Tag Archives: housing

12/22/2024 · 1:08 am

Market Review – Charleston Area MLS- December Update 2024

NEW SALES – Pending (Ratified contracts) – There were 1,266 new written sales in November 2024, a. predictor of future closed sales, which was up 12% versus November of 2023. YTD was up 3.6% at end of November. However, last week saw 167 properties go under contract market wide, down -15% to the same week last year.

CLOSED SALES – There were 1331 closed sales in November of 2024, up 3.9% from November of 2023 and up a negligible 0.1% YTD, compared to 2023.

SALES PRICE – The Median sales price closed out at $419,000, up 5.4% over November of 2023 and The Year-to-date median sales price was up 4.25% over 2023. The average sales price for Movember 2024 was $611,213. The Median sale price in the Charleston market continues to stay in a tight band between $400k and $425k where it has been for most of the last 30 months- 2 1/2 years!

AVERAGE SOLD PRICE PER SQFT

The average price per sqft still remains near an all-time high at approximately $286 /sqft


INVENTORY – Approximately 1581 new listings came online in November 2024, which is up 0.6% from November 2023 and up YTD 11.7%

We still need roughly 2,500 additional listings market wide to achieve a balanced market (5 months of inventory)

The market as a whole has approximately 2.6 months of inventory with the Days on Market at 29. See absorption rate by area below:

NEW CONSTRUCTION – New construction represents 49% of all pending contracts in the MLS and new construction comprises approximately 36% of the closings.

FORECLOSURES AND SHORT SALES – Represent a combined 0.7% of all available listings

If you have questions or have a real estate need, please don’t hesitate to contact me!

Thanks,

Gena Glaze

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11/26/2024 · 7:23 pm

Market Review – Charleston Area MLS- November Update 2024

NEW SALES – Pending (Ratified contracts) – There were 1,393 new written sales in October 2024, a predictor of future closed sales, which was up 2% versus October of 2023. YTD was down -4%

However, Last week 242 properties went under contract market wide, which was up +16% compared to the same week last year.

CLOSED SALES – FLAT – There were 1,354 closed sales in October of 2024, down a negligible -0.7% from October 2023 and down -0.4% YTD, compared to 2023.

SALES PRICE – The Median sales price closed out at $415,685, up 3% over October of 2023 and The Year-to-date median sales price was up 4.25% over 2023. The average sales price for October 2024 was $644,758. The Median sale price in 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.

AVERAGE SOLD PRICE PER SQFT

The average price per sqft still remains near an all-time high at approximately $301 /sqft


INVENTORY – Approximately 1961 new listings came online in October 2024, which is up 4% from October 2023 and Third quarter Inventory levels were up 12.6% over 2023.

There were approximately 2.7 months of Inventory calculated in October 2024, with the median Days on Market at 25, up 56.2% from October 2023 and the median days on market up 46.7% YTD.

We still need additional listings market wide to achieve a balanced market of 5 months of inventory.

Absorption rate by Area

NEW CONSTRUCTION – New construction represents 48% of all pending contracts in the MLS and new construction comprises approximately 36% of the closings.

FORECLOSURES AND SHORT SALES – have declined even further to a combined 0.7% of all available listings This market continues to be basically nonexistent and there are very few “newly distressed” properties in the pipeline.

MM+ We are roughly double the monthly pre-pandemic sales levels of over Million dollar plus properties. This market segment remains robust.

If you have questions or have a real estate need, please don’t hesitate to contact me!

Thanks,

Gena Glaze

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11/26/2024 · 7:19 pm

North Charleston’s Cottages at Ingleside – Another Build for Rent Community in The Low Country

The Cottages at Ingleside in North Charleston, developed by Alabama-based Capstone Communities, is the newest build-for-rent neighborhood to join the Lowcountry lineup. 

As the build-to-rent model gains popularity, Capstone is actively looking for new development prospects in South Carolina beyond its North Charleston, Summerville and Myrtle Beach communities.

The model is especially enticing following the last few years as housing prices increased, mortgage rates remained high, and inventory has been low. 

In 2023, the Build to Rent (BTR) category grew to 75,000 units nationally — an 87 percent increase year over year and an all-time high. For-sale new builds declined 6.9 percent for the second year in a row nationally, according to national direct lender Arbor.

 “It’s a reaction to housing affordability at a more than decade low because of high mortgage interest rates,” said Robert Dietz, chief economist with the National Association of Home Builders.

A National Association of Realtors analysis noted that developers who specialize in other niches, such as family or senior housing, are also “dipping their toes into BTR to diversify their portfolios, since that segment represents a high-performance asset class offering faster lease-ups and lower turnover than apartments.”

Down the line, developers have several options, Dietz said. 

“There’s the one where the builder builds it and then sells it almost immediately to an investor,” he said. “There is a version where the builder holds it and operates it for a few years and sells it. … And then there’s ones where they claim to hold it forever, and it depends a lot on how it’s financed. I think we’ll have to wait and see in about three or four years.”

While there’s a nationwide debate over whether the build-to-rent trend is snatching up key properties that could have been available for buyers, Dietz countered that a home is a home. The model converts an owner into a renter, but still adds to the nation’s much-needed housing stock, Dietz noted. 

Gena Glaze

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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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12/07/2023 · 8:58 pm

The 30-year Fixed-Rate Mortgage Decreased for The Sixth Straight Week

The 30-year fixed-rate mortgage (FRM) decreased for the sixth straight week, from last week to an average of 7.03% this week, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac released Thursday.

This week’s numbers:

  • 30-year fixed-rate mortgage averaged 7.03%, down from last week when it averaged 7.22%. A year ago at this time, the 30-year FRM averaged 6.33%.
  • 15-year fixed-rate mortgage averaged 6.29%, down from last week when it averaged 6.56%. A year ago at this time, the 15-year FRM averaged 5.67%.

Realtor.com Economist Jiayi Xu commented: “The Freddie Mac fixed rate for a 30-year mortgage continued its downward trend to 7.03 percent this week, down from 7.22 percent last week. While Fed Chair Powell stated last Friday that it was too early to conclude that the current monetary policy is restrictive enough to tame inflation down to the 2% target, the cooling October job openings data, a measure of labor demand, released on Tuesday, boosted investors’ confidence that the Federal Reserve was probably done with rate hikes. As a result, the 10-year treasury yield dropped to its lowest level in three months. Looking ahead, we predict that sustained improvement in inflation will bring the mortgage rate down to 6.5% by the end of 2024.

– Information Curated from ismedia

Gena Glaze

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