Midyear Data Shows Healthy Growth, Sustainable Gains in Charleston Real Estate Market

 

According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 1,272 homes sold at a median price of $209,950 in July. Last July, 972 homes sold at a median price of $209,950 in the Charleston region.

 

Year-to-date, residential sales volume has increased 24% over this time last year and prices have risen by 10%. At the end of July 2012, 5,973 homes had sold at a median price of $182,400. This July, 7,417 homes have sold at a median price of $200,834.

 

Sales volume and median home price has increased steadily over the last 12 months as the Charleston region leads the state in terms of real estate market recovery. “Charleston is a very desirable place to be, aesthetically, but people and businesses are flocking here because of our thriving economy as well,” said 2013 CTAR President Owen Tyler.

 

At the REALTOR® Association’s midyear market update last week, research economist Dr. Joseph Von Nessen cited the region’s strong economic growth over the last year as a major contributor to the area’s strengthened housing market, but did warn that slowing job growth could have an impact on sales later in the year.  “We may see a slight adjustment in the pace of sales growth, but as Dr. Von Nessen mentioned, it’s unlikely that we will see any type of contraction in the market” said 2013 MLS President, Dave Sansom. “We expect to end the year showing a significant gain in sales volume over 2012 and ongoing growth in pricing as well—especially as inventory remains at this low level” added Tyler.

 

Inventory has held steady in the mid-5,000 home range for most of this year, with 5,770 homes listed as actively for sale in the Charleston Trident Multiple Listing Service (MLS) at the end of July. Comparatively, there were slightly more homes for sale at the end of last July, when 6,328 homes were on the market.

 

June AdjustmentPreliminary figures for June 2013 indicated 1,314 homes sold at a median price of $219,340. Adjusted figures now show 1,338 homes sold at the same median price.

 

Berkeley CountyIn July, the Berkeley County market posted its highest number of sales for the year, an increase of nearly 100 monthly transactions when compared to July 2012. 289 homes were sold at a median price of $170,000 in the county last month. Year-to-date, the county shows a 25% increase in sales volume with 1,566 total sales and nearly 4% growth in prices—a healthy, sustainable pace—as the median price climbed to $168,000.

 

Charleston County

Charleston County sales increased at a similar rate to those of its sister counties in July, with 702 sales at a median price of $265,000.  The county is tracking year-to-date increases of 24% in sales volume and 9% growth in prices—so far this year, 4,241 homes have sold in Charleston County at a median price of  $245,000.

 

Dorchester County

241 homes sold at a median price of $175,000 in Dorchester County in July.  The county leads the region in year-to-date sales volume growth, with 26.5% more sales than 2012 and stability in pricing, with less than 1% variance over 2012’s year-to-date figures. So far in 2013, there have been 1,387 residential transactions with a median price of $167,215.

 

Data prepared by the Charleston Trident Association of REALTORS®

Just how expensive is it to buy a parking spot?

What does $465,000 buy you in London? A parking space (but just for 91 years)


                                                                    Courtsey Kay & Co

This parking space in London's Hyde Park Gardens is on sale for $465,000

By Henry Austin, NBC News contributor

LONDON -- A parking spot has been put on the market in Britain's capital for an eye-watering $465,000.  

Measuring just 11 feet by 12 feet, the space is located in the exclusive Hyde Park Gardens neighborhood near Buckingham Palace, where houses often cost millions of dollars and parking is also at a premium.

Despite costing almost twice as much as the average U.K. home, real estate agents Kay and Co said several people have already expressed interest in the six-figure spot, which is being sold with a 91-year lease.

"We anticipate that the space will attract interest from local residents eager to secure parking close by," associate director Mathew Abernethy said. He added that the company had sold two spaces in the same row for more than $387,000 in the past 18 months.

 

"You have a large apartment there that has sold for over $9 million that doesn't have any parking and the people who are in the sort of bracket want parking," Abernethy said. 

However, the company had also sold a studio apartment nearby for just $775 less than the price of the space.

With parking rates in some parts of central London average about $60 for 24 hours and parking fines start at $123, Abernethy pointed out that calculated over the course of the lease the daily rate works out to just $14.25.

"When you look at it in those terms it's very cheap," he said. 

With space at a premium in cities worldwide, the price of parking has risen across the globe.
In 2009, a parking spot in Boston sold for $300,000 and it was reported last year that a spot in Manhattan was on the market for more than $1 million.

