Properties Going Under Contract

• 76 single family homes under contract past week. Median LIST price $185k, $90/sqft, median yr built 1995. 1 over $1M.
• 12 Island single family homes under contract past week: James-1,Johns-4,Daniel-7(wow!!!).
• 7 Daniel Island single family homes under contract past wk. 6 of 7 LISTED between $320k-$539k. 8th $1.2M. Median $173/sqft.
• 10 West Ashley single family homes under contract past week. 4 LISTED from $75k-$190k. 5 from $215k-$265k. 1 at $341k.
• Only 4 North Charleston single family homes under contract past week. LIST prices $50k, $50k, $132k(new), $190k(new)
• 11 Mt. Pleasant single family homes under contract past week. 2 LISTED $192k,$200k. 4 from $260k-$294k. 5 from $335k-$599k
• Only 2 peninsula Charleston single family homes under contract past week. LIST prices $275k, $332k
• 20 Summerville/Ladson single family homes under contract past wk. Median LIST price $144k, $73/sqft. Only 1 above $230k. 6 under $100k
• 15 Hanahan/Goose Crk/Mncks Cnr single family homes under contract past wk. Median LIST price $120k, $71/sf. Only 2 above $159k
• 29(38%) of 76 single family homes under contract past week were either BANK OWNED FORECLOSURES or SHORT SALES.
• 13 townhome/condos under contract past wk. 11 of 13 LISTED under $118k. Others $220k, $450k(Folly). 1bd/1ba Daniel Island $80k.
• 6(46%) of 13 townhome/condos under contract past week were either BANK OWNED FORECLOSURES or SHORT SALES

 

Properties Going Under Contract

• 93 single family homes under contract past wk. Median LIST price $170k(low), $104/sqft, median yr built 1994. Only 1 over $1M
• 17 Island single family homes under contract past wk: James-8,Folly-1,Johns-2,Seabrook-1,IOP-2,WildDunes-1,Daniel-2
• 8 James Island single family homes under contract past wk. 3 LISTED between $112k-$150k. 5 between $245k-$260k. Median $120/sf
• 13 West Ashley single family homes under contract past wk. 6 LISTED between $125k-$165k. 7 between $255k-$599k. Median $114/sf
• 8 North Charleston single family homes under contract past wk. 4 LISTED between $35k-$77k. 4 from $150k-$170k. Median $60/sf.
• Only 5(very low) Mt. Pleasant single family homes under contract past wk. LIST prices $170k, $250k, $300k, $339k, $440k.
• 6 Peninsula Charleston single family homes under contract past wk. LIST prices $30k, $238k, $390k, $400k, $449k,$785k, $3.75M
• 20 Summerville/Ladson single family homes under contract past week. Median LIST price $147k, $86/sqft. 6 between $227k-$440k
• 18 Hanahan/Goose Creek/Moncks Corner single family homes under contract past wk. Median LIST price $141k, $81/sqft
• 34(37%) of 93 single family homes under contract past week were listed as either BANK OWNED FORECLOSURES or SHORT SALES
• 27 condo/townhomes under contract past wk. 18 LISTED $42k-$180k. 9 LISTED $275k-$750k. Median $125k, $96/sqft
• 10(37%) of 27 condo/townhomes under contract past week were listed as BANK OWNED FORECLOSURES or SHORT SALES

 

Properties Going Under Contract

• 116 single family homes under contract past wk. Median LIST price $182k, $93/sqft, median yr built 1994. 35 below $120k. 4 over $1M.
• 14 Island single family homes under contract past wk: James-4,Johns-2,Seabrook-1,Sullivan-1,IOP-2,WildDunes-2,Daniel-2
• 11 West Ashley single family homes under contract past week. Median LIST price $185k, $102/sqft
• 12 North Charleston single family homes under contract past week. Median LIST price $40k, $37/sqft. 9 of 12 under $66k.
• 14 Mt. Pleasant single family homes under contract past week. Median LIST price $310k, $142/sqft. 4 between $175k-$225k
• 4 Peninsula Charleston single family homes under contract past week. 3 of 4 LISTED between $1M-$2M.
• 25 Summerville/Ladson single family homes under contract past week. Median LIST price $167k, $87/sqft. 4 above $220k.
• 34 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $127k(low), $72/sqft
• 45(39%) of 116 single family homes under contract past week were BANK OWNED FORECLOSURES or SHORT SALES! Wow
• 30 condo/townhomes under contract past wk. Median LIST price $110k, $85/sqft. 6 in Mt. P 5 in West Ashley. Only 4 above $173k.
• 14(47%!!) of 30 condo/townhomes under contract past week were BANK OWNED FORECLOSURES or SHORT SALES. Wow

