For those of you who may be interested in Charlestons real estate market, here is my weekly update: Activity is still very good but we are starting to see the annual slowdown that starts about this time of year. Instead of over 300 under contract every week, we will see something in the mid 200s for a while until it probably tapers off even more in November. James Island had a very slow week. I continue to see good signs of a recovery in prices in the Summerville and Goose Creek areas. It has taken a little longer there, but that was expected. Overall we are up 6% in number of transactions with a chance to sell 14k in 2014. And almost 8% up on median sale price, currently over $220k, an all-time high. Activity and prices are particularly strong in MLS areas North Charleston, Goose Creek and Cainhoy. Sales prices are also good in both areas on the Charleston peninsula. Mt Pleasant prices are also up nicely in both sides of I-526 and Summerville prices are a bit low, especially considering the amount of activity. The Months of inventory is still looking very good. There are 17 Multiple Listing Service areas in sellers markets with less than 6 months of inventory. Analysis of residential properties going under contract(contingent) during week of 8/1/14-8/7/14 • 277 residential properties under contract past week. Activity still very good, but starting to wane off the highs. • 228 single family homes under contract past wk. Median LIST price $220k,$114/sqft. 13 under $100k. 6 over $1M. Median 40 CDOM. Median Yr Blt 1998 • 21(9%) of 228 single family homes under contract past wk BANK OWNED FORECLOSURES or SHORT SALES. Another 13% new construction. 11 of 13 short sales in areas 31/32, 61-76 • 26 island single family homes under contract past wk. James-7,Johns-4($135k,$190k,$204k,$630k),Wadmalaw- 1($425k),Kiawah-2($2.4M,$6.25M),Edisto-1($310k),Seabrook-6($324k,$449k,$455k,$495k,$549k,$549k),IOP- 1($499k),WildDunes-1($735k),Dan-3($589k,$639k,$1.3M) • 7 James Island single family homes under contract past wk LISTED from $140k-$506k. 2 below $200k. 1 above $330k. Median $245k,$170/sqft. 0 BANK FORECLOSURES or SHORT SALES. 1 new construction. • 32 West Ashley single family homes under contract past wk LISTED from $123k-$415k. 4 Grand Oaks. 4 under $150k. 5 above $300k. Median $207k,$117/sqft. 3(9%) BANK FORECLOSURES or SHORT SALES. 0 new construction. • 28 North Chas single family homes under contract past wk LISTED from $55k-$225k. 3 Spencer Creek, 3 Colony North. 4 under $100k. 2 over $200k. Median $160k,$102/sqft. 2(7%) BANK FORECLOSURES or SHORT SALES. 8(29%) new construction • 37 Mt Pleasant single family homes under contract past wk LISTED from $250k-$1.1M. 7 Dunes West. Median $400k,$185/sqft. 12 over $500k. 1 under $144/sqft. 1 BANK OWNED FORECLOSURES or SHORT SALES. 3(8%) new construction. • 6 Peninsula Charleston single family homes under contract past wk. LIST prices $225k,$315k,$330k,$419k,$1.5M,$1.7M. 4 south of crosstown. • 45 Summerville/Ladson single family homes under contract past wk LISTED from $20k-$365k. 4 Wescott, 4 Legend Oaks. Median $210k,$95/sqft. 5 under $100k. 6 over $300k. 5(11%) BANK OWNED FORECLOSURES or SHORT SALES. 2(4%) new construction. • 48 Hanahan/Gs Creek/Moncks Cnr single family homes under contract past week LISTED from $69k-$415k. 4 Crowfield. Median $165k,$93/sqft. 4 below $100k. 7 above $300k. 10(21%) BANK OWNED FORECLOSURES or SHORT SALES. 11(23%) new construction. • 47 condo/townhomes under contract past wk. 6 LISTED under $100k. 23 from $100k-$200k. 5 from $205k-$250k. 5 from $3300k-$400k. 4 from $420k-$475k. 4 from $569k-$885k. 17 Mt. P. 3(6%) BANK OWNED FORECLOSURES or SHORT SALES. 4(9%) new construction. If you or anyone you know have any questions or need help with real estate, please contact me or one of my associates at Johnny Joyce & Associates at 843-569-0000.
Posted on: Tue, 12 Aug 2014 14:29:29 +0000
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