"Selling, Sharing and Living the Lowcountry Lifestyle in Charleston, SC."
Thursday, September 1, 2016
Summer vacation is over, school is back in session, and before we know it temperatures will start to cool off and the fall will be upon us! Below we are taking a closer look at the Charleston real estate market during the past month of August 2016.
At this point, we are accustom to seeing the inventory drop across the tri-county area, and August was no exception. The number of homes available for sale decreased in August to 5,210 homes. In July there were a total of 5,627 homes available for sale. Although this isn’t an astronomical decrease, it does show that the supply continues to decrease, making it still a great time to list your home for sale as there is still demand across the lowcountry.
One number we wanted to take a look at this month is the “months of supply” on the market. When we looked at this number as of August 31st there were 3.5 months of a supply available, a slight decrease from 3.8 months of supply at the end of July. January and March had the highest number of months of supply on the market, at 4.2 months, but still not a huge increase over where we are currently at.
The average sales price did increase from July to August 2016. The average sales price in August was $326,627, a $13,903 increase from July. In July the average sales price was $312,724, but as we mentioned last month, it’s important to remember that the average sales price for August reflects the price at which homes went under contract for sometime in July since closings can take anywhere from 30-60 days to actually close on the home. The percent of original list price in which a seller receives for their home also slightly increased to 96.9% in August from 96.8% in July.
From July through the end of August we saw a slight decrease in the number of closed real estate sales. In July there were 1,653 closed sales and in August there were a total of 1,609 closed sales. The decrease in closed sales can be attributed to a few different things, mainly people hoping to be moved into their new home before the school year began.
The average number of days a home was on the market for in August was 54, a tiny increase from 53 in July. It’s important to keep in mind though that this number is the accumulation of the entire tri county area, and includes homes, townhomes, and condos. Depending on which area you are looking to purchase or sell real estate in, this number can fluctuate.
Monday, August 1, 2016
It’s hard to believe that it’s already August and the summer is going to be winding down shortly. As the beginning of the school year approaches, we are continuing to see a heavy push of closings and homes going under contract.
Like we said last month, it should not come as any surprise at this point that the number of homes for sale (inventory) is continuing to decline. July saw the absolute lowest point of inventory since January of 2006 (!!). The number of homes available in July 2016 was 5,139. In comparison, in January of 2006 there were 5,739 homes available on the MLS and just last month, June 2016, there were 5,546 homes available.
In addition to the inventory decreasing, we also saw the average sales price take a downturn from June of 2016. June’s average sales price for the Charleston tri-county area was $347,494, and in July 2016 that number dropped to $312,655. It is important to note though, that July 2016’s average sales price is very comparable to July 2015’s average sales price, which was $312,421. Our MLS data allows us to track back to January of 2004, and June 2016’s average sales price was the highest it has been in the Charleston tri-county MLS for all data available to us.
In real estate, in typically takes between 30-60 days for a home to actually close. There are some factors that can change this though, including: short sales, cash sales, and other types of financing, however, if a buyer is obtaining a mortgage you can expect a 30-45 day close, and in some cases 60 days. When we look at the closed sales, it’s important to note that the sales that are actually accounted for as “closed” this month, actually went under contract anywhere from 30-60 days ago (more than likely they went under contract in June 2016). There were a total of 1,543 closed sales during July 2016, a decrease from the 1,932 closed sales in June. We can expect to see “closed sales” dropping in number as we get closer to the time school goes back.
There are two other numbers we’d like to take a look at this month, those include: the average number of days on the market for a home and the percent of list price in which the home sold.
For July 2016 a home in the Charleston tri-county area was on the market for an average of 54 days. In June of 2016 that number was 55 days, and at its highest point this year was 72 days in February of 2016. When inventory decreases and there is less product for buyers to buy, we will see the number of days on market reach all time lows due to that lack of inventory. July’s number of 54 days was the lowest number of days on the market so far in 2016. Just to compare, like we did above for inventory, in January of 2006 the average days on market for a home was 52. The lowest number of days on market from January of 2006 to now, was August of 2015 where the average days on market was 50.
In addition to the number of days on market, we also wanted to share the average percent of the original list price that a home will sell for in the Charleston tri-county area. You can typically expect that with low inventory, homes will sell as close to their original list price as possible. However, what that doesn’t take into consideration is if a home was overpriced and then reduced in price in order to sell, this number will still only tell us the percent of the original list price in which the home sold. In July of 2016, homes closed at 96.8% of list price, in June of 2016 homes closed for 97% of the original list price. June’s number was the highest percent of list price for 2016.
