Saturday, December 31, 2011
Friday, December 16, 2011
Charleston Buyers in late 2011 - GUEST BLOGGER
By: Lillian Swift
lillyswift8@gmail.com
It’s very often that trends and statistic updates in the real estate industry focus on the stance of the sellers. A buyer’s prospective could be more important even though focus is often shined on the selling point. The decision for the buyer can certainly be affected by recent trends and statistics, but it’s more likely to depend on some of the important factors for their family or selves.
When it comes to prospective buyers, a report that’s focused from outside the seller is usually rare. Even though this is hard to find, a buyer’s view is just as important. One of the major factors for current buyers in 2011 is the record low mortgage rates throughout the United States, as well as locally in Charleston. Many of the rates around the nation have gone into the sub four ranges, including here in the area. In Charleston, there is 4.012 APR for a 30 year, fixed rate mortgage, being a very enticing proposition for potential buyers who are mulling.
The rising rental rates throughout the country and locally could also have an effect in the mind of a buyer. For the two bedroom level (those who would be interested in buying a home), Charleston apartments currently average $890 a month, up nine percent and close to $80 from the outset of the year. Combined with low mortgage rates, the rising apartment averages could be a major resource point for potential buyers.
As a potential buyer in the real estate market, it’s important to remember that trends aren’t likely to have a large portion in the decision process, rather just a small influence. Many of the national and local real estate sources online often have many common statistics in the headline. These are usually focused on factors such as sale price, inventory, as well as average length on the market and average price.
Inventory is one of the more common headline statistics that may have more of an effect on the potential buyer. This is because it actually shows what is available in the area, as well as possible choices on properties. Sale price and average price could have an effect on potential buyers, but not really unless there is a steep increase or deep decrease.
Buyers will most likely base their decision on prime factors such as location, taxing, cost of living and schooling, as well as some others. Even though recent real estate statistics can certainly give a good framework of the market, the situation will drive the sale, considering both the property and the feelings of the potential buyer.
Lillian Swift is a creative writer from the University of Michigan. As an aspiring writer she specializes in writing about travel detestations and tourism. Swift can be contacted at lillyswift8@gmail.com
lillyswift8@gmail.com
It’s very often that trends and statistic updates in the real estate industry focus on the stance of the sellers. A buyer’s prospective could be more important even though focus is often shined on the selling point. The decision for the buyer can certainly be affected by recent trends and statistics, but it’s more likely to depend on some of the important factors for their family or selves.
When it comes to prospective buyers, a report that’s focused from outside the seller is usually rare. Even though this is hard to find, a buyer’s view is just as important. One of the major factors for current buyers in 2011 is the record low mortgage rates throughout the United States, as well as locally in Charleston. Many of the rates around the nation have gone into the sub four ranges, including here in the area. In Charleston, there is 4.012 APR for a 30 year, fixed rate mortgage, being a very enticing proposition for potential buyers who are mulling.
The rising rental rates throughout the country and locally could also have an effect in the mind of a buyer. For the two bedroom level (those who would be interested in buying a home), Charleston apartments currently average $890 a month, up nine percent and close to $80 from the outset of the year. Combined with low mortgage rates, the rising apartment averages could be a major resource point for potential buyers.
As a potential buyer in the real estate market, it’s important to remember that trends aren’t likely to have a large portion in the decision process, rather just a small influence. Many of the national and local real estate sources online often have many common statistics in the headline. These are usually focused on factors such as sale price, inventory, as well as average length on the market and average price.
Inventory is one of the more common headline statistics that may have more of an effect on the potential buyer. This is because it actually shows what is available in the area, as well as possible choices on properties. Sale price and average price could have an effect on potential buyers, but not really unless there is a steep increase or deep decrease.
Buyers will most likely base their decision on prime factors such as location, taxing, cost of living and schooling, as well as some others. Even though recent real estate statistics can certainly give a good framework of the market, the situation will drive the sale, considering both the property and the feelings of the potential buyer.