However, $465,000 would buy you a four-bedroom house in Kansas City.

Charleston School Rankings Released

 

(information below compiled for CCSD & Chris Winston, Editor of the online Patch.com) 

The Charleston County School District saw its federal accountability grade fall 6 points in 2013.

The district scored 83.2 on the 100-point scale, for a B grade, in 2013. In 2012, the Charleston County School District scored 89.2, also a B.

The grade, posted for each school and district statewide and released by the S.C. Department of Education on Thursday morning, is part of the federal No Child Left Behind legislation.

State Education Superintendent Mick Zais was granted a waiver to change from the federal Annual Yearly Progress scorecard (Met/Not Met) to a new scoring system that he believed provided more depth to districts and parents.

According to SCDE spokesman Jay Ragley, every district, school (charter, magnet or traditional) and subgroup (race, gender, etc.) was given the same targets for 2013 in reading/language arts and math. And those goals represented an improvement, or increase, over 2012.

Here are the individual 2013 results for Charleston County schools:
MT PLEASANT ACADEMY A 100.0
SULLIVANS ISLAND ELEMENTARY A 100.0
BUIST ACADEMY A 100.0
CHARLESTON SCHOOL OF THE ARTS A 100.0
ACADEMIC MAGNET HIGH A 100.0
FT JOHNSON MIDDLE A 99.9
STILES POINT ELEMENTARY A 99.8
DRAYTON HALL ELEMENTARY A 99.3
ASHLEY RIVER CREATIVE ARTS A 99.2
JENNIE MOORE ELEMENTARY A 98.8
ST ANDREWS SCHOOL OF MATH & SCIE A 98.7
BELLE HALL ELEMENTARY A 98.6
JANE EDWARDS ELEMENTARY A 98.5
LAING MIDDLE A 98.5
EAST COOPER MONTESSORI CHARTER A 98.5
CHARLESTON CHARTER SCHOOL FOR MA A 98.5
ORANGE GROVE CHARTER A 98.3
HAUT GAP MIDDLE A 97.5
MINNIE HUGHES ELEMENTARY A 95.5
SPRINGFIELD ELEMENTARY A 95.5
MILITARY MAGNET ACADEMY A 95.2
CHARLESTON DEVELOPMENTAL ACADEMY A 95.2
STONO PARK ELEMENTARY A 95.0
LINCOLN HIGH A 93.2
WANDO HIGH A 93.2
MATILDA F DUNSTON ELEMENTARY A 93.0
HARBOR VIEW ELEMENTARY A 92.5
THOMAS C. CARIO MIDDLE A 92.3
MAMIE WHITESIDES ELEMENTARY A 90.8
MURRAY-LASAINE ELEMENTARY A 90.1
CHARLES PINCKNEY ELEMENTARY A 90.0
OAKLAND ELEMENTARY B 89.6
JAMES ISLAND CHARTER HIGH B 89.6
MALCOLM C HURSEY ELEMENTARY B 87.8
MOULTRIE MIDDLE B 87.3
JAMES ISLAND MIDDLE B 87.2
C E WILLIAMS MIDDLE SCHOOL FOR C B 87.1
MORNINGSIDE MIDDLE B 85.3
JAMES B EDWARDS ELEMENTARY B 84.9
JAMES ISLAND ELEMENTARY B 83.4
MITCHELL ELEMENTARY B 82.5
E B ELLINGTON ELEMENTARY B 81.2
PEPPERHILL ELEMENTARY C 77.0
MARY FORD ELEMENTARY C 74.4
CLYDE SANDERS ELEMENTARY C 74.0
HUNLEY PARK ELEMENTARY C 72.2
ST ANDREWS MIDDLE C 71.9
LADSON ELEMENTARY D 69.9
W B GOODWIN ELEMENTARY D 66.5 B
BURKE HIGH D 66.2
CHARLESTON PROGRESSIVE D 63.2
WEST ASHLEY HIGH D 62.2
MT. ZION ELEMENTARY D 62.0
C C BLANEY ELEMENTARY D 61.2
A C CORCORAN ELEMENTARY D 60.4
NORTH CHARLESTON ELEMENTARY F 59.6
JERRY ZUCKER MIDDLE SCHOOL OF SC F 59.6
EDITH L FRIERSON ELEMENTARY F 57.5
NORTHWOODS MIDDLE F 57.1
EDMUND A BURNS ELEMENTARY F 54.9
PINEHURST ELEMENTARY F 54.9
LAMBS ELEMENTARY F 53.7
JAMES SIMONS ELEMENTARY F 52.8
GARRETT ACADEMY OF TECHNOLOGY F 52.5
ST JOHNS HIGH F 50.4
ANGEL OAK ELEMENTARY F 47.8
BAPTIST HILL HIGH F 47.6
APPLE CHARTER SCHOOL F 47.2
MEMMINGER ELEMENTARY F 46.8
NORTH CHARLESTON HIGH F 46.2
WEST ASHLEY MIDDLE F 43.9
R B STALL HIGH F 38.9
CHICORA ELEMENTARY F 34.0
ST JAMES-SANTEE ELEMENTARY F 20.0

