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Charleston Real Estate

Charleston Real Estate

A Blog about the Charleston South Carolina Real Estate market and all things about the Charleston SC area. This site will cover Luxury Properties, Beach Homes, Homes for sale, Charleston Events, Communities, Relocating to Charleston along with info for buying & selling Charleston Properties. This site is the best source for Charleston Real Estate info. The Charleston, Mount Pleasant, Isle of Palms, Summerville Homes currently on the market represent a sampling of the fabulous homes available throughout the Lowcountry. When you live in this area of South Carolina, you will find that you are centrally located to a plethora of attractions and amenities.

Search All homes for SaleCharleston Rentals

 The Lowcountry, From Table Rock in the foothills of the Blue Ridge Mountains to the wide sandy beaches of our breathtaking coastline, the Palmetto State is made for living.  From the  waters of Lake Jocassee to the cobblestone streets of historic Charleston. From delicacies like she-crab soup to more South Carolina events and festivals than there are days of the year to 368 emerald green golf courses and 47 unique and beautiful South Carolina state parks. From our quaint small towns to our Heritage Corridor to incredible shopping, entertainment and nightlife… if relocation is on your mind, it’s time you to call Coldwell Banker United, Realtors to ge started for charleston real estate.  The Charleston,Mt Pleasant, Summerville area is a great place to raise a family too as you will not be far from even more amenities. Mt PLeasant is also ranked as the safest place in South Carolina and the 24th safest in the nation. Raising a family here means that safety doesn’t have to be on your mind all of the time. It’s a family-friendly area that you will be proud to call home. An additional bonus is that this area is home to a number of dog parks, for the four-legged members of your family. Really, Charleston Mt PLeasant Summerville will put you in close proximity to everything you could need. charleston real estate

Thank you for visiting!

 

 

Charleston SC Foreclosures & Short Sale Free List 1/5

Posted by on 4:16 pm in Charleston SC Foreclosures, Charleston Short Sales, LISTINGS LIST | 0 comments

There are 12 new listings that match the criteria you expressed to your preferred REALTOR®.

Your preferred REALTOR® has prepared a report for you which includes all of the properties in the list below. Click the button at the right to view the report.


1000125 2455 Settlers St, Charleston, SC New $829,000
1000131 5118 Village Crier, Summerville, SC New $200,000
1000153 204 Challis Ct, Goose Creek, SC New $142,900
1000158 1428 Clancy Rd, Mount Pleasant, SC New $414,900
1000178 101 Grouse Rd, Summerville, SC New $134,900
1000196 126 Codner’S Ferry St, Charleston, SC New $499,000
1000204 220 Pandora Dr, Goose Creek, SC New $79,900
1000222 3 Ferncliff Way, Goose Creek, SC New $37,000
1000230 9113 Maple Grove, Summerville, SC New $90,000
1000236 104 Pavilion St, Summerville, SC New $155,000
1000247 313 Cypress Walk Way, Charleston, SC New $273,900
1000248 120 Ashley Hall Plantation Rd, Charleston, SC New $235,000

Charleston SC Foreclosures & Short Sale Free List 1/5

Posted by on 4:16 pm in Charleston SC Foreclosures, Charleston Short Sales, LISTINGS LIST | 0 comments

There are 12 new listings that match the criteria you expressed to your preferred REALTOR®.

Your preferred REALTOR® has prepared a report for you which includes all of the properties in the list below. Click the button at the right to view the report.


1000125 2455 Settlers St, Charleston, SC New $829,000
1000131 5118 Village Crier, Summerville, SC New $200,000
1000153 204 Challis Ct, Goose Creek, SC New $142,900
1000158 1428 Clancy Rd, Mount Pleasant, SC New $414,900
1000178 101 Grouse Rd, Summerville, SC New $134,900
1000196 126 Codner’S Ferry St, Charleston, SC New $499,000
1000204 220 Pandora Dr, Goose Creek, SC New $79,900
1000222 3 Ferncliff Way, Goose Creek, SC New $37,000
1000230 9113 Maple Grove, Summerville, SC New $90,000
1000236 104 Pavilion St, Summerville, SC New $155,000
1000247 313 Cypress Walk Way, Charleston, SC New $273,900
1000248 120 Ashley Hall Plantation Rd, Charleston, SC New $235,000

Charleston SC Foreclosures & Short Sale Free List 1/4/10

Posted by on 4:13 pm in Charleston SC Foreclosures, Charleston Short Sales, LISTINGS LIST | 0 comments

There are 4 new listings that match the criteria you expressed to your preferred REALTOR®.

