HOUSING STATISTICS FOR CHARLESTON, SC GOING INTO 2010
THE YEAR OF THE TIGER (CHINESE YEAR)
Housing Prices for Buyers will STILL look extremely attractive. But it appears that the market has hit the botton in the lower price points. Based on the statistics from November, Charleston's sales were up and the market has gotten it's legs back under it in homes priced under $300,000. This will be good news for sellers, though it may not bring them a higher price for their home, but should allow it to sell faster.
FORECLOSURES AND SHORT SALES WILL DECLINE. The glutton of "distressed" properties, including short sales and foreclosure will start to decline towards the end of 2010. The sellers will benefit by now not having to compete against these very low prices. On the buyer side, there will be less inventory, and even fewer deals to pursue.
MOVE UP BUYERS will finally get off the fence! Homeowners who did NOT re-finance and have built up equity WILL SELL!! They'll either buy up, and take advantages of the great prices . . . OR they'll downsize and taking advantage of buying a Beach Front Beauty , a Mt. Pleasant Elevated, or a Summerville Sensation in the CHARLESTON market!
- BOEING BUYERS If you have picked up a newspaper or caught the news, then you are well aware of the news of Boeings new plans to build their new Boeing 787 Dream Liner in Charleston. It is said that this will bring an estimated 10,000 new home sales over the next 4 years. This one element alone will reduce inventory, and give strength to pricing.
- INVESTORS WILL STILL THRIVE the deals may be a bit harder to find, but the rental and rent to own market should again start thriving. A shortage of good rentals will cause the monthly rental rates to increase, and the ability to sell on an option could be a "viable" option through 2010 and beyond.
CHARLESTON MARKET STATISTICS FOR NOVEMBER 2009
The Information Below Is From Charleston Trident Association of Realtors
| November 2009: Sales Up 80% Date: 12/10/2009 Charleston-Area Residential Real Estate Sales Soar in November Charleston County Home Sales Double Over 2008 Levels, Leads Regional Recovery CHARLESTON, SC-(December 10, 2009) The Charleston-area residential real estate market continues to show signs of a strong recovery. Led by incredibly strong sales in Charleston County, preliminary data from the Charleston Trident Association of REALTORS® showed 783 closed transactions in November, with a median sale price of $173,000. As of December 10, 2008, 435 properties were sold at a median price of $185,503. This month's numbers reflect an unprecedented 80% increase in sales and the third consecutive month of increases. This type of activity is uncharacteristic for November, and likely attributable to the passing of the original homebuyer tax credit deadline, which was November 30. The tax credit deadline has been extended to April 30, 2010 and expanded to include provisions for existing homeowners. More information on the new tax credit is available here. Inventory sits at this year's lowest level, with 9,429 properties listed as "active" with the Charleston Trident Multiple Listing Service, as of November 30, 2009. BERKELEY COUNTY CHARLESTON COUNTY |
| NEW! The October Market Skinny |
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