Also on Thursday, the state released figures on high school exit exams.

More than 83 percent of the 2,820 Charleston County students who took the exit exam for the first time passed.

Here are Charleston County schools, the number who took the test for the first time and the percent who passed:

Academic Magnet High 160 100.0
Baptist Hill High 59 91.5
Burke High 79 59.5
Charleston Charter School for Math and Science 54 90.7
Charleston School Of The Arts 153 99.3
Garrett Academy of Technology 157 73.2
Gregg Mathis Charter High (Youthbuild) 11 45.5
James Island Charter High 336 85.1
Lincoln High 24 66.7
Military Magnet Academy 57 91.2
North Charleston High 101 57.4
R. B. Stall High 240 58.3
St. Johns High 65 80.0
Wando High 897 94.2
West Ashley High 427 74.0

To read the original article visit http://mountpleasant-sc.patch.com/groups/schools/p/federal-standards-charleston-county-schools-remain-a-b_3ef2712e?ncid=newsltuspatc00000001&evar4=picks-1-post&newsRef=true

Charleston real estate professionals urge Sanford to protect market

South Carolina’s newest congressman says some government actions on Capitol Hill could hurt the Lowcountry’s real estate recovery. And people who work in the industry agree.

U.S. Rep. Mark Sanford picked real estate as the theme Friday in the latest in a series of town hall-style meetings he’s been holding since May, when he won the 1st Congressional District seat in a special election.

The former South Carolina governor said it was important for him as a federal lawmaker in Washington to understand what’s happening to the local housing market.

 

“This brings your feet back to earth ... this shows here’s something that is not working and we may want to tweak this, that or something else,” the Lowcountry Republican said after his remarks to the Charleston Trident Association of Realtors in North Charleston.

 

The local housing recovery has been a hot-button topic this year. Like many markets, the Charleston region is in the midst of a residential rebound that’s been helped by low interest rates and lower home prices compared to years ago, though both have been edging higher.

 

Friday’s meeting touched on topics such as the reform of the debt-laden federal flood insurance program, the Affordable Health Care Act, mortgage interest rates, and the threat of weakening the Federal Housing Administration’s role in housing financing for first-time and lower-income buyers.

 

Sanford, who was a partner in a local commercial real estate business before entering politics, spoke for about an hour. He opened with comments on why he was among those in the U.S. House who pushed for a one-year delay of reforms to the National Flood Insurance Program. That legislation is now making its way through the Senate.

 

Sanford, who called the bill “sensible,” said the federal insurer needs to explain more before implementing changes that trigger a jump in rates.

 

“I’ve been getting a lot of phone calls from Realtors up and down coast with alarm and what they are seeing is a dramatic increase in terms of premiums,” Sanford said.

 

Some of the more than 50 real estate professionals who attended the talk raised concerns about home financing, especially the possibility of Congress passing legislation to end Fannie Mac and Freddie Mac in a move that could doom the 30-year fixed-rate mortgage. Other legislation, if passed, could limit Federal Housing Administration-backed loan amounts and raise down-payment requirements.

 

“To change a program or to drastically hinder a program such as FHA ... by not having funds available for the people does drastically hurt not only the real estate industry, but the other industries that feed off the housing market,” aid Owen Tyler, president of the local Realtors group.

 

Tyler also called home ownership “the stability of this country, and when we continue to increase cost of home ownership we put up barriers.”