Your preferred REALTOR® has prepared a report for you which includes all of the properties in the list below. Click the button at the right to view the report.


1000095 60 Fenwick Hall Allee Unit# 235, Johns Island, SC New $129,000
1000097 1425 Clancy Rd, Mount Pleasant, SC New $379,900
1000106 106 Amen Corner, Summerville, SC New $284,900
1000119 603 Waterwood Dr, Goose Creek, SC New $65,000

September 2009 Real Estate Market Statistics Report for Charleston, SC

Posted by on 5:39 pm in Uncategorized | 0 comments

I’ve just complete the Statistics Reports for September 2009. Please click on the reports below:

1. Area Reports Average & Median Sales Price Sep 2009

2. Area Statistics Report Tri-County Sep 2009

3. County Statistics Report Sep 2009

4. Residential Home Sales Inventory Report SEP 2009

5. Subdivision Reports Sep 2009

6. ZIP Code Reports Sep 2009

Homes for sale

Posted by on 3:50 pm in Charleston New Listings | 0 comments

Century 21 Properties Plus has some wonderful homes for sale.

SEARCH ALL PROPERTIES FOR SALE IN THE CHARLESTON SC AREA

Coldwell Banker United, Realtors homes for sale

Posted by on 3:50 pm in Coldwell Banker United, Home for sale, Realtors | 0 comments

Coldwell Banker United, Realtors has some wonderful homes for sale. Click the link below to see all current home for sale. You can contact us today to receive more information and set up a showing.

SEARCH ALL PROPERTIES FOR SALE IN THE CHARLESTON SC AREAhouse for sale with cb sign

Two new hospitals for Mount Pleasant SC are opening soon

Posted by on 3:41 pm in Charleston Medical Facilities | 0 comments

East Cooper Regional Medical Center is building a 140-bed acute care hospital to serve as a replacement for the current facility. This new replacement hospital will better serve the needs of our community. The facility will be situated on 52 acres adjacent to the current campus and located at the intersection of Mathis Ferry Road and Interstate 526. There will be 10 surgical suites, a 10-bed level II neonatal nursery, 16 bed medical surgical unit for womens services, expanded emergency department and comprehensive Obstetrical services.

The new five-story hospital will have approximately 250,000 square feet of space. The construction will feature the newest design elements that provide patient and visitor friendly entrances and waiting areas. The new facility will include plenty of convenient parking and roads that improve traffic patterns in and around the campus. It will be designed to meet the latest hurricane and earthquake building code requirements. The new hospital will be “green-friendly.”

Here are some other features of the new hospital

• Technology rich environment
• All private rooms
• Bright, welcoming interiors
• Improved parking for patients and visitors

In addition, new services will be added and others expanded

• Ten new surgical suites
• Additional medical/surgical beds
• Larger dining room and gift shop


The new Roper St. Francis Mount Pleasant Hospital, an 85-bed full service hospital to begin construction in late spring in northern Mount Pleasant. The 250,000 sq. ft. facility will be located on 78 acres of land at the intersection of Highway 17 North and Faison Road in the Carolina Park Development.

The new Roper St. Francis Mount Pleasant Hospital will include:

  • 85 inpatient beds
  • 24-hour Emergency Care
  • Women’s Services including high tech, comfortable Labor and Deliver Suites
  • Inpatient and Outpatient Surgery
  • Intensive and Critical Care Units
  • Imaging, Laboratory and Pharmacy

Two new hospitals for Mount Pleasant SC are opening soon

Posted by on 3:41 pm in Charleston Medical Facilities | 0 comments

East Cooper Hospital

Two new Medical Facilities have been built in Mount pleasant. East Cooper Regional Medical Center is building a 140-bed acute care hospital to serve as a replacement for the current facility. This new replacement hospital will better serve the needs of our community. The facility will be situated on 52 acres adjacent to the current campus and located at the intersection of Mathis Ferry Road and Interstate 526. There will be 10 surgical suites, a 10-bed level II neonatal nursery, 16 bed medical surgical unit for womens services, expanded emergency department and comprehensive Obstetrical services.