*This information is provided by the Charleston Trident Association of Realtors and is deemed to be reliable, but not guaranteed.
Monday, July 18, 2016
We’re reviewing the June 2016 Charleston real estate market. Below is a look at the declining inventory, increasing sales price, and increase in the number of closed sales over May 2016.
It shouldn’t be any surprise at this point that inventory is steadily declining. The number of homes available for sale on the MLS declines each month, and in June of 2016 the total number of homes available for sale was 5,377. In May of 2016 there were 5,630, so that is a decrease of 253 homes in 30 days.
From May 2016 to June 2016 there was an increase in the number of homes closed. In June there were a total of 1,929 closed sales, an increase of 222 closed sales from May of 2016. The increase in the number of closed sales also correlates to the declining inventory numbers.
In May 2016 the average sales price in the Charleston Trident MLS was $327,084. In June, that number rose to an average sales price of $347,447. In just 30 days this was an average sales price increase of $20,363! With the decreasing inventory, the average sales price also continues to rise because of the lack of available supply.
Wednesday, July 13, 2016
We’re excited to introduce our newest listing: 1143 Turtle Watch Lane Seabrook Island, South Carolina 29455!
This absolutely gorgeous and well cared for Salt Marsh townhome is a must see! This beautiful home features many custom touches, a wonderful screen porch, hard wood floors throughout, and an open floor plan. 1143 Turtle Watch Lane is the perfect primary residence or beach retreat.
As you enter 1143 Turtle Watch Lane you’ll be greeted with a large, spacious and open floor plan that allows lots of natural light into the home. This home is perfect for entertaining and gathering friends and family. With its truly functional floor plan, as a host you’ll never miss a beat!
The kitchen features plenty of cabinet and counter space, as well as stainless steel Bosch appliances, a wall oven, built in microwave, pantry and beautiful granite countertops. The large island is the perfect place for casual and additional barstool seating.
The living room offers stunning views of the marsh and lots of windows. Just beyond the living room is the large screen porch that allows you beautiful marsh front views overlooking the community dock. This is the perfect place to enjoy a quiet morning or evening.
Also located on the first floor is a spacious guest suite featuring beautiful hardwood floors, natural light and a closet. The guest suite has access to the full bathroom with a shower/tub combo.
Once upstairs you’ll find the gorgeous master suite located at the back of the home. The master suite provides breathtaking views of the marsh, Horseshoe Creek, all the way to Bohicket. The vaulted ceilings and natural light make this room even more stunning. The master retreat has a walk in closet and a large master bathroom with a separate jetted soaking tub, dual vanities, and separate tile shower.
Just down the hall from the master bedroom is the large second guest suite. This guest suite also features vaulted ceilings, a large closet, hardwood floors, and additional under-window sitting/sleeping space. The guest suite has its own private bathroom with a shower/tub combo. Your guests will feel right at home in their private retreat. The second floor also has a large laundry room providing lots of shelving and cabinet space.
This home also features a 2 car garage that can easily fit a golf cart and other beach items, as well as plenty of storage space for bikes, kayaks and your other belongings. The garage has a separate owners closet that can be locked. 1143 Turtle Watch Lane is also equipped with a 3-stop elevator, starting at the garage level and carrying you all the way to the top level of this townhome where the master bedroom is located.
Salt Marsh is a private gated community of Seabrook Island with a resident only pool and day dock with a fishing pier where you can launch kayaks or take in the beautiful Seabrook surroundings.
This home is truly a must see! 1143 Turtle Watch Lane also features hurricane rated windows and upgraded lighting fixtures. Contribution to capital within PUD upon the initial sale and resale is 1/2 of 1% of the sale price. Purchase also requires membership to the Seabrook Island Club. This home is being offered unfurnished for $599,900.
Listing provided by Golden Bear Realty
VIEW MORE INFORMATION ON THIS LISTING
Wednesday, June 29, 2016
Monday night we had the pleasure of attending the first of many developer town hall-style events for the new Lorelei development located in the heart of downtown Charleston’s Upper Peninsula. The event was hosted and held at Edmund’s Oast and coordinated by Lou Hammond & Associates and Fuzzco.
During the hour and a half long event, discussion was led by Mark Toro, Jeff Speck and Andres Duany, all key players in the development of Lorelei. The purpose of this meeting was to introduce Charlestonian’s to the Lorelei project, give insight to the people in the community of how the leaders of the project thought about urban planning, and serve as a platform for community members to voice their opinions of the project.