Monday, December 12, 2011
Charleston Real Estate Market Shows Strength and Stability in 2011
Charleston Real Estate Market Shows Strength and Stability in 2011Sales Volume Up, Stability in Median Price, Inventory moves to new 5-year Low
CHARLESTON, SC—(December 12, 2011) According to preliminary figures released by The Charleston Trident Association of REALTORS® (CTAR) 648 homes sold at a median price of $191,500 in November, while inventory declined again to reach a new low of 7,258 homes listed as actively for sale. Last November, 588 homes sold at a median price of $189,700 as inventory stood nearly 20% higher than the current level. “The continued decline of inventory is an important factor in maintaining the stability and health of our local market, as we anticipate the addition of bank-owned inventory in the early stages of 2012” said Rob Woodul, 2011 President of CTAR.
Compared to last November, sales volume is up by 10% and the median home price is a slight 1% higher.
“2011 has been a pivotal year for the Charleston real estate market. Without the support of a tax credit or other incentives, our market had to stand on its own and it did so considerably well. We’ve had 11 months of relatively stable activity and are beginning to close the gap on prices—which will likely be affected by additional foreclosed inventory next year. However, continued job growth and economic development in our region should help soften the potential negative effects of that bank-owned inventory” said Woodul. “This year, local REALTORS® have helped nearly 8,500 individuals or families make an investment in the Charleston area. Whether the market is up or down, helping people and families find a place to call home only adds to our region’s stability and strengthens our sense of community” said Woodul.
Year-to-date, 8,453 homes have sold at a median price of $180,796, which indicates nearly 5% sales growth and a 3% decline in prices compared to this point in 2010, when just over 8,000 homes had sold at a median price of $187,00.
October Adjustment
Preliminary numbers reported for October 2011 indicated 670 homes sold at a median price of $190,000. Adjusted numbers now show 677 sales at the same median price.
168 homes sold at a median price of $175,312 in Berkeley County in November—a considerable improvement from last November, when 138 sales resulted in a median price of $169,187.
The most active area of the county was Goose Creek/Monck’s Corner from Highway 52 to the Cooper River, where 45 homes changed hands at a median price of $164,590. The most expensive homes in the County can be found on Daniel Island, where the median home price last month was $387,000. The most affordable homes in Berkeley County are in the area of St. Stephen/Bonneau, where the median home price was $57,900.
CHARLESTON COUNTY
335 homes sold at a median price of $225,848 in November in Charleston County; compared to 318 sales at a median price of $236,175 last November.
Outside of the county’s largest geographic area of Mount Pleasant, where 94 homes sold at a median price of $318,125, the most active area of the county was again, in West Ashley (outside I-526) where 51 homes sold at a significantly increased median price of $198,250. The most expensive homes in the County sold in the resort community of Wild Dunes, where 9 sales resulted in a median price of $827,900. The most affordable homes sold in North Charleston (inside I-526) where 16 homes changed hands at a median price of $55,000.
125 homes sold at a median price of $176,000 during November in Dorchester County, which shows a healthy increase in sales volume and notable increase in price, compared to last November’s 112 sales at a median price of $152,136. The most active area was Summerville/Ridgeville, where 68 homes sold at a median price of $186,400; also making it the most expensive area in November. The most affordable homes sold in the St. George/Harleyville area, where 4 homes sold at a median price of $112,500.
Monday, July 11, 2011
Residential Real Estate Sales Volume Down; Median Price Increases 6%
Both sales and prices made significant month-over-month gains. Sales volume is up 12% and median price increased 9% from May.
The jump in median price is likely attributable to increased activity among repeat or move-up buyers. “It is challenging to draw meaningful comparisons between these drastically different markets, however, the majority of activity last year was first-time buyers” said Rob Woodul, 2011 CTAR President. “Repeat, move-up and second home buyers generally purchase in a higher price range, which could explain the increase in median price” he said.