Reach Tyrone Richardson at 937-5550 and follow him on Twitter @tyrichardsonPC.

Rising flood insurance rates a growing fear in Lowcountry

Recent article on InsuranceNewsNet.com picked from the Post & Courier regarding the potential increase in flood insurance in the greater Charleston  

By Tyrone Richardson, The Post and Courier, Charleston, S.C.

McClatchy-Tribune Information Services

July 28--Michael Sally, who works in the real estate business, went on a road trip in May.

His destination: Washington, D.C. The purpose: to hear first-hand how the Federal Emergency Management Agency intends to implement reforms to its flood insurance program.

Sally's interest and concern centers on the prediction that monthly premiums will rise sharply for millions of property owners across the country, including many in the Lowcountry.

The broker-in-charge of the Charleston real estate firm Pathway Real Estate Group described some unease after hearing the plan.

"This will be a tremendous blow to our communities," Sally said. "We have to press Congress to delay implementing this until we can see how to keep it affordable."

He and others describe a double-whammy for homeowners who are already reeling from overall increases in property insurance premiums, which are a separate expense from the federal flood program.

"You've got to think about retired people and others on a fixed income. This will have a major impact on their monthly expenses," said Andrew Muller, a property and liability insurance adviser at Neace Lukens. Local real estate professionals aren't alone in urging federal lawmakers to halt the massive reform to the debt-laden National Flood Insurance Program.

Similar efforts are taking place throughout the nation. Low-lying parts of South Carolina, Florida and other states could be hit hard by new government land surveys, which could trigger flood insurance premium increases so big that property owners in those areas might no longer be able to afford the coverage.

At issue are homeowners whose flood premiums historically have been "grandfathered" at lower rates if they followed the rules in place at the time they bought or built their home. Under last year's bipartisan overhaul, many of these people would face higher premiums when the new flood maps are issued next year.

The Senate Appropriations Committee approved a one-year delay on the rate increase as part of a $39 billion spending bill funding the Department of Homeland Security. The delay already has passed the House as part of its version of the spending bill, and now its fate is up to a future Senate vote.

U.S. Sens. Tim Scott and Lindsey Graham, both S.C. Republicans, could not be reached for comment. U.S. House members who voted in favor of the year delay include Rep. Jim Clyburn, D-S.C., and Rep. Mark Sanford, R-S.C.

Clyburn said there is a need to make the flood insurance self-sustainable, but "we have not addressed the affordability component for homeowners who could see their rates quadruple."

"We need to delay the rate increases to give us time to find a more equitable solution," he said.Sanford echoed similar thoughts, asking for FEMA to provide more details. "Everybody knows rates are going up, but I think it is important to explain for what reasons, and that's a basic if you're going to charge more," he said.

The overhaul

The name of the overhaul is the Biggert-Waters Flood Insurance Reform and Modernization Act of 2012. It passed last year with sweeping bipartisan support. The government's flood insurance initiative has required more than $24 billion in bailouts since being established in 1968, with billions of dollars in additional costs from Superstorm Sandy still being tallied.

Most of the losses came because of subsidized rates and losses from repeat claims on homes and businesses that get flooded every few years. The federal program subsidizes rates for about 20 percent of the 5.6 million dwellings it insures, FEMA officials have said. Subsidies are applied to "pre-firm" structures, describing those that predate the first flood insurance rate maps in the 1960s.

The assistance was made available to help people afford coverage even though their dwellings weren't constructed with flood protection in mind. Some reforms are going ahead, such as requiring higher rates for second homes.

In October, premiums on businesses in flood zones and homes that have been severely or repeatedly flooded will climb 25 percent a year until the rates represent the "true risk" of flooding.

And subsidized rates will lapse when a home is sold or flooded repeatedly. The delay would provide relief to people whose older homes were built to the flood code in previous years or decades ago but would be judged to be at greater risk under new flood maps.

Higher rates on these grandfathered homeowners would otherwise start taking effect late next year, and some homeowners face multi-fold premium increases that could make their payments unaffordable.

Local lobbying

The Charleston Trident Association of Realtors is orchestrating efforts to understand the impact of rising flood rates on the region. That includes gathering survey information from its members and homeowners as it works with state and national counterparts to determine if the reform needs to be evaluated.