Properties Going Under Contract

• 193 single family homes under contract past TWO weeks. Median LIST price $226k(great), $107/sqft, median yr built 1998. 6 $1M+
• 33 Island single family homes under contract past TWO weeks: James-7,Folly-4,Johns-4,Kiawah-4,Seabrk-1,Sullivan-2,WildDunes-1,Daniel-9!
• 7 James Island single family homes under contract past TWO weeks LISTED $145k-$370k. Only 1 LISTED under $235k. Median $265k, $138/sf
• 9(wow) Daniel Island single family homes under contract past TWO weeks LISTED $375k-$899k. Median LIST price $650k, $194/sqft
• 19 West Ashley single family homes under contract past TWO weeks LISTED $50k-$375k. Median LIST price $180k, $102/sqft
• 14 North Charleston single family homes under contract past TWO weeks LISTED $20k-$335k. Median LIST price $106k, $84/sqft
• 6 of 14 North Charleston single family homes under contract past TWO weeks were in Park Circle. Think Boeing
• 40 Mt Pleasant single family homes under contract past TWO weeks LISTED $175k-$998k. Median LIST price $367k, $150/sqft
• 5 Peninsula Charleston single family homes under contract past TWO weeks. LIST prices $90k, $156k, $599k, $1.7M(SOB), $2.8M(SOB).
• 43 Summerville/Ladson single family homes under contract past TWO weeks LISTED $20k-$550k. Median $143k, $82/sqft. 8 $310k+
• 34 Hanahan/Goose Creek/Moncks corner single family homes under contract past TWO weeks. Median $149k, $88/sqft. 1 above $260k
• 48 condo/townhomes under contract past TWO weeks. Median LIST price $160k, $98/sqft. 5 at $395k-$1.4M. 9 West Ashley, 9 Mt. P
• 18(38%) of 48 condo/townhomes under contract past TWO weeks were LENDER owned foreclosures or short sales
• 54(28%) of 193 single family homes under contract past TWO weeks were LENDER owned foreclosures or short sales.

 

Charleston Properties going under Contract

135 single family homes under contract past week. Median LIST price $216k(good), $96/sqft, median yr built 1995. 8 over $1M
15 Island single family homes under contract past wk: James-4,Folly-1,Johns-3, Kiawah-1,Sullivan-1,IOP-1,WildDunes-1,Daniel-3
9 West Ashley single family homes under contract past week. 3 LISTED $130k-$192k. 5 between $252k-$375k. 1 at $1.6M
10 North Charleston single family homes under contract past wk. 3 LISTED under $60k. 6 between $120k-$170k. 1 at $216k.
29 Mt. Pleasant single family homes under contract past week. Median LIST price $375k(good), $153/sqft. 6 between $200k-$245k
3 Peninsula Charleston single family homes under contract past week. 2 LISTED at $900k, 1 at $1.85M
36 Summerville/Ladson single family homes under contract past week. Median LIST price $167k, $87/sqft. 8 in Wescott
30 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $151k, $86/sqft
36 condo/townhomes under contract past wk. Median LIST price $138k, $113/sqft. 29 under $227k. 6 from $349k-$650k. 1 at $795k
21% of residential properties going under contract past week are LISTED as short sales or bank owned foreclosures
Buying activity very good for this time of the year. Great prices and great rates.

Charleston Properties going under Contract

• 108 single family homes under contract past wk. Median LIST price $187k, $100/sqf, median yr blt 1998. 4 $1M+. 25 under $120k
• 14 Island single family homes under contract past wk: James-6,Johns-1,Sullivan-2,IOP-1,WildDunes-1,Daniel-3. Kiawah/Seabrook/Folly-0
• 10 West Ashley single family homes under contract past wk. Only 1 LISTED above $220k($475k). 2 have since come back on market
• 17 North Charleston single family homes under contract past week. Median LIST price $115k, $71/sqft
• Only 17 Mt. Pleasant single family homes under contract past week. 4 LISTED $210k-$245k. Other 13 above $380k
• Only 4 peninsula Charleston single family homes under contract past week. All LISTED between $139k-$400k
• 22 Summerville/Ladson single family homes under contract past week. Median LIST price $137k(low), $85/sqft
• 19 Hanahan/Goose Creek/Moncks corner single family homes under contract past week. Median LIST price $144k, $76/sqft
• 33 condo/townhomes under contract past week. Median LIST price $135k, $101/sqft. West Ashley-6, Folly-6, Mt. P-5. Only 6 above $180k
• 14 of 33 condo/townhomes going under contract listed as short sale or lender owned
• 47(33%) of 141 residential properties going under contract past week listed as short sale or lender owned

 

Charleston Properties Going Under Contract

• 149 single family homes under contract past wk. Good activity. Median LIST price $200k, $100/sqft, median yr blt 1999. 5-$1M+
• 26 island single fam homes under contract past wk: James-10,Folly-1,Johns-4,Seabrook-5,IOP-1,WildDunes-1,Daniel-2,Edisto-2
• 10 James Island single family homes under contract past week. 4 LISTED under $165k, 2 at $212k,$250k, 4 between $315k-$453k
• 5 Seabrook Island single family homes under contract past week. All LISTED between $319k-$825k. All under $275/sqft
• 14 West Ashley single family homes under contract past week. Median LIST price $220k, $110/sqft
• 6500sqft home in Stono Ferry LISTED for $520k($80/sqft) went under contract past week. Wow!! Lots of great deals out there
• 13 North Charleston single family homes under contract past week. 6 LISTED under $100k. 6 between $100k-$165k. 1 at $275k
• 26 Mt. Pleasant single family homes under contract past week. Median LIST price $385k, $151/sqft. 2 under $200k, 2 over $1M
• Only 1 Peninsula Charleston single family home under contract past week. South of Broad LISTED for $1M, $267/sqft
• 39 Summerville/Ladson single family homes under contract past week. Median LIST price $155k, $88/sqft. Only 3 over $250k
• Median size of homes going under contract in Mt. Pleasant 2700sqft. Median size in Summerville/Ladson 1750sqft
• 28 Hanahan/Goose Creek/Moncks Corner homes under contract past week. Median LIST price $158k, $83/sqft. Only 2 over $230k
• Only 27 condo/townhomes under contract past week. 8 LISTED under $100k. 12 between $115k-$167k. 5 between $289k-$399k. 2 at $635k, $895k.
• Of the 27 condo/townhome sales this past week, 7 were in North Charleston and 6 were in Mt. Pleasant
• 23% of residential properties going under contract past week were listed as either Lender Owned or Possible Short Sale
• Buying activity still good for this time of year with 180 residential properties going under contract this past week

