SC—(December 10, 2012) According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 845 homes sold at a median price of $192,500 in November. Sales volume grew by nearly 200 sales this November, when compared to November 2011.

Year-to-date, 9,662 homes have sold at a median price of $190,081. These figures, which represent all homes sold through the Charleston Trident Multiple Listing Service (CTMLS), show 14% growth in sales volume and a 5.6% increase in median price for the region over last year at this time, when 8,493 homes sold at a median price of $180,000.

Charleston County has led the region in activity, with sales growth of 20.5%, year-to-date. In Charleston County, 5,464 homes have sold at a median price of $225,000 thus far in 2012. “In 2012, Charleston County alone will likely close out the year close to 6,000 sales. When you look at data from 2009 you’ll see that regionally, we sold 8,300 homes that year. It clearly shows how much consumer confidence in our market has improved in the last 36 months” said Owen Tyler, 2013 CTAR president.

“2012 has been the turning point for the Charleston region—sales have grown at a sustainable, healthy pace, inventory has declined significantly throughout the year and we expect this consistent activity to continue into 2013” said Tyler. “This fall has been noticeably busier than years past—the market is seeing a great deal of activity from investors, as well as from traditional buyers who were waiting for security to return to the market” Tyler continued.

While the impact of Washington's decision regarding the Fiscal Cliff remains to be seen, REALTORS® are standing together in defense of the long-standing policy that allows homeowners to deduct mortgage interest payments from their income taxes, which has been threatened by various versions of a potential Fiscal Cliff deal. "We urge our lawmakers to understand that the mortgage interest deduction is vital to the stability of the American housing market and to the stability of the overall economy. REALTORS® will remain vigilant in opposing any future plan that modifies or excludes the deductibility of mortgage interest" said Tyler.

OCTOBER ADJUSTMENTPreliminary data reported for October 2012 indicated that 898 homes sold at a median price of $185,112. Adjusted numbers now show 910 homes sold at the same median price.

BERKELEY COUNTY

193 homes sold at a median price of $179,190 during November in Berkeley County. Year-to-date, sales volume has increased 4%, with 2,098 closings and the county-wide median price has grown a healthy 3%, to $164,300.

CHARLESTON COUNTY

In November, 458 homes sold at a median price of $232,000 in Charleston County. Year-to-date, sales volume has increased 20.5% with a total of 5,464 sales. Median price has increased a healthy and sustainable 2%, to $225,000.

DORCHESTER COUNTY

170 homes sold at a median price of $160,000 in Dorchester County during November. Year-to-date, the county has seen a 7% increase in sales volume and a 4% increase in median price. 1,768 homes have sold at a median price of $167,222 thus far in 2012.

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®.

CHARLESTON RESIDENTIAL REAL ESTATE SALES PEAK OVER 1,000 IN JUNE

CHARLESTON RESIDENTIAL REAL ESTATE SALES PEAK OVER 1,000 IN JUNE

CHARLESTON, SC—(July 12, 2010) More than 1,000 homes sold in June, marking the highest number of residential real estate transactions in nearly three years. According to the Charleston Trident Association of REALTORS® (CTAR), 1,022 homes changed hands at a median sale price of $185,612 in June. The last time more than one thousand transactions closed was August of 2007.

While the median sales price of $185,612 is approximately 4% lower than last June’s peak price of $192,626, it is consistent with median prices thus far in 2010.

Homes are selling on average, almost 2 weeks faster than they were one year ago, with days on market for June 2010 averaging 105, as compared to the June 2009 average of 118.

“The most encouraging data are the year-to-date statistics” said Jeremy Willits, CTAR President, “They exemplify the ongoing stability and minimal yet healthy growth of our recovering market—sales volume has been steadily increasing since the beginning of this year and median prices remain firmly in the mid $180-range.”

Year-to-date, 31% more homes have sold than in the first half of 2009, and median prices have remained stable, increasing by a slight 1% margin.

“The extension of the closing date for those who qualified for the Homebuyer Tax Credit will help thousands of people across the state of South Carolina who would not have been able to close by the original June 30 deadline, due to the high volume of loan activity the banks are trying to work through” said Willits.

