Category Archives: Real Estate (Market info)

This Category features Charleston area market data and information

04/17/2014 · 11:59 pm

REAL ESTATE; THIS SPRING WILL BE DIFFERENT

Every spring the housing market blossoms as buyers come out ready to purchase their dream house. This spring, we believe we are going to see the strongest purchasing market we have seen in a decade.

Why are we so bullish on the housing market this spring?  Here are a few reasons:

MILLENNIALS

Contrary to many reports, this age demographic is READY, WILLING and ABLE to become homeowners. As a matter of fact, the latest National Association of Realtors’ gender study revealed that the Millennial generation has recently accounted for a greater percentage of all buyers than any other generation.

BABY BOOMERS

As prices have risen, so has the equity in many homes across American. Homeowners, having been shackled to their house because of low or negative equity for the last several years, are again free to make a move without worrying about bringing cash to a closing table in order to sell. We believe this new-found freedom will release a pent-up demand of sellers who want to move-up to the home they’ve always dreamed of or want to downsize their primary residence and also purchase a second home they can use for vacation, retirement or both.

BOTH PRICES and MORTGAGE RATES are on the RISE

As the economy improves, more and more Americans are regaining faith that their own personal finances are headed in a positive direction. With this new confidence, they want to take advantage of the opportunity that presents itself with real estate still undervalued in most parts of the country and mortgage rates being well below historic numbers.

by KCM Crew

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04/15/2014 · 10:20 am

Berkeley County Activity Leads to Increased Home Sales in March

Berkeley County Activity Leads to Increased Home Sales in March

CHARLESTON, SC— According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 1,110 homes sold at a median price of $219,316 in March. Last March, 1,075 homes sold at a median price of $200,789 in the region.

Inventory increased significantly in March–there are currently 5,873 homes listed as ‘active’ for sale in the Charleston Trident Multiple Listing Service (CTMLS). Last March there were 5,745 homes available and last month, 5,565. A growing inventory will supply interested buyers with more choices and keep prices from inflating on an unrealistic basis.

“As the spring buying season begins, the expected trend has continued—a small but sustainable increase in sales” said 2014 CTAR President Corwyn Melette. “The additional inventory will result in more interested buyers and help keep our market stable over the next few months. The substantial sales gains this month in Berkeley County were supported by a concentration of activity in the new Cane Bay Plantation and Daniel Island as well” said Melette.

February Adjustment
Preliminary data reported for February 2014 indicated that 791 homes sold at a median price of $210,000. Adjusted figures now show 813 homes sold a median price of $207,000.

Berkeley County
248 homes sold at a median price of $176,601 in Berkeley County in March. Last March, 201 homes sold at a median price of $168,000. The most active area in the county was in the North area bordered by Jedburg Road, Highway 17A and College Park, with 59 sales at a median price of $171,500.

Charleston County
In Charleston County in March, 626 homes sold at a median price of $280,000. Last March, 649 homes sold at a median price of $245,000. 210 homes sold in Mt. Pleasant at a median price $390,633. Other top areas were West Ashley (outside I526) with 77 sales at a median price of $219,000 and  North Charleston (outside I-526) with 64 sales at a median price of $131,295.

Dorchester County
191 homes sold at a median price of $159,000 in March in Dorchester County.  Last March, 189 homes sold at a median price of $162,500. The most active area was Summerville/Ridgeville, where 85 homes sold at a median price of $173,000.

-Market Reports from Charleston Trident Association of Realtors

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04/15/2014 · 10:11 am

Charleston Gaining Global Recognition

The New York Post Included Charleston in their “20 hottest real estate spots in the world”!  The article appeared  4/8/2014

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The 20 Hottest Real Estate Spots in The World!

Charleston, SC: Historic downtown, up to $19M

The lure: A coastal city with thousands of miles of waterways, historic Charleston has a lovely year-round climate that allows for outdoor recreation of all types. But beyond the beauty, Charleston has emerged as a surprising economic success story that is luring East Coast-based buyers. Over 250 small-scale tech and digital companies have set up home in the Charleston area, making it one of the 10 fastest growing cities for software and Internet technologies in the nation. “Charleston is a big city that ‘lives’ like a small town,” says Ruthie Ravenel, an agent with Sotheby’s affiliate Daniel Ravenel Real Estate.

Key developments: Along with the Upper King Street corridor, Ravenel points New Yorkers toward Halsey Park, a new community being sold in Harleston Village. “The plan features row houses with private rooftop decks and harbor views.” This is one of the last developments in the heart of downtown Charleston, she notes. Row houses are all priced in the $1.4 million range. In the historic core, prices can easily top $10 million.

 Read The Full article;

http://nypost.com/2014/04/08/the-20-hottest-real-estate-spots-in-the-world/

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04/15/2014 · 9:49 am

Freddie Mac: Doubtful Rates Will Return to Recent Lows

by The KCM Crew on March 26, 2014 

“One thing seems certain: we aren’t likely to see average 30-year fixed mortgage rates return to the historic lows experienced in 2012.”