The new five-story hospital will have approximately 250,000 square feet of space. The construction will feature the newest design elements that provide patient and visitor friendly entrances and waiting areas. The new facility will include plenty of convenient parking and roads that improve traffic patterns in and around the campus. It will be designed to meet the latest hurricane and earthquake building code requirements. The new hospital will be “green-friendly.”

Here are some other features of the new hospital

• Technology rich environment
• All private rooms
• Bright, welcoming interiors
• Improved parking for patients and visitors

In addition, new services will be added and others expanded

• Ten new surgical suites
• Additional medical/surgical beds
• Larger dining room and gift shop

 

The new Roper St. Francis Mount Pleasant Hospital, an 85-bed full service hospital to begin construction in late spring in northern Mount Pleasant. The 250,000 sq. ft. facility will be located on 78 acres of land at the intersection of Highway 17 North and Faison Road in the Carolina Park Development.

The new Roper St. Francis Mount Pleasant Hospital will include:

  • 85 inpatient beds
  • 24-hour Emergency Care
  • Women’s Services including high tech, comfortable Labor and Deliver Suites
  • Inpatient and Outpatient Surgery
  • Intensive and Critical Care Units
  • Imaging, Laboratory and Pharmacy

Update: Both hospitals are now complete and up and running.

Whats going on in Mount Pleasant SC

Posted by on 3:35 pm in Charleston Area Events, Charleston Restaurants | 0 comments

There are lots of new restaurants coming to the town of Mount Pleasant SC . Some of our favorite restaurants have opened and all of Mount Pleasant is a buzz.Two downtown favorites Mellow Mushroom and Basil are opening establishments in Mount Pleasant. Mellow Mushroom , a pizza place but yet so much more than a pizza place, has opened to rave reviews. The new location in Northern Mount Pleasant is conveniently located off of Highway 17 across the street from the New Super Wal-Mart. Basil , the best Thai restaurant ever has plans to build a second location in Seaside farms shopping center. Neil Jordans , a steak and seafood restaurant, opened a few months ago in the Oakland Plantation Shopping Center. Neil Jordan’s is opened seven days a week from 11 am to midnight. I recently tried the brunch and it was delicious. and for the kids Oakland plantation recently opened two new fast food favorites, Chick-Fil-A and Mc Donalds.

What’s going on in Mount Pleasant SC?

Posted by on 3:35 pm in About Mt. P, Mt. Pleasant SC Real Estate, Restaurants | 0 comments

You may ask,  What’s going on in Mount Pleasant? There is a lot going on in Mount Pleasant including plenty of  new restaurants coming to the town of Mount Pleasant SC . Some of our favorite restaurants have opened and all of Mount Pleasant is a buzz.Two downtown favorites Mellow Mushroom and Basil are opening establishments in Mount Pleasant. Mellow Mushroom , a pizza place but yet so much more than a pizza place, has opened to rave reviews. The new location in Northern Mount Pleasant is conveniently located off of Highway 17 across the street from the New Super Wal-Mart. Basil, the best Thai restaurant ever has plans to build a second location in Seaside farms shopping center…..And for the kids Oakland plantation recently opened two new fast food favorites, Chick-Fil-A and Mc Donalds. So that is What’s going on in Mount Pleasant.

Posted by on 2:44 pm in Uncategorized | 0 comments

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Summerville offers History, Beauty and a Wonderful Life-style.

Posted by on 2:08 pm in Summerville SC, Summerville SC Real Estate, Uncategorized | 0 comments

This study looks at single family detached home statistics from 2000 to 2009 YTD 5-18-09. Visit the link below to learn more about the amazing town of Summerville.

“The town’s name is evocative of its history. Situated on a pine-forested ridge, it was first inhabited in the late 1700’s as Charlestonians and other inhabitants of the SC Lowcountry sought respite from the summer heat, mosquitos and disease. From May to September plantation families along the nearby Ashley River and other coastal areas, headed for higher elevation to live temporarily or “maroon,” in the tiny forest colony soon dubbed Summerville. Other pioneer residents descended from those 1696 puritans who settled the nearby former colonial settlement of Dorchester, endowing Summerville with a heritage spanning three centuries.”