As of June 30, 2010 there were 9,869 homes listed as actively for sale with the Charleston Trident Multiple Listing Service.

BERKELEY COUNTY
Berkeley County led the way with the largest sales increase among the three counties and also showed the most stability in median price. 251 closed transactions reflect a 57% increase from June 2009, when 160 homes sold in the County.

Median sale prices varied by 1%--down slightly from $172,361 in June 2009 to $169,875in June 2010. Again, the most active area of the County was Goose Creek/Moncks Corner, from Highway 52 to the Cooper River where 57 homes sold at a median price of $148,071.

CHARLESTON COUNTY
Charleston County also showed a significant sales increase, with 41% more properties changing hands than in June 2009. 513 homes sold this June, compared with 364 sales in June 2009. Following several months of consistent price gains in the early part of this year, Charleston County median prices declined by nearly 7% when compared to last June, settling at $237,500.

The area of Mount Pleasant that lies south of Highway 41 recorded the most sales in the County, with 105 closed transactions at a median price of $340,000.

DORCHESTER COUNTY
234 homes sold at a median price of $154,854 in June in Dorchester County. These sales reflect a 24% increase in sales when compared to last June, when 188 homes sold at a median price of $162,250.

While median sale prices dipped approximately 5% in Dorchester County when compared to last June, homes are selling significantly faster in this area—average days on market decreased by more than a month’s measure, dropping 39 days to an average of 64.

The most active area of Dorchester County was the Summerville/Ridgeville area, with 115 sales at a median price of $157,327.

MAY 2010 ADJUSTMENT
Preliminary numbers reported in May 2010 indicated 878 homes had sold at a median price of $186,497. Adjusted numbers now show that 933 homes sold at a median price of $185,000.

With nearly 4,000 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®.

CHARLESTON RESIDENTIAL REAL ESTATE SALES UP 50%, PRICES REMAIN STABLE

Activity Expected To Continue Into the Busy Summer Season

CHARLESTON, SC—(May 10, 2010) According to preliminary data from the Charleston Trident Association of REALTORS® (CTAR), 784 homes sold in the region during the month of April at a median sale price of $180,174. That reflects a 51% increase in sales and a stable median price when compared to preliminary figures from a year ago-- 518 homes had sold at a median price of $181,303 in April 2009.

“It’s encouraging to see a return to consistent growth in home sales” said CTAR President Jeremy Willits. “Year-over-year sales have increased every month since last July. We also see our market’s stability reflected in the median sale prices—they are on par or slightly above where they were last year, which is sound and appropriate growth for a market emerging from a period of volatility” said Willits.

Last-minute contracts had Charleston REALTORS® working late into the night to help buyers meet the tax credit deadline. “I had a buyer sign a contract at 11:45 p.m. on April 30” said Corwyn Melette, of CARES Real Estate. “There was a huge rush of activity in that last week, which was exciting and encouraging. Now, we just have to see those contracts through to the closing table. Our job is not done” said Melette.

351 contracts were placed in the last week of April, with 207 of those signed in the final three days. In the whole of April, 1,160 homes went under contract with an average contract price of $255,817.

While it’s safe to say that the tax credit had a significant and positive impact, some Charleston REALTORS® believe there were other, more sustainable factors at work, things that will continue to support the market. “I think the tax credit did help create urgency and stimulate activity levels, but I believe that low interest rates and wide selection of reasonably priced properties were equally, if not more important than the appeal of the tax credit” said REALTOR® Beth Tavel of Carolina One Real Estate.

Although the homebuyer tax credit has come and gone, affordable properties, low interest rates and other buyer incentives have not. The Palmetto Heroes program provides teachers, firefighters, police officers and EMS provisions including up to $7,000 in down payment assistance to aid in their purchase of a home, and military personnel who served at least 90 days of qualifying duty outside the United States between December 31, 2008 and May 1, 2010 have an additional year to purchase a home and qualify for the tax credit.

MARCH 2010 ADJUSTMENT
Preliminary numbers reported for March 2010 indicated 691 homes had sold at a median price of $185,000, a 22% increase in sales and no change in median price from March 2009.

