Home Type
Price Range
Bedrooms

Upper Charleston – Strong Real Estate Sales through June 2013

The Upper Charleston Peninsula, the area located above Crosstown Road and generally denoted by the 29403 zip code, is an excellent affordable real estate choice for investors, first-time home buyers and anyone else interested in living in the heart of Charleston without spending half a million dollars (or more). While still affordable, real estate in the area is making solid price and sales gains, as evidenced by the midyear data. Of the 107 homes sold in the first six months of this year, 26 closed in June. These numbers are up from last year by 59.7% and 73.3% respectively. Median sales price for the year has climbed nearly 12% to $265,750, and the average price for Upper Peninsula homes sold between January and June 2013 is $270,222, which is 7.7% higher than 2012’s numbers. Buyers are paying about 93.5% percent of the list price for homes in the area, almost 3.5% more than last year. The average number of days a home spends on the market before it sells is 92, about 30 days less than the same period last year. New listing activity has increased 10% from last year, but it has not been able to keep pace with sales. With just 57 active single-family homes for sale in June, inventory was down 38% from 2012. The condo and townhome market on the Upper Peninsula is much smaller than the single-family home pool, with just 27 active attached listings available in June and only nine sales in the first half of 2013. The average price of attached real estate is just over $269,000, and the median price is...

Downtown Peninsula Experiencing Major Price Increases, June 2013

Real estate on the bottom part of the downtown Charleston peninsula (the 29401 zip code, below Crosstown) realized significant price increases in January–June 2013 when compared to the first two quarters in 2012. While new listings are up about 13% and closed sales are down about 2% for the year, the real story with the historic Charleston market is price. Median sales price is up almost 13.5% to nearly $700,000. The average price for real estate in downtown Charleston was just over $1.3 million, a 42% increase from last year. As with other high-dollar markets in the area, the homes stay active almost twice as long as homes priced under $350,000. Regardless, the number of days needed to sell a home on the Lower Peninsula dropped nearly 29% to 139. In the first half of 2013, sellers were receiving more than 90% of their listing prices, almost 6% better than the corresponding period in 2012. So far this year, 84 downtown homes have sold, 21 of which closed in June. Despite the increase in new listings, inventory is down 11.4%, with 163 single-family homes actively for sale. Looking at attached real estate in the historic district, inventory is down more than 40%. In June 2012, potential buyers had their choice of 224 listings. In June 2013, the number of townhomes and condos on the market dropped to 132. Median price for the year is down about 2% ($402,500), but the average price of attached homes — $533,811 — is up nearly 6%. Sellers are receiving more than 89% of their asking price. Want to know more about the historic...

Charleston Tri-county Real Estate Report – First Half of 2013

Real estate numbers for Charleston, Berkeley, and Dorchester Counties during the first half of 2013 are in, and despite the recent percentage-point rise in mortgage rates, the sales stats for the area are strong. A year-to-date comparison between the first half of 2012 and the first half of 2013 shows a 10 percent jump in price and a 22 percent increase in sales volume. Here are the numbers side-by-side:   Jan. – June 2013 Jan. – June 2012 Homes Sold 6,117 5,000 Median Price $200,440 $181,700   A major driver of the significant price increase is the low inventory at hand, with only 5,655 homes actively for sale across the three counties. Here’s a breakdown of activity in Charleston, Berkeley and Dorchester:   June 2013 June 2012 Charleston Homes Sold 752 627 Charleston Median Price $255,500 $239,390 Berkeley Homes Sold 281 208 Berkeley Median Price $189,000 $164,300 Dorchester Homes Sold 249 182 Dorchester Median Price $179,000 $157,500   Throughout the rest of July, we’ll look at individual area real estate markets, including Mount Pleasant, Sullivan’s Island, Isle of Palms, Daniel Island, Folly Beach and the downtown Charleston peninsula. We’ll also look at some of the factors affecting the numbers such as mortgage rates and new construction.  Until then, feel free to dial up Bob Brennaman at 843-345-6074 if you have questions about the numbers or anything else related to real estate in Charleston, SC....