 

Charleston Properties going under Contract

• Only 118 single family homes under contract this past week. Median LIST price $210k, $98/sqft, median yr blt 1994. 4 over $1M
• 19 Island single fam homes under contract past wk: James-7,Johns-5,Kiawah-1,IOP-2,Sullivans-2,WildDunes-1,Daniel-1,Wadmalaw/Seabrook/Folly-0
• 7 James Island single family homes under contract past week. 5 of 7 LISTED between $239k-$450k. Other 2 at $56k, $199k
• 5 Johns Island single family homes under contract past week. All 5 LISTED between $75k-$180k
• 11 West Ashley single family homes under contract past week. Median LIST price $225k, $125/sqft. 9 of 11 between $150k-$253k
• 10 North Charleston single family homes under contract past week. 7 of 10 LISTED between $112k-$213k. Other 3 under $60k
• 21 Mt. Pleasant single family homes under contract past week. Median LIST price $339k, $127/sqft(low!). None under $205k
• 7 Peninsula Charleston homes under contract past week. All 7 LISTED between $82k-$475k
• 26 Summerville/Ladson single family homes under contract past wk. Median LIST price $140k(low), $85/sqft. 20 of 26 below $220k
• 22 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $149k, $82/sqft
• 27 condo/townhomes under contract past week. Median LIST price $90k, $75/sqft. LOW. 23 of 27 under $145k. Ouch

 

Properties Going Under Contract

• 130 single family homes under contract past week. Median LIST price $217k(good), $104/sqft, median yr blt 1995. 2 over $1M
• 21 Island single fam homes under contract past wk: James-8,Folly-1,Johns-7,Sullivan-1,IOP-1,WildDunes-2,Daniel-1,Kiawah/Seabrook/Wadmalaw-0
• 8 James Island single fam homes under contract past wk. 4 LISTED below $240k, 4 above $340k. 5 below $142/sf. 3 above $214/sf
• 7 Johns Island single family homes under contract past wk! 2 LISTED under $275k, 5 above $390k! Wow
• 15 West Ashley single family homes under contract past week. Median LIST price $239k, $104/sqft. 5 under $185k, 4 over $350k
• 14 North Charleston single family homes under contract past week. 8 LISTED below $40k! Wow. 6 between $98-$217k
• 27 Mt. Pleasant single family homes under contract past week. Median LIST price $385k, $156/sqft. None under $205k
• 5 Peninsula Charleston single family homes under contract past week. 3 LISTED under $150k. 2 at $442k, $990k
• 25 Summerville/Ladson single family homes under contract past wk. Median LIST price $140k(low), $82/sqft. Only 4 above $100/sf
• 21 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $131k(low), $75/sqft
• 25 condo/townhomes under contract past week. Median LIST price $127k(low), $92/sqft. Only 4 above $200k
• 30% of residential properties under contract past week were shortsales or lender owned

Properties Going Under Contract

• 133 single family homes under contract past wk. Median LIST price $200k, $102/sqft, median year built 1992. 6 over $1M.
• 17 Island single fam homes under contract past wk: James-9,Folly-2,IOP-3,Daniel-3,Johns/Wadmalaw/Sullivan/WildDunes/Kiawah/Seabrook-0
• 9 James Island single family homes under contract past week. LIST prices: 2 under $100k, 4 between $200k-$255k. $400k, $650k, $1.75M
• 21 West Ashley single family homes under contract past week. Median LIST price $240k, $112/sqft
• 6 North Charleston single family homes under contract past week. LIST prices from $40k-$180k
• 21 Mt. Pleasant single family homes under contract past week. Median LIST price $335k, $139/sqft(low). None under $200k
• 5 Peninsula Charleston single family homes under contract past week. 4 of 5 were South of Broad and LIST prices over $1.39M
• 30 Summerville/Ladson single family homes under contract past week. Median LIST price $155k, $84/sqft
• 31 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $140k, $87/sqft
• Buying activity back up to 164 residential properties going under contract after last week low of 140
• 30 condo/townhomes under contract past week. Median LIST price $125k, $87/sqft. 24 of 30 under $200k. Median year built 2004

 

 

 

