Tag Archives: Charleston Statistics

10/21/2024 · 3:25 am

Market Review – Charleston Area MLS- October Update 2024

NEW SALES – Pending (Ratified contracts) – New Written sales, a predictor of future closed sales, were down market wide -1% in September of ’24 versus September of ’23. However, last week 255 properties went under contract market wide, +3% from the same week last year. This is a strong and seasonally appropriate number.

CLOSED SALES – Year To date closed sales were at 13,390 at the end of September 2024. A very small difference from the 13,438 at the same time in 2023.

Third Quarter of 2024 closed sales were at 4,396, which is down 3 percent from 2023 (which had 4,510). As a reference, there were 5018 closed sales in 2022.

There were 1,254 closed sales in September 2024 which is down 11 percent from the 1,411 that we saw in September of 2023. Again, as a reference, there were 1,573 closed sales in September of 2022

SALES PRICE – The Median sale price closed out at $409,085 in September 2024. The Charleston market continues to stay in a tight band between $400k and $425k where it has been for most of the last 27+ months. The average sales price was $627,254 in September 2024.

AVERAGE SOLD PRICE PER SQFT

The median sales price has remained in a tight band but the average price per sqft remains near an all-time high, well above one year ago. Consumers are getting a smaller house for the money. Essentially, homes are continuing to appreciate despite a stable Median Sale Price.

INVENTORY – Approximately 2,000 new listings came online in September 2024, well ahead of last year’s number. Median Days on market was 26.

Inventory was at approximately 4,200 listings in September 2024. While this level of inventory is a significant increase, the gap between the number of listings available for sale and the number of listings needed to maintain a balanced market is still substantial. See chart below. We need approximately 2,100 additional listings market wide to achieve a balanced market (5 months of inventory)

The Charleston market has about ten weeks of inventory as a whole – this can vary by price range and specific location. The most active areas have inventory levels in the 6-10 week range.

NEW CONSTRUCTION – New construction represents 45% of all pending contracts in the MLS and new construction comprises about 36% of the closings.

If you have questions or would like more information, please don’t hesitate to contact me.

Gena Glaze

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10/21/2024 · 3:23 am

Goose Creek Growth and Development – SC Real Estate

College Park Rd – Berkeley Farms Rd – Goose Creek City Council voted to annex 11 parcels of land totaling 36.25 acres on College Park Road and Berkeley Farms Road. The development plan will include single-family detached dwelling units as well as some multi-family units with 5 acres designated for open space with connected trails and walking paths.

Windsor Mill Road and Goose Greek Boulevard (Hwy 52) – Developers plan to transform this vacant corner into a mixed-use development. SoLiv at Goose Creek plans to encompass 30 acres, with the land assembled from multiple parties organized by a local developer. The preliminary plans consist of 42,000 square feet of commercial and retail space, with 130 active adult residential units and 300 multifamily units.

Gena Glaze

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10/21/2024 · 3:20 am

One Man’s Land is A Battleground For A Looming Mega Housing Development in Berkeley County SC

A Berkeley County property owner can peek through a stand of trees across the road and see part of Cane Bay Plantation.  The other side of his land overlooks 1,700 acres of undeveloped land where Seattle-based Weyerhaeuser, the nation’s largest timber tract owner, wants to build another large-scale residential project.

Mr. Burbage Smoak’s property along the heavily traveled, two-lane Black Tom Road stands in the way of any plans Weyerhaeuser might have and Berkeley County Council appears determined to keep it that way.

Smoak’s vacant property includes 421 acres southwest of Moncks Corner, most of it is wetlands. However, He wants to build a strip of commercial buildings on 80 acres that front Black Tom Road — maybe some medical offices or retail space, something that will “support the residents of that area,” according to Kevin Berry, president of Earthsource Engineering, who is representing the landowner.

“We’re not just trying to put more residential rooftops in the area,” he said, adding he’s keenly aware of county council’s desire to slow residential growth so new roads and other critical infrastructure can catch up.

“The public sentiment, and they’ve articulated it well, is there’s frustration when development comes before infrastructure,” said county supervisor Johnny Cribb.

Read More at Post and Courier

Gena Glaze

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10/21/2024 · 3:12 am

SC Growth Shows No Sign of a Slow Down.

South Carolina is among a handful of Sunbelt states where growth is pulling away from the rest of the country, and one of the region’s top economists says there doesn’t seem to be anything on the horizon to stem the acceleration.

“I don’t see anything in the data that makes me think that growth in the Carolinas, in particular, is going to slow down,” Laura Ullrich, a Charlotte-based economist with the Federal Reserve Bank of Richmond, said during the S.C. International Trade Conference on the Isle of Palms.

The lures that have drawn newcomers from other states — jobs, weather and relatively lower costs — aren’t going to change, Ullrich said. Already, South Carolina ranks as the nation’s fastest-growing state percentagewise, with 1.7 percent growth in 2023, according to census data. That’s nearly 91,000 more people than the previous year, with roughly 19,000 of them moving to the three-county Charleston region.

“And, quite frankly, we still have several mid-sized metros that have a lot of growing to do,” Ullrich said

“If you live in Charleston, things seem super expensive here,” she said. “But it’s a lot cheaper than a house in Fairfax County, Virginia, and a heck of a lot cheaper than San Diego. So, if you look at the areas where that migration is coming from, they are very expensive. Yes, it’s expensive to buy a house in Mount Pleasant. But if you move from San Diego, you might buy a house in Mount Pleasant and another on Lake Murray.”

At the same time, wages are often much lower in South Carolina, and that can amplify the housing crisis regardless of cost comparisons.