Real Estate for the Fourth of July – Charleston’s Pre-Revolutionary Homes

Happy Fourth of July! We cannot think of a better place to celebrate the country’s independence than in Charleston, South Carolina. Established more than 100 years before the Revolutionary War, Charleston’s roots run deep, indeed. A handful of the real estate in this gorgeous, historic city has been standing since Colonial times, as well. Please enjoy this roundup of pre-Revolutionary homes for sale in Charleston. 17 Chalmers Street Not only is this three-story, just-over-1,000 sq. ft. home one of the oldest residences in Charleston, it is also among the oldest masonry structures in the entire United States. Built sometime between 1672 and 1712, the home retains original elements, including 300-year-old fireplaces and a floor-level jib window that opens into a secluded courtyard garden. Located in the French Quarter historic district, Chalmers Street is a cobblestone alleyway named after Dr. Lionel Chalmers, a Scottish physician and scientist. The area also has ties to Freemasonry, as home to one of the oldest Masonic Lodges in the country. This iconic piece of real estate is listed for just under $1 million, the least expensive pre-Revolutionary Charleston home on the market as of July 4, 2013. For more on this property’s colorful history, visit pinkhousegallery.tripod.com. 17 Water Street Built in 1750, this historic home is located between Meeting and East Bay Streets on a small, two-block thoroughfare that, when it was built, followed the path of the now-filled Vanderhorst Creek. According to several sources, the city’s last royal governor fled Charleston during the Revolution via Vanderhorst Creek. The residence at 17 Water Street is said to be the home of the first shoemaker...

Charleston among the Best Large Cities for Job Growth

The Milken Institute, a nonpartisan nonprofit organization that studies economic issues, has recently named the Charleston Metropolitan area one of 2012’s Best Performing Cities when it comes to creating and sustaining jobs. Good news if you’re considering a move to the area or a real estate purchase. In ranking cities, the Milken Institute looked at job, wage and high-tech GDP growth over one- and five-year periods. The report does not factor in variables such as commute times, crime rates, business costs and cost-of-living. The Charleston-North Charleston-Summerville metro area was ranked as the No. 9 Best Performing Large City (out of 200 large cities), the only South Carolina metro listed in the top 25. The only place in the Southeast that ranked higher than Charleston was the Raleigh-Cary, NC metro area, coming in at No. 3. The major industries that helped the Lowcountry were high-tech, aerospace and manufacturing. Job growth from 2010 to 2011 ranked eighth in the country, and high-tech GDP growth ranked fourth in the country — it bettered the national average by 30%. Continued growth is expected in 2013; here is a look at some recent developments in the Charleston job market, as reported by the Charleston Regional Development Alliance (CRDA) and the Post and Courier: Google is expanding its Berkeley County data center facility Software company SPARC plans to create more than 300 new jobs Cold storage logistics company Millard Refrigerated Services is adding 87 jobs JetBlue is coming to the Charleston International Airport Boeing began expanding its North Charleston campus in late 2012 Daimler has attracted other automotive companies, such as Morgan Olson LLC, which...

2012 Foreclosure Report: US, SC and Charleston

RealtyTrac and CoreLogic are two of the biggest reporters on foreclosure properties. This post summarizes some of their 2012 foreclosure reports. The first thing to consider when you’re looking at foreclosure reports for Charleston, South Carolina, and the rest of the United States is that states handle foreclosures in different ways. Judicial states require court action before banks can foreclose on real estate, and non-judicial states allow banks to foreclose on properties without having to go to court. South Carolina is a judicial state; therefore, the foreclosure process takes longer. The difference in the way states handle foreclosures has basically led to two separate foreclosure markets in the country. In non-judicial states, the process is quicker, and foreclosure rates are falling. Non-judicial states saw higher foreclosure rates at the beginning of the housing crisis, but now, they have worked through the backlog, meaning fewer foreclosure filings each month. The opposite is true for judicial states: at the beginning of the crisis, their rates were lower because banks had to first prove a property was delinquent before it could begin foreclosure proceedings. Now that banks in judicial states have worked through the court process, foreclosure activity is going up, because they got a late start on working through the backlog of foreclosures. According to RealtyTrac, 25 states saw foreclosure rates drop in 2012 — Nevada’s foreclosure rate went down by 57% — and 25 states saw an increase in foreclosures — New Jersey’s foreclosure rate went up by 55%, and South Carolina’s went up by nearly 20%. Overall, national foreclosure filings were down 3% for the year in 2012. RealtyTrac...
css.php