Properties Going Under Contract

• Only 104 single family homes under contract past wk. Big drop. Median LIST price $190k, $106/sqft, median yr blt 1996. 2 $1M+
• 16 Island single family homes under contract past wk: James-9,Folly-1,Johns-5,Daniel-1,Seabrk/Kiawah/IOP/WildDunes/Wadmalaw-0
• 9 James Island single family homes under contract past week. Only 2 of the 9 under $215k. 3 between $340k-$350k. 1 at $1.4M
• 9 West Ashley single family homes under contract past week. 4 LISTED between $135k-$190k. 4 between $210k-$280k. 1 at $420k
• 9 North Charleston single family homes under contract past week. 5 LISTED between $12k-$103k, 4 between $130k-$155k.
• 18 Mt. Pleasant single family homes under contract past wk. 3 LISTED under $190k. 4 $700k+. Median LISTprice $340k, $152/sqft
• 8 Peninsula Charleston single family homes under contract past wk. 2 LISTED at $150k,$165k. 4 between $425k-$500k. 1 at $1.1M
• 24 Summerville/Ladson single family homes under contract past week. Median LIST price $166k, $90/sqft. None above $285k.
• 18 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $130k(low), $78/sqft. None over $200k.
• 22 condo/townhomes under contract past wk. Median LIST price $169k, $110/sqft. 4 between $514k-$617k(good). 5 in West Ashley
• First week of year to see buying activity significantly drop. Only 130 residential properties went under contract past week.

Properties Going Under Contract

• 146 single family homes under contract past week. Median LIST price $199k, $102/sqft, median yr blt 1995. 2 were over $1M
• 25 Island single family homes under contract past wk: James-8,Folly-2,Johns-6,Wadmalaw-1,Seabrk-1,Sullivan-3,Daniel-4,Kiawah/IOP/WildDunes-0
• All 4 Daniel Island single family homes under contract past week under $575k, under $185/sqft(low for DI).
• 8 James Island single family homes under contract past week. Median LIST price $215k, $128/sqft. 6 of 8 under $230k
• 9 West Ashley single family homes under contract past week. Median LIST price $219k, $108/sqft. 7 of 9 under $125/sqft
• 10 North Charleston single family homes under contract past week. 6 of 10 between $119k-$210k(highest). Median $70/sqft.
• 27 Mt. Pleasant single family homes under contract past week. Median LIST price $295k(low), $149/sqft. 5 under $200k!
• Only 6 Peninsula Charleston single family homes under contract past week. 4 of 6 between $600k-$930k. Other 2($33k, $250k).
• 30 Summerville/Ladson single family homes under contract past week. Median LIST price $160k, $88/sqft. Only 3 above $107/sqft
• 33 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $159k, $85/sqft
• 30 condo/townhomes under contract past wk. Median LIST price $131k, $100/sqft. 8 were in Mt. P.
• 8 Mt. Pleasant condos/townhomes under contract past week. 6 of those had LIST price under $133k, other 2 were $203k,$220k.
• Buying activity still good with 177 residential listings going under contract past week.

Properties Going Under Contract

• 133 single family homes under contract past week. Median LIST price $225k(good), $119/sqft. 6 over $1M. 21 over $200/sqft!
• 30 Island single fam homes under contract past wk: James-8,Folly-1,Johns-5,Wadmalw-1,Kiawah-1,Seabrk-1,Sullivan-1,IOP-2,WildDunes-4,Daniel-6
• 7 James Island single family homes under contract past week. 4 had LIST price below $225k. 3 had LIST price $335k-$560k.
• 5 Johns Island single fam homes under contract past wk. 3 had LIST price under $200k, 2 at $399k, $625k. All built after '05
• 4 Wild Dunes single family homes under contract past week! 3 had LIST price under $1M. Other one was $3.75M
• 7 Daniel Island single family homes under contract past week. 2 had LIST price $310k, $500k. 4 between $700k-$995k. 1 at $3M
• Only 8 West Ashley single family homes under contract past week. 6 had LIST price under $240k. 1 at $350. 1 at $450k
• 11 North Charleston single family homes under contract past week. 8 had LIST price between $28k-$87k, 5 between $110k-$170k
• All 11 North Charleston single family homes under contract last week had LIST price under $87/sqft. 8 of the 11 under $70/sf.
• 26 Mt. Pleasant single family homes under contract past week. Median LIST price $395k, $150/sqft. Only 1 under $225k
• 6 Peninsula Charleston single family homes under contract past week. 3 below xtown all over $1M. 3 above xtown $110k, $155k, $399k
• 29 Summerville/Ladson single family homes under contract past week. Median LIST price $175k, $88/sqft. Only 3 above $250k
• 21 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $159k, $93/sqft.
• 31 condo/townhomes under contract past week. Median LIST price $145k, $105/sqft. 24 of 31 under $175k
• Buying activity still good with 167 residential properties going under contract past week