“Everybody is worried about housing,” Ullrich said. “The only ways to fix it are, basically, subsidies and density. And people don’t want to talk about density. It’s really hard because everyone wants affordable housing but when density is going up down the road, people complain to their city, and they don’t do it.”

There are a few intangible variables that could crimp growth, such as rising geopolitical tensions or a surprise event that no one can forecast. But Ullrich said the biggest question is how quickly the Fed will lower interest rates going forward.

“Is it going to be an elevator or slow stair steps?” she said.

The answer could go a long way in determining how the housing crisis — both affordability and availability — shakes out in the Charleston region and throughout the Sunbelt.

Read more at Post and Courier

Gena Glaze

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02/14/2024 · 11:08 am

What’s Really Happening with Mortgage Rates?

Are you feeling a bit unsure about what’s really happening with mortgage rates? That might be because you’ve heard they’re coming down. But then you read somewhere else that they’re up again. And that may leave you scratching your head and wondering what’s true.

The simplest answer is: that what you read or hear will vary based on the time frame they’re looking at. Here’s some information that can help clear up the confusion.

Mortgage Rates Are Volatile by Nature

Mortgage rates don’t move in a straight line. There are too many factors at play for that to happen. Instead, rates bounce around because they’re impacted by things like economic conditions, decisions from the Federal Reserve, and so much more. That means they might be up one day and down the next depending on what’s going on in the economy and the world as a whole.

Take a look at the graph below. It uses data from Mortgage News Daily to show the ebbs and flows in the 30-year fixed mortgage rate since last October:

If you look at the graph, you’ll see a lot of peaks and valleys – some bigger than others. And when you use data like this to explain what’s happening, the story can be different based on which two points in the graph you’re comparing.

For example, if you’re only looking at the beginning of this month through now, you may think mortgage rates are on the way back up. But, if you look at the latest data point and compare it to the peak in October, rates have trended down. So, what’s the right way to look at it?

The Big Picture

Mortgage rates are always going to bounce around. It’s just how they work. So, you shouldn’t focus too much on the small, daily changes. Instead, to really understand the overall trend, zoom out and look at the big picture.

When you look at the highest point (October) compared to where rates are now, you can see they’ve come down compared to last year. And if you’re looking to buy a home, this is big news. Don’t let the little blips distract you. The experts agree, overall, that the larger downward trend could continue this year. 

Despite the ups and downs, many analysists predict mortgage rates will, over-all, move in a slow declining path as the year progresses, but many factors can influence the trajectory and so only time will tell.

Check current rates at Freddie Mac

Gena Glaze

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02/01/2024 · 1:06 pm

FED MEETING – Feds Hold Rates Steady but Could Fall in The Coming Months

The Federal Reserve held interest rates steady on Wednesday but signaled that rates could fall in the coming months if inflation continues to cool.

He cautioned, however, that the economy remains unpredictable and said the central bank would proceed cautiously. ”The economic outlook is uncertain and we remain highly attentive to inflation risks,” Powell said.

The Fed has been pleasantly surprised by the rapid drop in inflation in recent months. Core prices in December — which exclude food and energy prices — were up just 2.9% from a year ago, according to the Fed’s preferred inflation yardstick. That’s a smaller increase than the 3.2% core inflation rate that Fed officials had projected in December.

If that positive trend continues, the Fed may be able to start cutting interest rates as early as this spring. However, he sounded doubtful about a rate cut at the Fed’s next meeting in March as many investors in Wall Street had hoped for. The comments disappointed investors, with the Dow Jones Industrial Average tumbling 317 points.

Investors are still hopeful about a rate cut in May, with markets putting the likelihood of that at better than 90%.

NPR report

Gena Glaze

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10/22/2011 · 2:15 pm

Charleston Statistics -September 2011

Charleston Area statisics for September 2011 – By area in link below…

http://www.pressomatic.com/ctar/upload/September%202011%20Statistics%20Portfolio.pdf

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10/22/2011 · 2:05 pm

Charleston Statisics – August 2011

Charleston Statistics – August 2011

For the 12-month period spanning September
2010 through August 2011, Pending Sales in the Charleston region were
up 2.3 percent from the same period a year prior. However, the largest
gain occurred in the $350,001 and above range, where they increased 3.1
percent to 1,808 units.
The overall Median Sales Price was down 0.9 percent to $181,529. But
the property type with the largest price gain was the Single-Family
segment, where prices increased 2.5 percent to $194,700. The price
range that tended to sell the quickest was the $150,001 to $200,000 range
at 96 days; the price range that tended to sell the slowest was the
$300,001 and Above range at 152 days.
Market-wide, inventory levels were down 18.4 percent. The property type
that lost the least inventory was the Single-Family segment, where it
decreased 14.7 percent. That amounts to 10.1 months supply for Single-
Family homes and 12.2 months supply for Condos. –CTAR– See details by area in link…

http://www.pressomatic.com/ctar/upload/August%202011%20Statistics%20Portfolio.pdf

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10/22/2011 · 1:51 pm

Crowfield Plantation – Goose Creek SC

Crowfield Plantation is a planned development consisting of 27 communities with a variety of housing types and commercial properties. The community includes 26 miles of natural biker/hiker trails, playgrounds, park, ball field, tennis courts, swimming pools, club house, RV & Boat storage, ponds, Lake, several docks and a public golf course located within the community.

If you are looking to buy a home in the Charleston area, check out Crowfield Plantation in Goose Creek, SC. This diverse community offers housing opportunities in a variety of price ranges, styles and ages. Whether you are a golfer, biker, swimmer, fisherman or tennis player, you will find that Crowfield Plantation has something for everyone!

Crowfield HOA Website; http://www.crowfieldhoa.net/home.asp

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10/22/2011 · 12:54 pm

Charleston Area Statistics -2011 – 2cd Quarter

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