– Freddie Mac,  March 24, 2014

There are those that hope that 30-year mortgage interest rates will head back under 4%. Obviously, for any prospective home purchaser that would be great news. However, there is probably a greater chance that interest rates will return to the greater than 6% rate of the last decade before they would return to theless than 3.5% rate of 2012.

Freddie Mac, in one of four original posts on their new blog, explained that current rates are still extremely low compared to historic averages:

“The all-time record low – since Freddie Mac began tracking mortgage rates in 1971 – was 3.31% in November 2012. Conversely, the all-time record high occurred in October of 1981, hitting 18.63%. That’s more than four times higher than today’s average 30-year fixed rate of 4.32% as of March 20…rates hovering around 4.5% may be high relative to last year, but something to celebrate compared to almost any year since 1971.”

Rates over decades

If you are thinking of buying a home, waiting for a dramatic decrease in mortgage rates might not make sense.

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04/15/2014 · 9:44 am

Money Magazine: Buy Now Not Later

From; KCM Crew 3/24/14

We have often suggested that potential home buyers consider rising interest rates when thinking about the true cost of a home. Remember, cost is not determined by price alone but by price and mortgage rate. The longer a buyer waits, the higher the mortgage payment will be if rates continue to increase (as is projected by Fannie Mae, Freddie Mac, the National Association of Realtors and the Mortgage Bankers Association).

Money Magazine, in its latest issue, agreed with our analysis as they also warned their readership of the same ramification if they waited to buy a home.

Here is what they said:

“BE MINDFUL OF RATES. The average interest rate on a 30-year fixed loan is predicted to climb from the current 4.4% to 5.3% by the 2015 spring buying season, according to Freddie Mac. For a $250,000 loan, that means that a borrower who waits would pay $136 more per month and an additional $49,090 in interest over the life of the loan. Will you need a big loan? Better to act soon before rates tick up.”

And the monthly increase Money mentioned did not take into consideration that prices are also projected to increase over the next year. Here is what the additional cost would be if prices rise by the 4.5% projected by the latest Home Price Expectation Surveyand interest rates go to 5.3%.

3.24-Blog-Visual2

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10/19/2013 · 10:06 am

6 Reasons to Buy A Home NOW! – 10/2013

If you’ve been pondering a home purchase, there are some good reasons why now might be a great time to proceed.

1. Home prices have turned the corner. Home price trends vary by market; however, nationally, on average, home prices are rebounding. Although no one can predict the future, homes prices appear to be heading up.

2. Homes are very affordable. Homes are still very affordable relative to household incomes. This means you can buy more house for the money now, than you could in less affordable times.

3. Mortgage rates are near historical lows. Mortgage rates inched up recently, but they’re still near historical lows.

4. Buying remains cheaper than renting. A 2012 study found buying a home is 44% cheaper than renting in the 100 largest metros. Even with this year’s mortgage rates and home prices, there is still a significant cost advantage to buying versus renting.

5. Fewer house flippers to compete with. As home prices recover, house flippers leave the market. These are investors looking to buy a house at a rock bottom price and then quickly sell, or flip, it. They’re tough to compete with because they often offer sellers cash deals.

6. More inventory to choose from. Fewer house flippers can mean there’s more inventory to choose from and less pressure to close a deal because of other pending offers. Again, the situation varies from market to market, but you may find there are more homes to see and less pressure to buy in the neighborhoods where you’re looking.

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10/19/2013 · 10:01 am

Charleston SC Real Estate – Predicted to Finish 2013 Strong!

As of 10/10/2013 Charleston Real Estate transactions (tri-county area) were up 25% from 2012 with an 8% increase in median sales price!

We will most likely see over 12,000 homes sold this year which would be the first time since 2007!

The median sales price in Charleston peaked in 2007 at $210,000.  At year end, we expect that our 2013 median sales price to be back around $210,000.

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Positive Housing Predictions Through 2014 – Real Estate on The Rise!

2014 Housing Prediction

Positive Predictions from The National Association of Realtors – KCM visual

 

 

 

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09/29/2013 · 10:30 am
09/15/2013 · 10:24 am

Charleston Real Estate- YTD 24% Increase In Sales compared to 2012

(9/2013) According to preliminary data released 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.

2013 Year-to-date– 8,706 homes have sold —-median price of $205,417—-average of 87 days on market.

Compared to this point in 2012—– sales have increased by 24% —– median price increased by 7.6%—- Days on market have declined by an average of 27 days —–homes are selling nearly a month faster than  a year ago!  In August 2012, year-to-date figures showed 7,030 sales at a median price of $190,907.

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.

Read Full Report By Charleston – Trident Association of Realtors;  http://www.charlestonrealtors.com/marketreports/

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Real Estate ON THE RISE; Prices, Sales and Mortgage Rates!

Real Estate ON THE RISE; Prices, Sales and Mortgage Rates!

A KCM Blog Visual of Fannie Mae’s housing forecast. 8-2013

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09/14/2013 · 10:40 am