The proposed project, Lorelei, is a 160-acre undeveloped tract of land on Laurel Island. The site sits on the banks of the Cooper River, at the end of Romney Street. The site offers stunning and highly coveted views of the Arthur Ravenel Jr. bridge and an unbeatable location on the Upper Peninsula, but the location also provides a quick commute to other areas of Charleston.
The project is to be developed by North American Properties, who plans to put $1 billion towards the new development. The development will be a mix-use community including residential, retail, restaurants, multi-family, hotel, biking and walking paths, a possible ferry-like system, and office space. The developers are aiming for a community that will encompass restaurants with outdoor patios and hopefully outdoor recreation and event venues such as an amphitheater. Developers were unable to answer questions regarding the cost of housing in Lorelei at this time. Toro did however state that he would expect the cost to purchase a home at Lorelei being a small fraction of the homes South of Broad.
Project leaders Toro, Duany and Speck, all armed with impressive careers and an ongong list of accomplishments and notable projects, talked in-depth of their vision for Lorelei. Mark Toro spoke about how Lorelei would be the opportunity of a lifetime for those involved. They also spoke of the additional 300,000 people that Charleston, SC could see in the next 11 years, and how the Lorelei project could accommodate 3-4% of this increase. The developers concept really comes down to the sidewalks though. All 3 project leaders talked about the concept of open air patios and amphitheaters, hoping that Lorelei would resemble something from Europe with sidewalk cafes and people spending more time outside than they do inside. Toro, Duany and Speck also talked about how they would hope that Lorelei would become more of a walking community, instead of one that relies on cars.
Overall, Lorelei and the developers first event was a success and it ended up being standing room only. The project is currently in its beginning stages, and developers are planning on holding more forums like this one as they hope to actively engage the Charleston community Charlestonian’s seemed to be in support of the development and were very receptive to the fact that Toro, Duany and Speck wanted to hold events such as this one to gather input from the community and rid the idea of “big bad developers”. We are expecting another event from the developers some time in October.
Wednesday, June 22, 2016
Located less than 30 miles south of Charleston are two neighboring islands that serve as a popular destination for vacationers every year: Kiawah Island and Seabrook Island.
Kiawah Island, known for hosting the 2012 PGA Championship at the prestigious Ocean Course and home to top ranked luxury beach resort The Sanctuary, has become an increasingly popular and exclusive destination for those looking to purchase a second home or vacation home on the east coast. HGTV also chose Kiawah Island’s Indigo Park to be the 2013 HGTV Dream Home location, and the PGA is set to return to the Ocean Course in 2021.
Located directly next to Kiawah Island is Seabrook Island, a lush and laid back island with sandy beaches, gorgeous views, and home to the Seabrook Island Club and Camp Saint Christopher. Seabrook Island has become an increasingly popular spot as well for those looking to purchase a beach home, or those looking for a laid back summer vacation filled with frequent beach trips and golf outings.
Located between the two islands is Freshfields Village, a unique coastal town center that offers visitors and residents of the islands as well as Johns Island, a variety of restaurants, shopping and boutiques, a grocery store, boutique hotel and the location of several events including farmers markets, the starlight cinema and music on the green.
Over the past several weeks, it has been announced that there would be many new establishments coming to Freshfields Village between the summer and fall months of 2016.
Properties marked with IDX logo are provided courtesy of Charleston Trident Multiple Listing Service, Inc. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than the website owner are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo and detailed information about them includes the name of the listing brokers. The broker providing this data believes it to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Information is provided exclusively for consumers' personal, non-commerical use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Download a free report on the value of your home in today's market.
Summer vacation is over, school is back in session, and before we know it temperatures will start to cool off and the fall will be…
It’s hard to believe that it’s already August and the summer is going to be winding down shortly. As the beginning of the school year…
We’re reviewing the June 2016 Charleston real estate market. Below is a look at the declining inventory, increasing sales price, and increase in the number…
We’re excited to introduce our newest listing: 1143 Turtle Watch Lane Seabrook Island, South Carolina 29455! This absolutely gorgeous and well cared for Salt Marsh…
Monday night we had the pleasure of attending the first of many developer town hall-style events for the new Lorelei development located in the heart…
Located less than 30 miles south of Charleston are two neighboring islands that serve as a popular destination for vacationers every year: Kiawah Island and…