“Summerville’s beauty is mirrored in her motto, “The Flower Town in the Pines.” Since the early 1900’s day tourists have flocked to the town during early spring to enjoy millions of spring blossoms, particularly azaleas, in private and public gardens, including the mid-town Azalea Park. It’s no wonder perhaps that the motto on the town’s official seal is Sacra Pinus Esto– The Pine is Sacred.”

In 2000 Summerville sold 1200 single family detached homes and by 2005 reached 3200 homes per year. The number of homes sold averaged 28.4% growth per year from 2002 to 2005. The sales dollar volume grew from $161.3 million to a high of $700 million in 2006. The average home sold for $209,567 in 2006 with a median sales price of $194,170 and on average sold for 99.7% of the listing price. During that year homes averaged 46 days on the market (DOM) and there was a 3.5 months supply of homes in inventory at the end of 2006.

In 2007 the Summerville homes sold declined by -23% from the previous year to 2472 homes. In 2008 the home sales dropped -32.5% to 1668 homes sold. This sharp decline in home sales resulted in only a -4% average sold price and -5% median sales price in 2008.

The average and median sale price decline from 2008 to 2009 YTD (5/18/09) averaged -13.7% and -14% respectively to $176,926 average and $169,098 median price. There were 381 homes sold in 2009 through May 18th which will probably remain below the 2008 levels. The homes have sold on average 96.94% of the list price.

The decline in Summerville single family detached home is similar to the greater Charleston area. The average and median sales price have remained strong compared to other areas across the country. Summerville is a highly desirable place to live offering a rich history, wonderful life style and exceptional value to buyers moving into the area.

The slides below show the development of the Summerville single family detached home market. I hope this information is helpful to agents and their clients.

Figure 1: Monthly Home Sales
Figure 2: Yearly Home Sales
Figure 3: List, Average and Median Price
Figure 4: Sold Price as % of List Price

 

Foreclosures & Short Sale Free List 5/12/09

Posted by on 12:00 pm in LISTINGS LIST | 0 comments


Your preferred REALTOR® has prepared a report for you which includes all of the properties in the list below. Click the button at the right to view the report.


2912823 104 Chestnut Ct, Summerville, SC New $79,900
2912835 124 Etiwan Park St, Charleston, SC New $350,000
2912876 2792 Olympia Fields Ln, Mount Pleasant, SC New $429,000
2912888 1122 Browning Rd, Charleston, SC New $134,900
2912895 1504 Birthright St, Charleston, SC New $165,900

Foreclosure & Short Sales 5/10/09

Posted by on 11:56 am in LISTINGS LIST | 0 comments


Your preferred REALTOR® has prepared a report for you which includes all of the properties in the list below. Click the button at the right to view the report.


2912776 81 Ashley Ave Unit# E, Charleston, SC New $155,900

Foreclosure List 5/3/09

Posted by on 11:55 am in LISTINGS LIST | 0 comments


Your preferred REALTOR® has prepared a report for you which includes all of the properties in the list below. Click the button at the right to view the report.


2912067 108 Carr Ln, Mount Pleasant, SC New $999,900

Foreclosure & Short Sale 5/2/09

Posted by on 11:54 am in LISTINGS LIST | 0 comments


Your preferred REALTOR® has prepared a report for you which includes all of the properties in the list below. Click the button at the right to view the report.


2911947 117 Mccants Dr, Ridgeville, SC New $54,900
2815346 185 N Shelmore Blvd, Mount Pleasant, SC New $1,095,000
2911971 1299 Rockfish Court, Mount Pleasant, SC New $324,000
2911989 2236 Kings Gate Ln, Mount Pleasant, SC New $192,000
2911991 2205 Hartfords Bluff, Mount Pleasant, SC New $649,000
2912044 610 S Laurel St, Summerville, SC New $125,000

Foreclosure & Short Sale List

Posted by on 11:49 am in LISTINGS LIST | 0 comments


Your preferred REALTOR® has prepared a report for you which includes all of the properties in the list below. Click the button at the right to view the report.


