August 2017 Charleston SC Area Real Estate Market and Events

August 2017 Real Estate Market and Great Events in the Charleston SC Area!

The dog days of August are here and that means Tax Free Weekend on Aug 4-6. Charleston is getting national attention for the total Solar Eclipse on Aug 21.  Solar Eclipse events include Eclipse Baseball Game at Joe Riley Park, an all day program at the Children’s Museum, Citadel Mall is an official NASA viewing location, Total Eclipse of the Art at the Gibbes Museum, a view party at MUSC Health Stadium on Daniel Island, and an eclipse party at the Charleston Harbor Resort and Marina. August also means that schools will be starting back and there are some events with free school supplies. 

Here is your August calendar of events:

2: Broken Flowers Film Screening, Charleston Music Hall

4-6: SC Tax Free Weekend

4: Reggae Concert Series, James Island County Park

8: Mount Pleasant Town Council Meeting 6 pm

9-13: Cirque du Soleil OVO, N Chas Coliseum

9: Mary Chapin Carpenter, Music Hall

10: David Feherty, Music Hall

11-12: Hootie and the Blowfish Homegrown Tour, Volvo Car Stadium

12: Berkeley Goes Back to School Festival, 418 Main St Moncks Corner

12: Shaggin’ on the Cooper, Mt Pleasant Pier

13: City of Charleston First Day Festival, Liberty Square

13: Sprint Triathlon, James Island County Park

15: Special Mount Pleasant Planning Commission Meeting 12-3

18: Moonlight Mixer, Folly Pier

19: Mt Pleasant Reading Patrol with MPPD Barnes and Noble, Towne Centre 11-12

20: Life Aquatic Film Screening, Music Hall

21: Solar Eclipse

22: Tony Bennett, Gaillard

26: 18th Annual Race for the ARK, Summerville

30: The Second City Cure for the Common Comedy, Music Hall

Sept 1-3: Low Country Jazz Festival, N Chas PAC

In business news Volvo and Mercedes plants moving in have begun to have a ripple effect here. IFA, a German Automotive supplier, plans to expand by adding a new 234,000 square foot plant in Berkeley County(+120 jobs.) The company presently makes about 2 million drive shafts a year at its Ladson facility. Knapheide is building a 75,000 square foot facility (+63 jobs) in Charleston County to provide and install van interiors and bodies for the Mercedes plant located down the road.  T-Mobile will renovate the abandoned Rivers Ave Kmart store in N Chas to create the largest call center for the carrier adding 400 new jobs.

Of course, with all this going on, the real estate market continues to move forward nicely.  Year to date, transactions are up 7.7% over the same time period from 2016.  2017 will likely be the busiest year in Charleston history with over 18k units sold.  Median sales price is up a modest and sustainable 3.9% and median sales price is at an all time high of $253k.   However, according to my regression analysis of prices back to 1991, we are still undervalued.  We should have a median price of about $270k right now. Mt Pleasant continues to be a very attractive area with median prices in the $225/sqft range.  However, Park Circle in N Charleston and Hanahan and Daniel Island have become hot spots for Boeing employees.  And now Summerville and Goose Creek are seeing a boom with the coming of Volvo.

If you are thinking of buying or selling in the Charleston SC area or if you just have a question about the area or the market, contact a native!  Give me a call at 843-442-2219, e-mail me at cflowers@woodsflowers.com, or visit my website at Charleston SC Area Real Estate and Info .

Have a great month!