Properties Going Under Contract

• 147 single family homes under contract past week. Median LIST price $220k(good), $107/sqft, median yr built 1994. 7 over $1M
• 16 West Ashley single family homes under contract past week. Median LIST price $240k(very good), $121/sqft. Only 2 above $277k
• 32 Island single family homes under contract past wk: James-11,Folly-2,Johns-5,Seabrk-2,Sullivan-2,IOP-4,WildDunes-2,Daniel-4,Kiawah/Wadmalaw-0
• 11 James Island single family homes under contract past week. Median LIST price $225k(low), $118/sqft. Only 2 over $275k
• 10 North Charleston single family homes under contract past week. Median LIST price only $57k, $45/sqft. Only 2 over $79k($112k, $120k)
• 28 Mt. Pleasant single family homes under contract past week. Median LIST price $349k, $158/sqft. Only 5 under $250k.
• 5 Peninsula Charleston single family homes under contract past week. 3 between $289k-$400k, 1 at $899, 1 at $1.3M
• 27 Summerville/Ladson single family homes under contract past week. Median LIST price $150k, $85/sqft. Only 3 above $230k
• 26 Hanahan/Goose Creek/Moncks Corner single fam homes under contract past week. Median LIST price only $137k, $83/sqft. Only 3 above $190k
• 4 Daniel Island single family homes under contract past week. LIST prices: $425k, $499k, $600k, $1.375M
• 39 condo/townhomes under contract past wk. Median LIST price only $120k, $99/sqft. 8 over $314k(good). 6 of those 8 Peninsula and Daniel Isl
• Buying activity remains high for this time of year with 193 residential listings going under contract past week

Properties Going Under Contract

• 127 single family homes under contract past week. Median LIST price $200k, $106/sqft, median yr built 1998. 6 were $1M+.
• 22 Island single fam homes under contract past wk: James-13,Folly-1,Johns-2,Kiawah-1,Seabrk-2,IOP-2,Daniel-1,Wadmalaw/Sullivan/WildDunes-0
• 16 West Ashley single family homes under contract past week. Median LIST price $187k, $113/sqft. Only 3 above $230k
• 13 James Island single family homes under contract past week. Median LIST price $200k(low), $129/sqft. Only 3 above $250k
• 12 North Charleston single familly homes under contract past week. Median LIST price $130k, $78/sqft. Only 1 above $170k
• 19 Mt. Pleasant single family homes under contract past wk. Median LIST price $435k(good), $143/sqft(low). Only 3 under $300k
• 8 Peninsula Charleston single family homes under contract past week. Median LIST price $800k, $221/sqft
• 20 Summerville/Ladson single family homes under contract past week. Median LIST price $173k, $89/sqft
• 28 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $161k, $80/sqft
• 27 condo/townhomes under contract past week. Median LIST price $135k, $103/sqft. Only 2 above $210k!

 

Properties Going Under Contract

• 135 single family homes under contract past week. Median LIST price $250k(good), $125/sqft, median yr built 1998
• 18 single family homes under contract past week with LIST price under $125k. Only one over $1M
• 20 Island single fam homes under contract past wk: James-5,Johns-5,Folly-3,Wadmalaw-1,Seabrk-1,IOP-2,WildDunes-2,Daniel-1,Kiawah/Sullivan-0
• 5 James Island single family homes under contract past week. Only 1 with LIST price over $265k and it came back on market.
• 12 West Ashley single family homes under contract past week. Median LIST price $275k, $132/sqft. High was LIST price of $487k
• 9 North Charleston single family homes under contract past wk. Median LIST price $50k, $38/sf. Only 2 $100k+. High was $160k
• 28 Mt. Pleasant single family homes under contract past week. Median LIST price $382k, $152/sqft. Highest was $750k
• 6 Peninsula Charleston single family homes under contract past week. 4 of 6 had LIST price under $439k. 2 of 6 at $995k
• 26 Summerville/Ladson single family homes under contract past week. Median LIST price $178k, $94/sqft
• 26 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $162k, $86/sqft
• 39 condo/townhomes under contract past week. Median LIST price $143k, $112/sqft. Only 3 over $300k. 11 under $100k

Properties Going Under Contract

• 138 single family homes under contract past week. Median LIST price $194k, $101/sqft, median yr built 1993. 5 were $1M+
• 24 Island single family homes under contract past wk: James-9,Johns-4,Kiawah-2,Seabrk-1,Wadmalw/Folly/Sullivan-0,IOP-2,WildDunes-1,Daniel-5
• 14 West Ashley single family homes under contract past week. Median LIST price $215k, $115/sqft. Only one over $265k($315k)
• 9 James Island single family homes under contract past wk. Median LIST price $250k, $145/sqft. Only 2 over $300k($375k,$479k)
• 14 North Charleston single family homes under contract past week. Median LIST price $112k, $65/sqft. Nothing over $165k.
• 20 Mt. Pleasant single family homes under contract past week. Median LIST price $390k, $143/sqft. Only one over $540k($840k)
• Only 1 Peninsula Charleston single family home under contract past week. $260k in Hampton Park Terrace.
• 20 Summerville/Ladson single family homes under contract past week. Median LIST price $158k, $83/sqft.
• 27 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $135k, $82/sqft.
• 5 Daniel Island single family homes under contract past week. 3 of the 5 had LIST prices under $450k.
• 32 condo/townhomes under contract past wk. Median LIST price $192k, $123/sqft. Mt. P-7, Summerville/Ladson-6, peninsula charleston-5.