Adjusted numbers now show that 735 homes sold at a median price of $185,000. The sales increase is actually 29% higher than March 2009, with prices remaining stable at $185,000.

BERKELEY COUNTY
When compared with April 2009, sales in Berkeley County increased 60%and prices increased 3%, with 199 sales and a median sale price of $159,900.

CHARLESTON COUNTY
404 homes sold in Charleston County in April, a 62% increase from last year. The county’s $233,200 median sale price is a slight 3% lower than April 2009.

DORCHESTER COUNTY
April was a strong month for Dorchester County, as sales increased 26% and prices rose 4%. 157 homes sold at a median price of $152,900.

With nearly 4,000 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®. To learn more, visit www.CharlestonRealtors.com

RESIDENTIAL REAL ESTATE SALES UP 22%, HOME PRICES CONTINUE STEADY GROWTH AT THE START OF SPRING SEASON

CHARLESTON, SC—(March 10, 2010) Preliminary data from the Charleston Trident Association of REALTORS® shows 691 homes sold at a median price of $185,000 in March. This represents a 22% increase in sales and maintenance of the median price from March 2009, when 568 homes sold at a median price of $185,000.

Year-to-date, 23% more homes have sold at prices 3% higher than this time last year. Thus far in 2010, 1,670 homes have sold at an average median price of $185,501. At this time last year, 1,357 homes had sold at an average median price of $180,473.


This suggests a strong beginning to the typically busy spring and summer seasons, which got off to a slow start in 2009. “The activity in the early months of 2010 is incredibly encouraging—every month, we’re seeing sustainable growth in home sales and prices are holding steady” said Jeremy Willits, 2010 CTAR President. “We didn’t have sales numbers in this range until May or June in 2009” said Willits.


Though no one is sure what the months following the expiration of the tax credit will look like, Willits concurs that the homebuyer tax credit appears to have done what it was supposed to do. “The tax credit was not intended to be a long-term initiative. It incentivized the purchase of a home, following a year of uncertainty and volatile market activity. It was designed to help stabilize the market and that’s exactly what we’ve seen it do in Charleston” said Willits.

Rising mortgage rates and the uptick in buyer activity could encourage potential buyers looking to make an investment in real estate before they are priced out of the market. Following last week’s rise in mortgage rates, from 5.03% to more than 5.20% last Wednesday, some potential buyers realize that low rates and market affordability won’t last forever. For every 1 percentage point rise in rates, 300,000 to 400,000 would-be buyers are priced out of the market in a given year, according to the National Association of REALTORS®.


There were 9,849 active listings on the market as of March 31, 2010. March represents the third consecutive month with less than 10,000 properties on the market.

FEBRUARY 2010 ADJUSTMENT
Preliminary numbers reported for February 2010 indicated 509 properties had sold at a median price of $179,900. Adjusted numbers now show that 541 properties sold at a median price of $179,755.

BERKELEY COUNTY
In March, 145 homes sold at a median price of $163,343 in Berkeley County reflecting a 6% increase in sales volume and a 1% change in median prices when compared to last March, when 137 homes sold at a median price of $165,000.


CHARLESTON COUNTY
378 residential properties changed hands in March in Charleston County, increasing by 31% when compared to March 2009’s 288 sales. Median prices have risen 9% since last year, settling at $246,000 this month.

DORCHESTER COUNTY
142 homes sold in Dorchester County in March at a median price of $148,400. Sales activity has increased by 27% when compared to March of last year, when 112 homes sold. Median prices have dipped 8% to $148,400 as compared to March 2009, when the median home price was $161,000.

Please note: “Preliminary number” indicates all sales and values for closings posted within 10 days following the close of the month. “Adjusted number” indicates the value after all sales have been posted.

# # #

With approximately 4,000 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®. To learn more, visit www.CharlestonRealtors.com

Residential Real Estate Sales Increase Again, Median Prices Remain Stable

CHARLESTON, SC—(March 10, 2010) Preliminary data from the Charleston Trident Association of REALTORS® (CTAR) shows 509 homes sold in the Charleston region in February, at a median price of $179,900. This reflects a 22% increase in sales and essentially no change in median sale price from preliminary numbers reported on March 10, 2009, which showed 417 sales at a median sale price of $179,450.