2911838 2131 Hunter Creek Dr, Charleston, SC New $229,000
2911872 1850 Montclair Dr Unit# B, Mount Pleasant, SC New $100,000
2911885 7939 Vermont Rd, North Charleston, SC New $99,950
2911878 45 Sycamore Ave Unit# 231, Charleston, SC New $199,000
2911914 49 Congress St, Charleston, SC New $54,500
2911919 102 Seewee Ct, Summerville, SC New $119,900

10 Most popular price ranges for Charleston area sold homes

Posted by on 3:09 pm in Uncategorized | 0 comments

The CTAR MLS data confirms that over 80% of the homes sold in the Tri-County this year to date are under $300,000. The most popular range is $160,000 – $170,000 followed by $200,000 – $220,000. If your client has a home in these price ranges they should sell with in 104 days on average.

Figure 1: Most popular home sales ranges in the Tri-County area today

Charleston, SC First Quarter Home Sales Down

Posted by on 12:40 pm in Uncategorized | 0 comments

The Charleston area CTAR MLS reported the lowest first quarter home sales in the past 10 years. Homes sales in the 1QT-1998 were 1516 units while 1QT-2009 had 1376. The best first quarter during the past 10 years was 3990 in 2006. The decline between 2006 first quarter and 2009 was -65.5%.

While homes sales dropped -38.8% from 1QT-2008 to 1QT-2009, the reduction in Median sold price was only -11.2% during the same period. The Median sold price increased by 2.5% between first quarters from 2005 and 2009.

The question that everyone is asking is when the market will reach the bottom. There have been some positive indications in recent weeks. CNN reported this week that the a few economists were predicting the economy to bottom within 3 months. Moody’s Economy.com predicts the housing market will bottom out by year end. Other good news from the Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended April 3 increased 4.7% to 1,250.6.

Let’s take a look at the first quarter 2009 for the Charleston area market.

Figure 1: 10-Year Monthly Home Sales

The past decade had a 4 year period of stability, 4 years of rapid growth and 3 years of accelerated decline. 2009 first quarter home sales dropped to a 10 year low. First quarter home sales fell below the 1516 units reported in 1998 to 1376 in 2009.

Figure 2: 5-Year Homes Sales Quarterly

Over the past five years the first quarter of each year had the lowest home sales followed by the second quarters highest units sold. The 2009 second quarter growth will be an indicator of weather the bottom is in sight.

Figure 3: Comparison 1St Qt Home Sales 2005-2009

Home sales fell from 3869 to 1376 (-64%) between 1st Qt 2005 to 1st Qt 2009.

Figure 4: 5-Year Volume Sales per Quarter

Volume sales dropped from $978,652,565 in first quarter 2005 to $354,941,995 first quarter of 2009.

Figure 5: Comparison 1St Qt Volume Sales 2005-2009

Volume sales dropped -47.6% between first quarter of 2008 and 2009.

Figure 6: 5-Year Average List, Average Sold and Median Price

List price, average sold price and median sold price all declined in the first quarters of 2008 and 2009.

Figure 7: Comparison 1St Qt 2005-2009 Average List, Sold and Median Prices

From the first quarter 2008 to 2009 the list price dropped -12.7%, average sale price dropped -14.4% and the median price declined -11.5%.

Figure 8: Comparison 1St Qt 2005-2009 average sales price as a percent of list price

The percent sold to list price declined in the first quarters of 2008 and 2009 by 0.7% and -2% respectively. The decrease between 2005 and 2009 was -4.3% from .982 to .939.

Figure 9:1QT Days on Market Comparision 2005-2009

First Quarter days on market reached 118 in 2009.

Figure 10: Comparison 1St Qt 2005-2009 Current Inventory

For the last 8 quarters there has been an inventory of between 11,000-12,000 homes.

Figure 11: Comparison 1St Qt 2005-2009 Months Inventory

In the first quarter 2009 there was a 24 month home inventory.
In summary the first quarter of 2009 reported the worst start in 10 years, the volume was $354,941,995 down -47%, averages sold price dropped -14.7% to $257,531, the sold to listing ratio dropped -2%to 93.9%, days on the market reached 118 up from 104 in 2008, the current inventory is around 11,000 units and there is a 24 month supply of homes at the current demand.