Properties Going Under Contract

• 135 single family homes went under contract past week. Median LIST price $210k, $103/sqft, median year built 1994. 6 were $1M+
• 11 Island single fam homes under contract past wk: James-7,Johns-2,Seabrk-1,Sullivan-1, Folly/Wadmalaw/Kiawah/IOP/Wild Dunes/Daniel-0
• 16 West Ashley single family homes under contract past week. Median LIST price $210k, $113/sqft. Only 1 over $350k
• 7 James Island single family homes under contract past week. Median LIST price $222k, $133/sqft
• 14 North Charleston single family homes under contract past week. Median LIST price $48k, $47/sqft. 12 of the 14 under $135k
• 30 Mt. Pleasant single family homes under contract past week. Median LIST price $380k, $148/sqft
• 7 Peninsula Charleston single family homes under contract past week. Only 1 over $600k
• 29 Summerville/Ladson single family homes under contract past week. Median LIST price $195k, $90/sqft
• 25 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $144k, $82/sqft
• 24 condo/townhomes under contract past week. Median LIST price $132k, $97/sqft. Only 4 above $240k

 

 

 

Properties Going Under Contract

• 150 single family homes under contract past week. Median LIST price $215k, $109/sqft, 1997 median yr built. 11 were $1M+!!
• 27 Island single fam homes under contract past wk: James-15,Folly-2,Johns-2,Seabrk-1,IOP-2,WildDunes-4,Sullivan-1,Daniel-1,Kiawah/Wadmalaw-0
• 14 West Ashley single family homes under contract past week. Median LIST price $250k(good), $123/sqft. Only 2 over $400k.
• 15(good) James Island single family homes under contract past wk. Median LIST price $195k(low), $126/sqft(low). 2 were $1M+.
• 15 North Charleston single family homes under contract past week. Median LIST price $139k, $69/sqft(low). None over $250k
• 26 Mt. Pleasant single family homes under contract past week. Median LIST price $400k(good), $142/sqft. 3 were $1M+.
• 7 Peninsula Charleston single family homes under contract past week. Median LIST price $239k, $184/sqft. 2 were $1M+.
• 26 Summerville/Ladson single family homes under contract past week. Median LIST price $175k, $93/sqft. None above $320k.
• 32 Goose Creek/Hanahan/Moncks Corner single family homes under contract past week. Median LIST price $156k, $85/sqft
• 27 condo/townhomes under contract past week. Median LIST price $160k, $121/sqft. 9 of the 27 were in Mt. Pleasant

 

 

 

Properties going under Contract

• 140(good) single family homes under contract past week. Median LIST price $238k(good), $111/sqft, median yr blt 1998.
• 17 Island single family homes under contract past wk. James-5,Johns-2,Seabrk-3,IOP-2,WildDunes-3,Daniel-2. Folly/Kiawah/Wadmalaw/Sullivan-0
• 17 Island single family homes under contract past week. Only 1 over $1M
• 12 West Ashley single family homes under contract past week. Median LIST price $183k, $115/sqft
• 9 North Charleston single family homes under contract past week. Median LIST price $155k, $90/sqft
• 33 Mt. Pleasant single family homes under contract past week. Median LIST price $407k(good), $151/sqft. 2 were over $1M
• 6 Peninsula Charleston single family homes under contract past week. 3 were $1M+.
• 28 Summerville/Ladson single family homes under contract past week. Median LIST price $179k, $87/sqft. Only 5 above $99/sqft
• 28 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $145k(low), $85/sqft
• 140 single family homes under contract past week. 20 had LIST price under $125k. 8 had LIST price above $975k
• 37 condo/townhomes under contract past week. Median LIST price $175k, $128/sqft. Max LIST price $550k.

Properties Going Under Contract

• 151(good) single family homes under contract this past week. Median LIST price $215k, $120/sqft, median year built 1998
• 22 Island single fam homes under contract past wk: James-11,Folly/Johns/IOP/WildDunes-2 each,Wadmalaw-1,Kiawah/Seabrk-0,Daniel-1,Sullivans-1
• 11 James Island single family homes under contract past week. Median LIST price $217k, $145/sqft
• 24 West Ashley single family homes under contract past week. Median LIST price $229k, $123/sqft
• 11 North Charleston single family homes under contract past week. Median LIST price $90k(low), $56/sqft(low). 7 under $90k
• 29 Mt. Pleasant single family homes under contract past week. Median LIST price $350k, $145/sqft. 3 over $1M
• 5 Peninsula Charleston single family homes under contract past week. None were south of the crosstown. Highest was $300k.
• 27 Summerville/Ladson single family homes under contract past week. Median LIST price $160k, $92/sqft
• 28 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $150k, $89/sqft
• 151 single family homes under contract past week. 6 had LIST price $1M+. 29 had LIST price below $125k

Properties Going Under Contract

• 127 single family homes under contract past week. Median LIST price $215k(good), $111/sqft, 1998 median year built.
• 6 of 127 single familly homes under contract past week had LIST price over $1M. 20 under $125k
• 38 of 127(30%) single family homes under contract past week were listed as shortsales/4closures. Big jump up from 20%.
• 10 West Ashley single family homes under contract past week. Median LIST price $217k, $117/sqft. Only one over $300k
• 23 Island single fam homes under contract past wk: James-10,Folly-2,Johns-2,Wadmlaw/Sullivan/IOP/Wild Dunes/Kiawah-1each,Seabrook-0,Daniel-4
• 10 James Island single family homes under contract past week: Median LIST price $240k, $149/sqft. Only 2 above $300k.
• 8 North Charleston single family homes under contract past week: Median LIST price $105k, $75/sqft.
• 28 Mt. Pleasant single family homes under contract past week: Median LIST price $375k, $150/sqft.
• Only 2 Peninsula Charleston single family homes under contract past week. Both had LIST prices over $950k.
• 30 Summerville/Ladson single family homes under contract past week. Median LIST price $163k, $91/sqft.
• 26 Goose Creek/Hanahan/Moncks Corner single family homes under contract past week. Median LIST price $155k, $86/sqft.
• 22 condos/townhomes under contract past week. Median LIST price $147k(low), $95/sqft. 17 of 22 had LIST price under $175k.