As of March 10, 2009, CTAR data showed 789 sales at an average median sale price of $178,100. This year, CTAR has recorded 940 sales at an average median sale price of $185,500. Year-to-date numbers show a 7% increase in sales and median sale prices are a slight 4% higher than this time last year.

At the close of the month, there were 9,532 homes actively listed for sale with the Charleston Trident Multiple Listing Service, a 4% increase from last month, when there were 9,171 homes on the market.

January 2010 Adjustment
Preliminary numbers reported on February 10 indicated that in January 2010, 416 properties had sold at a median price of $194,000. Adjusted numbers show that 429 properties sold at a median price of $191,100. This equates to a negligible (-0.9%) decrease in sales and a 9% increase in median prices when compared to January 2009, which showed 433 sales at a median price of $175,000.


BERKELEY COUNTY
Berkeley County saw a 16% increase in sales and a 3% variance in median price over February of last year. February’s preliminary numbers show 108 properties sold at a median price of $157,495. On March 10, 2009, preliminary numbers reflected 93 sales at a median price of $162,400.

In Berkeley County, the areas of Goose Creek and Moncks Corner showed the most activity, and Crowfield Plantation was the most active neighborhood.

CHARLESTON COUNTY
Charleston County continues to lead the regional market recovery with 60% more closed sales and a 5% increase in median price when compared to last year. In February, 288 homes sold at a median price of $235,950 in the county compared to February 2009 preliminary figures which showed 180 homes sold at a median price of $225,000.

In Charleston County, the area south of Highway 41 had the most activity in February, with the Rivertowne neighborhood showing the highest sales for that area.

DORCHESTER COUNTY
In February, 91 residential properties changed hands at a median price of $145,000 in Dorchester County. When compared to February 2009 preliminary figures, this data shows a 5% increase in sales and a 15% decline in median price. Last year, 87 homes sold at a median price of $169,990.

The Summerville/Ridgeville area showed the most activity in Dorchester County, and the Legend Oaks subdivision had the most sales within that area.

Please note: “Preliminary number” indicates all sales and values for closings posted within 10 days following the close of the month. “Adjusted number” indicates the value after all sales have been posted.

# # #
With approximately 4,000 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®.

Charleston Area Residential Real Estate Market Continues to Show Improvement

CHARLESTON, SC—(February 10, 2010) Preliminary data from the Charleston Trident Association of REALTORS® (CTAR) shows 416 homes sold in the Charleston region in January, at a median price of $193,500.

Long-Term Review: January Sales
“2010 looks to be off to a great start. It’s clear that in terms of median home prices, we’re heading in the right direction. While we don’t expect median prices will make huge gains this year, they should remain relatively stable as we work our way through an inventory that is still larger than usual” said Jeremy Willits, 2010 President of the Association.

At the close of the month, there were 9,171 homes actively listed for sale with the Charleston Trident Multiple Listing Service, a 13% decrease from January of 2009, when there were 10,636 homes on the market.

Long-Term Review: January Median Sale Price
BERKELEY COUNTY
Preliminary numbers for January 2010 in Berkeley County show 82 sales at a median price of $161,000. Final numbers for January 2009 recorded 117 properties changing hands at a median price of $161,996.

CHARLESTON COUNTY
Charleston County led the region with the largest sales and price increases. Preliminary data for January 2010 shows 231 closed sales at a median price of $245,000. Final numbers for January 2009 show 210 properties sold at a median price of $234,950.

DORCHESTER COUNTY
Preliminary data shows 81 properties sold at a median price of $150,000 in January 2010 in Dorchester County. In January 2009, final numbers show 91 homes sold at a median price of $160,000.

# # #


With approximately 4,000 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®.

Residential Real Estate Sales Increase Again in December

Residential Real Estate Sales Increase Again in December
Median Sale Prices at Annual Peak

CHARLESTON, SC—(January 12, 2010) Rounding out a year of stabilization, 618 residential real estate sales in December shows an increase of 30% when compared to sales one year ago today. The $195,534 median home price reflects the peak of prices in 2009 and a slight 2% increase over December 2008. December 2008 posted 476 total closings, with a median sale price of $191,600.