Overall it is the best buyers market in the last decade offering interest rates below 5% for 30 year fixed mortgages, tax incentives for first time buyers, low average sale and median sold prices, high inventory of new construction, an abundance of foreclosures in all price ranges, and 11,000 sellers motivated to sell their homes.

There have been some positive signs in the housing market recently but I think the housing market will not bottom out until the first quarter of 2010.

Carolina Park New Listings

Posted by on 4:21 pm in Carolina Park Listings, Carolina Park Real Estate | 0 comments


Your preferred REALTOR® has prepared a report for you which includes all of the properties in the list below. Click the button at the right to view the report.


2907830 1510 Crane Creek Drive, Mount Pleasant, SC New $419,990
2907834 1491 Crane Creek Drive, Mount Pleasant, SC New $389,990

1900 E Canning Park West Mt Pleasant SC Real Estate

Posted by on 12:16 pm in Charleston Neighborhoods, Charleston New Listings | 0 comments

FABULOUS SIX BEDROOM, FOUR AND A HALF BATH HOME WITH A PRIVATE DOCK. TONS OF UPGRADES THROUGHOUT HOUSE, INCLUDING GRANITE COUNTERTOPS IN KITCHEN AND ALL BATHROOMS. 750 SQUARE FOOT MOTHER-IN-LAW OR NANNY SUITE ON GROUND LEVEL WITH 8′ SMOOTH CEILINGS AND A PRIVATE ENTRANCE. MAIN FLOOR FEATURES 10′ SMOOTH CEILINGS,CYPRESS HARDWOOD FLOORS, A VERY LARGE KITCHEN WITH TILE FLOORING, GRANITE COUNTERS, AND STAINLESS STEEL APPLIANCES. ISLAND IN KITCHEN PROVIDES ADDITIONAL COUNTER SPACE. KITCHEN IS OPEN TO THE MAIN FAMILY ROOM AND DESIGN IS PERFECT FOR ENTERTAINING. FAMILY ROOM FEATURES A GAS LOG FIREPLACE, SURROUND SOUND SYSTEM, COFFERED CEILING. SCREENED PORCH TO ONE SIDE OF MAIN LEVEL. THERE IS A SEPARATE FORMAL DINING ROOM ACCENTED WITH COLUMNS. MASTER BEDROOM ON MAIN LEVEL FEATURES A TRAY CEILING AND FAN, WALK IN CLOSETS AND A VERY LARGE MASTER BATH WITH DUAL SINKS, TUB AND SEPARATE SHOWER. MASTER BEDROOM ALSO HAS AN ACCESS WAY TO THE DECK OUTSIDE. UPPER LEVEL FEATURES 9′ SMOOTH CEILINGS, FOUR ADDITIONAL BEDROOMS WITH TWO FULL BATHS AND A LARGE BONUS ROOM THAT CAN USED AS A STUDY, PLAYROOM, MEDIA ROOM, OR LIBRARY. OFF OF THE BONUS ROOM IS A VERY NICE PIAZZA, WHICH IS PERFECT FOR ENJOYING THE PANORAMIC VIEW OF THE TIDAL CREEK. BOTH UPSTAIRS BATHROOMS ARE UPGRADED WITH GRANITE COUNTERS AND DUAL SINKS. EACH FLOOR OF HOUSE HAS IT’S OWN HVAC SYSTEM FOR ULTIMATE CLIMATE CONTROL. CENTRAL VACUUM SYSTEM. CUSTOM LAUNDRY SHOOT FROM TOP FLOOR DELIVERS CLOTHES DIRECTLY TO LAUNDRY ROOM. GARAGE HAS SEALED FLOOR AND ROOM FOR UP TO FOUR CARS. DOCK HAS AN 8,000 lbs. BOAT LIFT AND FLOATING PLATFORM THAT ALLOWS ACCESS TO WATER AT LOW TIDE. VIEW OF WANDO RIVER FROM DOCK. DOCK HAS RAILINGS AND LIGHTS. IDEAL HOME FOR A FAMILY WHO LOVES BOATING AND SALT WATER FISHING.