Properties Going Under Contract

• 132 Charleston single family homes went under contract past week. Median LIST price $200k, $108/sqft, 1991 median year built
• Of 132 single family homes that went under contract past week, 23 had LIST price under $125k. 3 had LIST price over $1M
• 12 West Ashley single family homes went under contract past week. Median LIST price $190k, $108/sqft
• 23 Island single fam homes under contract past wk: James-13,Johns-2,Wadmalaw/Seabrook/Kiawah/Folly/Wild Dunes-0,Sullivans-1,IOP-5,Daniel-1.
• 13 James Island single family homes under contract past week. Median LIST price $223k(low), $132/sqft. Only 2 above $283k.
• 6 North Charleston single family homes under contract past week. All but one had LIST price under $85/sqft.
• 23 Mt. Pleasant single family homes under contract past week. Median LIST price $345k, $144/sqft(low). Only 3 over $550k
• 5 Isle of Palms single family homes under contract past week. Only 1 had LIST price over $600k
• Only 4 Peninsula Charleston single family homes under contract past week. 2 of the 4 had LIST price under $200k
• 34 Summerville/Ladson single family homes under contract past week. Median LIST price $165k, $90/sqft.
• 26 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $145k(low), $85/sqft.
• 34 condos/townhomes went under contract past week. Median LIST price $155k, $118/sqft. Median year built 2003. 6 on James Island, 5 Folly

Properties Going Under Contract This Week

• 111(low) single family homes under contract past week. Median LIST price $240k(good), $114/sqft, median yr blt 1995
• 111 single family homes under contract last week. 4 had LIST price over $1M. 22 had list price under $125k
• 20 Island single family homes under contract past wk: James-7,Folly/Sullivan/Wadmalaw/Wild Dunes-0,Johns-3,Kiawah-2,Seabrook-1,Daniel-6. Only 1 over $765k
• 10 West Ashley single family homes under contract past week. Median LIST price $177k, $109/sqft
• 7 James Island single family homes under contract past wk. All under $148/sqft LIST price. Only one had LIST price over $272k
• 11 North Charleston single family homes under contract past wk. 7 of 11 had LIST price under $90k. Median LIST price $44/sqft
• 20 Mt. Pleasant single family homes under contract past week. Median LIST price $387k, $149/sqft
• 6 Peninsula Charleston single family homes under contract past week. 3 had LIST price under $165k, 3 over $950k
• 21 Summerville/Ladson single family homes under contract past week. Median LIST price $170k, $98/sqft
• 21 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $153k, $85/sqft
• 6 Daniel Island single family homes under contract past week. All but 1 had LIST price under $480k

 

Properties Going Under Contract

• 121 Charleston single family homes under contract past week. Median LIST price $224k(good), $116/sqft, 1995 yr built.
• 121 Charleston single family homes under contract past week. 19 had LIST price under $125k. 6 had LIST price over $1M.
• 13 West Ashley single family homes went under contract past week. Median LIST price $259k, $119/sqft.
• 13 James Island single family homes under contract past wk. Median LIST price $250k. $119/sf(low). 2 had LIST price over $1M.
• 21 Island single family homes under contract past wk: James-13,Johns-1,Folly/Kiawah/Seabrook-0,Sullivans-2,IOP-2,Daniel-2,Wild Dunes-1
• 12 North Charleston single family homes under contract past week. Median LIST price $142k, $76/sqft.
• 20 Mt. Pleasant single family homes under contract past week. Median LIST price $412k, $173/sqft
• Only 5 Peninsula Charleston single family homes under contract past week. Only 1 had LIST price over $650k
• 22 Summerville/Ladson single family homes under contract past week. Median LIST price $165k, $89/sqft.
• 21 Hanahan/Goose Creek/Moncks Corner single family homes under contract past week. Median LIST price $145k, $91/sqft.

Properties Going Under Contract Past Week

• 126 single family homes under contract past week. Median LIST price $235k(good), $117/sf, median yr built 1992(older).
• 14 West Ashley single family homes under contract past week. Median LIST price $182k, $124/sqft.
• 11 James Island(9)/Folly Beach(2) single family homes under contract past week. Median LIST price $275k, $136/sqft
• Island homes under contract past wk: James-9, Folly-2, Kiawah-1, Johns-3, Seabrook-2, Daniel-2, Wadmalaw/IOP/Sullivans/Wild Dunes-0. 1 $1M+.
• 9 North Charleston single family homes under contract past week. Median LIST price $140k, $67/sqft. 1 of 9 over $162k.
• 27 Mt. Pleasant single family homes under contract past week. Median LIST price $425k, $150/sqft. 2 over $800k
• 6 Peninsula single family homes under contract past week. None over $700k
• 29 Summerville/Ladson single family homes under contract past week. Median LIST price $177k, $92/sqft
• 21 Goose Creek/Hanahan/Moncks Corner single family homes under contract past week. Median LIST price $165k, $88/sqft
• 3 single family homes w/LIST price over $1M went under contract past week. 35 homes under $150k went under contract past wk