Several months of strong sales, prices that are growing at a sustainable rate and decreasing inventory are excellent indicators that a Charleston market recovery is underway. “Last December, we were looking at a 33% drop in sales and a 9% decrease in median prices from December 2007. We’re in a much more positive place at the end of 2009, actually seeing market increases. While we don’t anticipate tremendous growth in 2010, we do expect to see continued steady growth over the next year”, said CTAR President, Jeremy Willits.

3-Year Review: December*

Sales + - % Median Sale Price + - %
2009 618 +30% $195,534 +2%
2008 476 -33% $191,600 -9%
2007 713 - $210,000 -

*this data reflects the market activity as of the 10th of January for each year.

At the close of the month, there were 8,940 homes listed for sale with the Charleston Trident Multiple Listing Service.

The 2009 Year in Review market report will be released next Wednesday, January 20.

BERKELEY COUNTY
The Berkeley County market remains stable when compared with December of 2008. Last year, 145 properties were sold at a median price of $173,000. In December 2009, 141 properties changed hands at a median price of $170,112.

CHARLESTON COUNTY
Once again, Charleston County leads the region in sales and price increases. Last December, 239 properties changed hands at a median price of $235,000. This year, 313 properties were sold at a median price of $250,000, equating to a 31% increase in sales and a 6% increase in sale price.

DORCHESTER COUNTY
Dorchester County showed a slight 3% increase in sales over December 2008—142 homes sold in 2008 and 146 sold in December 2009. Prices show a 14% decline from last December’s uncharacteristic peak of $195,808 to a more typical price of $167,830.

# # #

With approximately 4,000 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®. To learn more, visit www.CharlestonRealtors.com

Charleston-Area Residential Real Estate Sales Soar in November

Charleston County Home Sales Double Over 2008 Levels, Leads Regional Recovery

CHARLESTON, SC—(December 10, 2009) The Charleston-area residential real estate market continues to show signs of a strong recovery. Led by incredibly strong sales in Charleston County, preliminary data from the Charleston Trident Association of REALTORS® showed 783 closed transactions in November, with a median sale price of $173,000.

As of December 10, 2008, 435 properties had been sold at a median price of $185,503. This month’s numbers reflect an unprecedented 80% increase in home sales and the third consecutive month of increases.

This type of activity is uncharacteristic for November, and likely attributable to the passing of the original homebuyer tax credit deadline, which was November 30. The tax credit deadline has been extended to April 30, 2010 and expanded to include provisions for existing homeowners. More information on the new tax credit is available here.

Inventory sits at this year’s lowest level, with 9,429 properties listed as “active” with the Charleston Trident Multiple Listing Service, as of November 30, 2009.

BERKELEY COUNTY

Home sales in Berkeley County were up 65% in November, with 196 sales at a median price of $154,700, compared to November 2008’s 119 sales at $170,000.

CHARLESTON COUNTY

Charleston County showed the greatest gains in the region during the month. Sales doubled over last year, and median prices are within 1%of 2008 levels. 361 properties changed hands in November at a median price of $225,000, in stark contrast to 2008’s 170 sales at a median price of $227,738.

DORCHESTER COUNTY

Sales continued to be strong in Dorchester County, up 42% year-over-year. 199 properties sold at a median price of $150,000 this month, compared to 140 properties at a median price of $169,995 in 2008.


# # #

With approximately 4,000 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®. To learn more, visit www.CharlestonRealtors.com

WELCOME TO BOOMTOWN

Citing Boeing and tourism, economist sees strong area rebound

By Yvonne Wenger
The Post and Courier

Thursday, December 3, 2009

COLUMBIA -- Boeing and tourists are expected to lift the Charleston economy out of the nationwide recession next year and perhaps skyrocket the Lowcountry into the top 10 growing economies in the United States, a University of South Carolina economist said Wednesday.