Ryan Castle, the association's government affairs director, said there's been limited feedback so far, largely because of uncertainty about the rate increases.

Owen Tyler, 2013 president of the association, said he expects an outpouring once rates start to hit property owners in the pocketbook. "I expect when 'assumable' flood policies go away and rate increases start, our membership and anyone with a flood policy or needing a flood policy will have something a good bit more to say," he said.

For now, the uncertainty has already grown some fears that the rate increases could stem the recovery in the local housing market. Interest rates already are edging higher. If flood premiums jump, it could push potential buyers from the market, some coastal Realtors say.

"The biggest concern is the uncertainty," said Andy Twisdale, a real estate agent on Hilton Head Island. "It seems like nobody has a handle on what the results will be." Sally said the uncertainty could have buyers halting a home purchase.

"Flood insurance has always been a factor when people look at purchasing a home, and now we have a scary unknown when we talk about the future of those rates," he said. Supporters of last year's flood insurance changes say delaying the premium increases means people whose homes are at lower risk of being flooded will have to pay higher premiums to subsidize those living in flood zones.

"Delaying risk-based flood insurance rates doesn't delay homeowners' vulnerability or delay the insolvency of the program," said Steve Ellis of Taxpayers for Common Sense, a Washington, D.C.-based watchdog group.

"Lower-risk homeowners will see their rates increase disproportionately to offset the revenue lost from delayed rate increases on higher-risk properties."

Reach Tyrone Richardson at 937-5550 and follow him on Twitter @tyrichardsonPC.
The Associated Press contributed to this story.

___

(c)2013 The Post and Courier (Charleston, S.C.)

Visit The Post and Courier (Charleston, S.C.) at www.postandcourier.com

Distributed by MCT Information Services

Double-digit trends in midyear home reports

Halfway through 2013, Charleston Real Estate Market Shows Stability and Progress

 

CHARLESTON, SC—(July 10, 2013) According to preliminary data released today by the Charleston Trident Association of REALTORS®, 1,314 homes sold at a median price of $219,340 in June. Last June, 1,059 homes sold at a median price of $199,900 in the region.

At this time last year, 5,000 homes had sold at a median price of $181,700. Year-to-date data for 2013 shows that 6,117 homes have sold in the region at a median price of $200,440—a 22% increase in sales and a 10% increase in median price for the year.

Inventory still remains remarkably low, with 5,655 homes listed as “active” for sale with the Charleston Trident Multiple Listing Service (CTMLS). “We continue to monitor the low inventory trend in our region,  as well as specific areas of the Lowcountry like Mount Pleasant and West Ashley, where finding an available home in the most popular price ranges--$200 and $300,000—is increasingly difficult” said 2013 CTMLS President, Dave Sansom.

Halfway through the year, the Charleston market is performing exceptionally well and is showing a strong basis for ongoing growth. “While more than half of the transactions are being conventionally financed, nearly a quarter of homes are being paid for in cash, which indicates a healthy mix of traditional buyers and professional investors purchasing homes in our market” said 2013 CTAR President Owen Tyler.  “Interest and activity among prospective buyers is still very strong and doesn’t appear to have been negatively impacted by the recent adjustments in mortgage rates. However, it’s still fairly early to make a clear assessment on how much the recent rate changes will affect the Charleston market” said Tyler. While mortgage rates have risen since the start of the busy summer buying season, they are still at historic lows and did ease slightly last week, from an average of 4.6% to 4.29% for a 30-year fixed loan.

 

MAY ADJUSTMENTPreliminary data reported for May indicated that 1,277 homes sold at a median price of $212,000. Adjusted numbers now show 1,291 homes sold at a median price of $213,000.

 

BERKELEY COUNTY

Both buying and pricing trends in Berkeley County are trending strongly upward—281 homes sold in the county in June, at a median price of $189,000. In June 2012, 208 homes sold at a median price of $164,300.

CHARLESTON COUNTY

752 homes sold at a median price of $255,500 in Charleston County in June. While sales volume declined slightly from May, when 770 homes sold, it has increased significantly since June 2012, when 627 homes sold at a median price of $239,390.

 

DORCHESTER COUNTY

Home sales spiked in Dorchester County in June, with the County’s highest level of sales since June 2010. 249 homes sold at a median price of $179,000 in June. Comparatively, 182 homes sold last June at a median price of $157,500.

 

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®.