Tag Archives: Real Estate

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

Leave a comment

Filed under Market Statistics, Real Estate (Market info)

Tagged as , , , ,

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

Leave a comment

Filed under Market Statistics, Real Estate (Market info)

Tagged as , , , ,

11/26/2024 · 7:20 pm

Mortgage Rates Forecast into 2025 – Will they Go Down?

Many experts expect rates to fall below 6% in 2025, but the forecast is far from guaranteed. In January 2023, some analysts thought that rates would be around 4.5% by the end of 2024, which is obviously not happening.

Fed Chair Jerome Powell says it best: “Forecasting’s are highly uncertain….Forecasting is very difficult.”

Rates will likely continue moderating in 2025 and 2026 but will stay relatively high as long as the economy keeps outpacing expectations, but over-all economists don’t anticipate a dip into the 3% or 4% range in the foreseeable future.

Here are the mortgage rate predictions as reported by US News:

• Fannie Mae: Rates Will Average 5.7% in 2025

The October Housing Forecast from Fannie Mae puts the average 30-year fixed rate at 6% by year-end, a decline from 6.5% in the third quarter. All told, the mortgage giant predicts mortgage rates will average 6.6% in 2024 and 5.7% in 2025.

• MBA: Rates Will Fall to 5.9% in 2025

The Mortgage Bankers Association predicts in its October Mortgage Finance Forecast that mortgage rates will fall from 6.5% in the third quarter of 2024 to 6.3% by the fourth quarter. The industry group expects rates will fall to 5.9% in the third quarter of 2025 and will continue declining to 5.9% in late 2025 and early 2026.

• NAHB: Rates Will Average 5.94% in 2025

The National Association of Home Builders expects the 30-year mortgage rate to average 5.94% in 2025, falling to 5.69% in 2026, according to its October Housing and Interest Rate Forecast. The trade group is forecasting that “sustained, sub-6% mortgage interest rates” will begin in the second quarter of 2025, something it previously forecasted to happen in the fourth quarter.

• Wells Fargo: Rates Will Average 5.86% in 2025

In its latest U.S. Economic Outlook, the Economics Group of Wells Fargo Bank puts the 30-year conventional mortgage rate at 6.3% in the fourth quarter of 2024 – a slight increase from when rates dipped in the third quarter. Wells Fargo economists predict that the average rate will dip below 6% in the second quarter of 2025, which is pushed further out from their previous forecast that expected sub-6% rates in the first quarter.

Gena Glaze

Leave a comment

Filed under Mortgage Info, Real Estate (Market info), Stories, News & Events

Tagged as , , , ,

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

Leave a comment

Filed under Places, Properties, Real Estate (Market info), Stories, News & Events

Tagged as , , , ,

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

Leave a comment

Filed under Charleston Area Growth and Development, Market Statistics, Real Estate (Market info)

Tagged as , , , , , , , , , , , ,

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

Leave a comment

Filed under Charleston Area Growth and Development, Real Estate (Market info)

Tagged as , , , ,

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

Leave a comment

Filed under Charleston Area Growth and Development, People, Real Estate (Market info), Stories, News & Events

Tagged as , , , , , , , , , , ,

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

Leave a comment

Filed under Charleston Area Growth and Development, Real Estate (Market info), Stories, News & Events

Tagged as , , , , , , , , , , ,

10/21/2024 · 3:03 am

NEXTON Summerville Announces New Builder

 Nexton, recently announced the addition of Stanley Martin Homes, to the community’s builder program. With plans to develop a collection of townhomes and condos, this project is one of several Stanley Martin developments launching in the Charleston area.

Nexton ranks among the best-selling communities in the nation and boasts a variety of neighborhoods that feature local and national builders and include a diverse array of homes.

Nexton has established itself as a live-work-play destination that features dining, shopping, services and hospitality. Nexton has delivered over 500,000 square feet of office space and offers conveniences such as sought-after schools, grocery stores, modern infrastructure, 20 miles of trails and 2,000 acres of green space.

VIEW ALL HOMES FOR SALE IN NEXTON

Gena Glaze

Leave a comment

Filed under Places, Stories, News & Events

Tagged as , , , , ,

02/22/2024 · 11:44 am

Expert Home Price Forecasts for 2024 Revised Up

Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall.

What’s caused the change?

2024 Home Price Forecasts: Then and Now

The chart below shows what seven expert organizations think will happen to home prices in 2024. It compares their first 2024 home price forecasts (made at the end of 2023) with their newest projections:

a blue and white graph with text

The middle column shows that, at first, these experts thought home prices would only go up a little this year. But if you look at the column on the right, you’ll see they’ve all updated their forecasts and now think prices will go up more than they originally thought. And some of the differences are major.

There are two big factors keeping such strong upward pressure on home prices. The first is how few homes are for sale right now. According to Business Insider:

“Low home inventory is a chronic problem in the US. This has generally kept home prices up . . .”

A lack of housing inventory has been pushing prices up for a long time now – and that’s not expected to change dramatically this year. But what has changed a bit is mortgage rates.

Late last year when most housing market experts were calling for home prices to rise only a little bit in 2024, mortgage rates were up and buyer demand was more moderate.

Now that rates have come down from their peak last October, and with further declines expected over the course of the year, buyer demand has picked up. That increase in demand, along with an ongoing lack of inventory, is what’s caused the experts to feel the upward pressure on prices will be stronger than they expected a couple months ago.

A Look Forward To Get Ahead of the Next Forecast Revisions

Real estate experts regularly revise their home price forecasts as the housing market shifts. It’s a normal part of their job that ensures their projections are always up-to-date and factor in the latest changes in the housing market.

That means they’ll continue to revise their projections as the housing market changes, just as they’ve always done. How those forecasts change next is anyone’s guess but pay attention to mortgage rates.

If they trend down as the year goes on, as they’re expected to do, that could lead to more buyer demand and even higher home price forecasts.

Basically, it’s all about supply and demand. With supply still so limited, anything that causes demand to go up will likely cause prices to go up, too.

Bottom Line

At first, experts believed home prices would only go up a little this year. But now, they’ve changed their minds and are forecasting that prices will grow even more than they originally thought.

If you have considered buying or selling a home this year, I would love to help! Please feel free to contact me.

Gena Glaze

Leave a comment

Filed under Home Buying (For Buyers), Market Statistics, Real Estate (Market info), Selling Real Estate (For Sellers)

Tagged as