The outlook for the rest of South Carolina is not so bright, although small gains also signal a statewide end to the two-year recession, Doug Woodward said at the Darla Moore School of Business' 29th annual Economic Outlook Conference.

"There is a recovery unfolding," Woodward said. "The recession is over."

Personal income will grow by 3.3 percent and the job base will see a 0.2 percent uptick, but neither is expected to be enough to draw down the record-high unemployment rate, Woodward said.

The recovery is fragile, he said; any shock to the financial market could send the state back into an economic downturn.

Boeing changes it all

Boeing's decision to locate its second Dreamliner jet production line in North Charleston will pay dividends in the state for years to come, Woodward said.

Boeing is expected to create at least 3,800 jobs and invest more than $750 million in seven years. The expected investment is the largest made anywhere in the country in 2009, Woodward said.

"We are very fortunate to have a major capital investment in South Carolina," he said. "That will have a big impact in the Charleston area and, I think, over time, will spread its influence throughout the South Carolina economy."

Boeing's direct influence in the Lowcountry will signal to the rest of the country that the area is one of the best places for business going forward for the next couple of years, Woodward said.

Besides being a confidence booster, Boeing's influence will start as a big construction project, and in the next couple of years produce a cluster of activities in the Lowcountry, he said.

The jobless rate will stay relatively low in the Charleston area compared to the rest of the state because of the Boeing impact, he said.

Statewide unemployment will average 11.2 percent in the next year before it is expected to leave the double-digits, Woodward said. It will, however, take years to get back to pre-recession unemployment, which was half that rate, he said.

The statewide rate for October is 12.1 percent and 9.7 percent in Charleston.

The Charleston area economy also is tied closely to tourism, and Woodward said tourism should pick up. Leisure and hospitality dropped by 3.8 percent from 2008 to 2009.

"People are going to take vacations," Woodward said. "There will be more foreign tourists, especially the Canadians, with the dollar depreciating. The weaker dollar means that foreign tourists have more money to spend here. They will look at the U.S. as an attractive destination."

Personal income growth, which includes rental income, dividends, interest and profits, had a 1.4 percent decline in 2009.

Even though the projected increase in income growth is small -- an estimated 1.3 percent after inflation is factored in -- the growth will have a cascading effect throughout the economy reaching down to retail sales and other areas, Woodward said.

Consumers are needed

He credited federal stimulus efforts with helping to strengthen the economy.

The $787 billion American Recovery and Reinvestment Act infused some cash, the first-time homebuyer tax credits helped kick-start the housing market, and work by the U.S. Treasury and Federal Reserve opened up financial markets for lending, all of which have influenced the expected recovery in South Carolina.

Continued growth will depend on moderate energy and fuel costs, a housing rebound and a steady stock market, Woodward said. Consumers are another piece of the puzzle.

"Consumers, who have been sharply cutting spending, will have to get back in the market to have a vigorous recovery. It will be important to see how retail sales perform this Christmas," he said.

Woodward put together the economic outlook with fellow USC economist Paulo Guimaraes, but university President Harris Pastides acknowledged the limitations of a forecast.

"Let's look into the crystal ball," he said as the conference began.

Reach Yvonne Wenger at 803-926-7855 or ywenger@postandcourier.com.
File photos by Brad Nettles(top)and Leroy Burnell - Staff

http://www.postandcourier.com/news/2009/dec/03/welcome-to-boomtown/

Residential Real Estate Sales Up 31% from October 2008

CHARLESTON, SC—(November 10, 2009) Preliminary data from the Charleston Trident Association of REALTORS® showed a 31% increase in closed sales year-over-year. 721 homes sold this October, as compared to 549 homes in October 2008.

The increase in sales is largely attributed to a more affordable market, as buyers take advantage of the robust inventory of fairly priced homes. In line with the national trend of an 11% decrease in median price, the Charleston area saw median home prices settle to just under $170,000 in October, a 13% variation in price from 2008.

Inventory dropped slightly again, with 10,631 homes currently listed for sale with the Charleston Trident Multiple Listing Service.

BERKELEY COUNTY
Berkeley County sales were up 25% from October of last year; 186 homes sold at a median price of $155,000. In October of 2008, 149 homes sold at a median price of $169,900.