The exclusive resort—and largely second-home—community of Wild Dunes showed significant year over year increases, as sales volume more than doubled and June’s median price shot into the $800,000 range.
“We continue to see healthy levels of buyer interest and showings, which are important indicators of where our market could be headed, but we still have a significant amount of distressed inventory. In the next few months, prices will likely settle back into the $170-180,000 range, which is a more typical price range for this year” said Woodul.
There were 8,795 homes listed as actively for sale with the Charleston Trident Multiple Listing Service as of June 30, 2011.
Saturday, June 11, 2011
209 Marsh Oaks Dr | Charleston, SC | $649,000
209 Marsh Oaks on tidal creek. Amazing home close to Historic Charleston and I-526
Charleston Area Real Estate Market Makes Month Over
CHARLESTON AREA REAL ESTATE MARKET MAKES MONTH-OVER-MONTH IMPROVEMENTS
Year-over-year data continues to show the difference of a non-incentivized market
CHARLESTON, SC—(June 10, 2011) According to preliminary data released by the Charleston Trident Association of REALTORS® (CTAR) 804 homes sold at a median price of $179,945 in May, which reflects 8% less buying activity and a 4% reduction in median price when compared to May 2010, when 878 homes sold at a median price of $186,497, as buyers were responding to the appeal of the homebuyer tax credit.
Sales volume grew by 4% and median price increased by 3% from April to May.
"We anticipate declines in year-over-year sales volume through the third quarter of this year. The data we’re analyzing thus far in 2011 reflects activity in a non-incentivized market, so it’s difficult to draw meaningful comparisons over last year’s figures” said 2011 CTAR President Rob Woodul.
The tax credit required a ratified contract to be in place by April 30, with an initial closing deadline of June 30. Legislation enacted in July 2010 extended the deadline to September 30.
“Most of the transactions encouraged by the appeal of the tax credit closed in May, June and July of last year—we saw huge gains in sales volume during those months” said Woodul. “It’s unlikely that we’ll reach those levels this year and we won’t really be able to determine how well our market is adjusting until later this year” he added.
There were 8,895 homes listed as actively for sale with the Charleston Trident Multiple Listing Service as of May 31, 2011.
April Adjustment
Preliminary numbers reported for April 2011 indicated 776 homes sold at a median price of $175,000. Adjusted numbers now show 801 sales at a median price of $177,000.
BERKELEY COUNTY
192 homes sold at a median price of $147,815 in May. This data reflects a decrease in both sales and prices when compared to May 2010’s 202 sales at a median price of $165,517.
The area with the highest sales volume is bordered by Goose Creek-Monck’s Corner and Highway 52, where 42 homes changed hands. Daniel Island logged the County’s highest median sale price at $310,000, while the County’s most affordable area is Cross and Bonneau, where the median price was recorded at $55,000.
CHARLESTON COUNTY
421 homes sold at a median price of $226,000 in Charleston County in May. This reflects a decrease in sales and stability in pricing when compared to May 2010’s 475 sales at a median price of $228,000.
The most active area of Charleston County was Mount Pleasant, where 118 homes sold. The highest median price of $1,335,000 was on Sullivan’s Island while the most affordable area of the County is again in North Charleston (inside of I-526).
DORCHESTER COUNTY
165 homes sold at a median price of $164,900 in Dorchester County. This reflects stability in both sales and prices when compared to May 2010’s 170 sales at a median price of $165,000.
The highest sales volume in occurred in the Summerville/Ridgeville area of Dorchester County, where 21 homes changed hands. The area of North Charleston bordered by Summerville and Ladson recorded the County’s highest median price at $171,257. The most affordable area of Dorchester County in May was Saint George and Harleyville, with a median price of $58,000.
With approximately 3,500 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.
Tuesday, May 24, 2011
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