1900 E Canning Park West Mt Pleasant SC Real Estate

Posted by on 12:16 pm in Uncategorized | 0 comments

FABULOUS SIX BEDROOM, FOUR AND A HALF BATH HOME WITH A PRIVATE DOCK. TONS OF UPGRADES THROUGHOUT HOUSE, INCLUDING GRANITE COUNTERTOPS IN KITCHEN AND ALL BATHROOMS. 750 SQUARE FOOT MOTHER-IN-LAW OR NANNY SUITE ON GROUND LEVEL WITH 8′ SMOOTH CEILINGS AND A PRIVATE ENTRANCE. MAIN FLOOR FEATURES 10′ SMOOTH CEILINGS,CYPRESS HARDWOOD FLOORS, A VERY LARGE KITCHEN WITH TILE FLOORING, GRANITE COUNTERS, AND STAINLESS STEEL APPLIANCES. ISLAND IN KITCHEN PROVIDES ADDITIONAL COUNTER SPACE. KITCHEN IS OPEN TO THE MAIN FAMILY ROOM AND DESIGN IS PERFECT FOR ENTERTAINING. FAMILY ROOM FEATURES A GAS LOG FIREPLACE, SURROUND SOUND SYSTEM, COFFERED CEILING. SCREENED PORCH TO ONE SIDE OF MAIN LEVEL. THERE IS A SEPARATE FORMAL DINING ROOM ACCENTED WITH COLUMNS. MASTER BEDROOM ON MAIN LEVEL FEATURES A TRAY CEILING AND FAN, WALK IN CLOSETS AND A VERY LARGE MASTER BATH WITH DUAL SINKS, TUB AND SEPARATE SHOWER. MASTER BEDROOM ALSO HAS AN ACCESS WAY TO THE DECK OUTSIDE. UPPER LEVEL FEATURES 9′ SMOOTH CEILINGS, FOUR ADDITIONAL BEDROOMS WITH TWO FULL BATHS AND A LARGE BONUS ROOM THAT CAN USED AS A STUDY, PLAYROOM, MEDIA ROOM, OR LIBRARY. OFF OF THE BONUS ROOM IS A VERY NICE PIAZZA, WHICH IS PERFECT FOR ENJOYING THE PANORAMIC VIEW OF THE TIDAL CREEK. BOTH UPSTAIRS BATHROOMS ARE UPGRADED WITH GRANITE COUNTERS AND DUAL SINKS. EACH FLOOR OF HOUSE HAS IT’S OWN HVAC SYSTEM FOR ULTIMATE CLIMATE CONTROL. CENTRAL VACUUM SYSTEM. CUSTOM LAUNDRY SHOOT FROM TOP FLOOR DELIVERS CLOTHES DIRECTLY TO LAUNDRY ROOM. GARAGE HAS SEALED FLOOR AND ROOM FOR UP TO FOUR CARS. DOCK HAS AN 8,000 lbs. BOAT LIFT AND FLOATING PLATFORM THAT ALLOWS ACCESS TO WATER AT LOW TIDE. VIEW OF WANDO RIVER FROM DOCK. DOCK HAS RAILINGS AND LIGHTS. IDEAL HOME FOR A FAMILY WHO LOVES BOATING AND SALT WATER FISHING.

Charleston SC Real Estate Update – Market Stats

Posted by on 2:19 pm in The Charleston Real Estate Update | 0 comments

Welcome to the Century 21 Blog. Our goal is to present a monthly analysis of the greater Charleston area real estate market. We will look at the past 10-year, past 5-years, and 2008 -2009 monthly statistics. The analysis will review important market measurements including: unit sales, sales volume, days on market, list price, average sales price, median sold price, unit inventory level and months inventory. We will also study the MLS as a whole, by county and by individual areas including the major subdivisions and some subsections.

Regards,

Carl Caldeira & Dave Creaturo

Charleston Area 10-Year Review

During the past 10 years we’ve seen a tremendous development of our Charleston area real estate market. In 1998 there were 7,623 units sold, a sales volume of $1.2 billion, an average sales price of $158,462, with 2941 units in inventory and an average month’s inventory of 4.63 months. In 2008 the market had 8,893 units sold, $2.6 billion in sales volume, and an average selling price of $292,247 with 11,382 units in the inventory and 15.36 months inventory. In 2005 the market reached its highest unit sales and volume sales levels.