CHARLESTON COUNTY
In the last 30 days, 339 homes sold at a median price of $205,000 in Charleston County. That reflects a 9% increase in sales, from last year’s 312 closings during the month of October.

DORCHESTER COUNTY
Sales in Dorchester County increased by 53% year-over-year; 177 homes sold at a median price of $152,700 compared to 116 sales at $167,663 in October 2008.

2ND CONSECUTIVE MOTH OF GROWTH IN RESIDENTAL REAL ESATE SALES

CHARLESTON, SC—(July 10, 2009) For the second month in a row, the Charleston-area residential real estate market showed an increase in sales and median prices. Data from the Charleston Trident Association of REALTORS® shows 732 transactions closed in June, with a median sale price of $192,626.

“Sales typically peak during the summer months, so an increase isn’t unusual, but sales are certainly being supported by sellers pricing their homes to align with market expectations, as well as an influx of homebuyers utilizing the $8,000 tax credit. The modest increases in median price are an excellent indicator of a recovering market—prices are not escalating rapidly, but increasing steadily. This type of activity is what will help the market stabilize” said Gettys Glaze, President of the Charleston Trident Multiple Listing Service.

Inventory remains steady with 11,173 homes currently listed for sale with the Charleston Trident Multiple Listing Service.

SIX-MONTH MARKET RECAP

2009 TOTAL SALES % +/- MEDIAN SALE PRICE % +/-
June 732 8% $192,626 3%
May 678 31% $187,000 3%
April 518 -9% $181,303 -2%
March 568 56% $185,000 1%
February 363 -2% $183,180 4%
January 372 - $176,750 -

COLLEGE OF CHARLESTON HOME VALUE INDEXSM
The College of Charleston Monthly Home Value IndexSM indicates that the value of a typical home in the Charleston Tri-County Area increased by 2.51% in June, 2009. In comparison, the change in the index value was +8.61 in May, 2009, and -5.17% in April, 2009. The index tracks the value of a “typical” home in each defined geographic area (tri-county and smaller areas) over time. The index should not be interpreted relative to the value of all homes, but to the value of a “typical” home with the contributions to value from that home’s features evaluated at the average estimated prices of those individual features. To view details of the College of Charleston’s Home Value IndexSM, please click here.

BERKELEY COUNTY
Following several months of quiet stability, June sales and median prices in Berkeley County jumped to year-to-date highs of 160 homes sold at a median price of $172,361. The areas surrounding Highway 52 and Highway 17-A supported nearly half of the county’s total sales. The Cane Bay subdivision had the highest number of closed transactions in the county.

CHARLESTON COUNTY
Sales in the Charleston County market remained relatively stable through June, with 364 homes sold at a median price of $254,500. June was the third time this year that more than 300 transactions have closed during a one-month period in Charleston County. Once again, the area of Mount Pleasant South of Highway 41 had the most activity, with 77 homes sold.

DORCHESTER COUNTY
The number of homes sold increased again in Dorchester County during the month of June, reaching a year-to-date high of 188 closed sales. The median price remained stable at $162,250. The majority of market activity took place in Summerville and Ladson. The Farm at Wescott Plantation showed the most activity among subdivisions.

RESIDENTIAL REAL ESTATE MARKET CONTINUES TO STABALIZE

If you have questions about the value of your property or are considering making a move to or from the greater Charleston, South Carolina area please feel free to call Owen at 843.224.5398 or e-mail him directly at Owen@OwenTyler.com

Charleston REALTORS® Launch Smart Growth Site

The Charleston Trident Association of REALTORS® has launched a new Web site designed to engage Lowcountry residents in discussions related to smart growth and community development.

PreserveOurLowcountry.com will engage the public to get involved in the decision-making process related to how the Lowcountry can grow, maintain and preserve its sense of identity while still being an attractive place for newcomers.

http://www.preserveourlowcountry.com/

If you have any questions or would like to discuss the possibility of having me represent you on the sale of your home or the purchase of a home, you can contact me directly at 843-224-5398 Owen Tyler Realtor® Carolina One Real Estate.