Let’s take a more detailed look at the market between 1998 and 2008. The greater Charleston area (CTAR MLS all areas) in 1998 had 7,623 unit sales. In 2002 the market started to take off. The unit sales increased from 8,316 to a record high of 18,075 in 2005 (an increase of 217% or 72% per year for 3 years. In 2005 the real estate market reached an all time high unit sales. In 2006 there was a 1,304 unit decrease to 16,771. Then over the next 2 years the market dropped from 16,771 to 8,893 units or a decrease of 188% (average 94% decrease per year).

From Carl

In the 5-year unit sales / month (Fig.2), we see the trend line and sales cycles. The slope of the trend line demonstrates the rapid unit sales decline from 2005 to 2008.

Also in this chart we can see the seasonality of the units sold during the year. The second and third quarters usually produce more sales than the first and fourth quarters. In 2008 the unit sales started well below the previous three years and after a 6 month decline ended back at the 2002 monthly unit sales level.

From Carl

In slide Fig. 3 I’ve stacked the years one on top of the other to demonstrate the monthly unit variance from 2005-2008. Here we can see that June 2005 had 1852 units compared to a high of only 913 units in 2008. It is also interesting to note that the second quarter of 2008 was much flatter than 2005-2006.

It is troublesome to see 2009 start out with only 400 units which is well below the 650 units in 2008.

From Carl

The greater Charleston market area reached an all time high dollar sales volume of $5,022,485,847 in 2005 up from $1,207,959,788 in 1998 for a 415% increase over the 6 year period (avg. 69% / year). From 2006 to the end of 2008 the total volume declined to $2,599,251,589 or 193% (avg. 97% / year).

From Carl

In 2005 and 2006 the monthly dollar volume reached a high point over $550,000,000 while 2008 peaked around $275,000,000 and had a low of $125,000,000.

From Carl

The second half of 2008 saw a sharp decline in volume. January 2009 started out at only $100,000,000 which was far below previous years 2005-2007.

From Carl

The average sales price increased from $158,462 in 1998 to $298,604 2006 or 188% (avg. 20.9% over 9 years). The average sales price declined to $292,247 in 2008 by 2.2%. The median sales price for the area was $122,550 in 1998 and by 2007 it rose to $207,500 or 169% (avg. 18.8% / year). The median price fell to $200,000 in 2008 or 3.75%. The Charleston area as a whole has been able to maintain its home value compared to other areas in the country. We should also note that some price ranges have had more discounting and some CTAR areas have lost more value.

From Carl

The average sales price increased from $158,462 in 1998 to $298,604 2006 or 188% (avg. 20.9% over 9 years). The average sales price declined to $292,247 in 2008 by 2.2%. The median sales price for the area was $122,550 in 1998 and by 2007 it rose to $207,500 or 169% (avg. 18.8% / year). The median price fell to $200,000 in 2008 or 3.75%. The Charleston area as a whole has been able to maintain its home value compared to other areas in the country. We should also note that some price ranges have had more discounting and some CTAR areas have lost more value.

From Carl

In Fig. 9A we can see that the average list price is higher than the average sold price. The sellers are still reluctant to list their homes closer to the market price. This often results in properties taking longer to sell. Also note that 2009 started out with a median sales price below $180,000 which was down from January 2008.

From Carl

To further emphasize the point of percent of sold price verses list price, we see in Fig 10 that the actual sales price declined from a monthly high in 2005 of 98% of list to 95.5% in 2008.

From Carl

2009 started out below 94% of the list to sold price.

From Carl

The unit inventory grew from 4,382 units in 2004 to 11,382 units at the end of 2008 or 260% (65%/year for 4 years).

From Carl

The huge build up in inventory started in January 2006 at 5,000 units and reached a monthly high of 11,700 units in April of 2008.

From Carl

The unit inventory started out at 11,000 in 2008 and dropped to a low of 10,600 in December. January 2009 was slightly lower than January 2008.

From Carl

By 2008 the average month’s inventory rose to 15.36 months. Month’s inventory is the expected average time to sell a new listing. It is calculated by the amount of homes sold per month divided by the total unit inventory.

From Carl

During the 2005 market boom sales month’s inventory was below 4 months. As sales slowed and unit inventory grew the inventory months reached to 22 months by November 2008.

From Carl

January 2008 started out at 17 months and in January 2009 reached a 5-year high of 28 months.

From Carl
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