 

Properties Going Under Contract

• 125 single family homes went under contract past week. Median LIST price $229k(good), $117/sqft(good), median year built 2000.
• Island homes under contract past wk: James-5,Johns-1,Folly-3,Kiawah/Sullivan-0,Seabrook-1,IOP-1,Wild Dunes-2,Daniel-3. 3 over $1M.
• 13 West Ashley single family homes under contract past week. Median LIST price $235k, $110/sqft.
• 7 North Charleston single family homes under contract past week. 4 of the 7 with LIST price under $78k
• 20 Mt. Pleasant single family homes under contract past week. Median LIST price $397k, $154/sqft
• 7 Peninsula Charleston single family homes under contract past week. 5 of the 7 under $340k LIST price. 1 for $2.3M
• 24 Summerville/Ladson single family homes under contract past week. Median LIST price $183k, $83/sqft
• 30 Goose Creek/Hanahan/Moncks Corner single family homes under contract past week. Median LIST price $147k, $92/sqft.
• 125 single family homes under contract past week. 5 had LIST price over $1M. 25 had LIST price under $125k

Properties Going Under Contract

• 123 single family homes went under contract past week. Median LIST price $250k(very good), $118/sqft(very good), yr blt 2000.
• 12 West Ashley single family homes under contract past week. Median LIST price $258k, $136/sqft. 5 of 12 under $200k
• 9 James Island single family homes under contract past week. Median LIST price $280k, $167/sqft. 4 out of 9 under $200k
• Island single family homes under contract past wk: Folly/Kiawah/Sullivan(0),Seabrook(1),WildDunes(1),Daniel(1), Wadmalaw(1),Johns(4),IOP(4)
• 9 North Charleston single family homes under contract past wk. Median LIST price $150k, $77/sqft. 7 of 9 under $170k
• 27 Mt. Pleasant single family homes under contract past week. Median LIST price $390k, $148/sqft(low). 3 over $1M
• 4 Isle of Palms single family homes under contract past week. 3 of 4 under $900k
• 4 Peninsula Charleston single family homes under contract past week. All under $505k, $266/sqft
• 29 Summerville/Ladson single family homes under contract past week. Median LIST price $189k, $93/sqft. Only 4 over $300k. $350k highest.
• 17 Hanahan/Goose Creek/Moncks Corner single family homes under contract past wk. Median LIST price $165k, $97/sqft. None over $250k.
• 23 of 123 single family homes under contract past week were under $150k LIST price. 5 of the 123 were over $1M LIST price

 

Last Week's Contracts

A quick analysis of the 200 single family detached(SFD) homes that went under contract over the past 7 days:

 

 

 

• 200 single family homes under contract past wk median LIST price $192k(low) at $108/sqft. Will be 7th consecutive wk over 200 contingents.
• 7 single family homes w/ LIST price above $1M went under contract past week in Charleston MLS. 23 for under $100k
• 27 GC/Hanahan single family homes under contract past wk, median LIST price $170k, $91/sqft. None over $260k.
• 45 Summerville single family homes under contract past wk, median LIST price $170k, $88/sqft. Only 3 over $300k.
• 7 downtown Charleston single family homes under contract past wk. 4 below $800k, 3 above $1.5M. Median LIST price $330/sqft.
• 4 IOP/Wild Dunes single family homes under contract past wk. 2 below $800k, 2 above $1.5M. Median LIST price $335/sqft
• 30 Mt. Pleasant single family homes under contract past wk median LIST price $385k, $154/sqft. 6 over $500k, none over $900k
• 18 North Charleston single family homes under contract past wk median LIST price $135k, $87/sqft. None over $190k
• 10 Johns Island single family homes under contract past wk median LIST price $211k, $146/sqft. 1 for over $1.3M.
• 12 James Island single family homes under contract past wk median LIST price $227k, $159/sqft. Only 1 over $300k.
• 23 single family West Ashley homes under contract past wk median LIST price $200k, $119/sqft. 4 over $300k. Buyer activity very high now
• No MLS single family detached(SFD) contingents on Kiawah, Seabrook, or Folly Beach over the past week. One on Daniel Island, one on Sullivans Island.

Banks and Mortgage Insurance

When you make a down payment on a home of less than 20%, your lender forces you to take out a mortgage insurance policy that protects them if you stop making payments.  If you default, they collect on the policy which pays them the remainder of the 20% down.  On a $200k purchase price, a 20% down payment would be $40k.  If you only put down 5% or $10k, you pay a $90 premium each month included in your monthly mortgage payment.  You only pay this until you get 20% skin in the game, which in this case would take about 9 years. 

Now, if you default on the loan and the bank forecloses, they cash in on the mortgage insurance policy that you've been paying the premium on.  The mortgage insurance company, possibly AIG, pays them the $30k that you didn't put down.  Now, the bank puts the home on the market for sale.  Since they already have the $10k you put down and the $30k that AIG pays them, they can sell the home for $160k and break even.

This is starting to happen and there is no end in sight.  Banks are putting their foreclosures on the market at prices significantly below market value.  This is going to make it extremely difficult for a typical home owner to sell his home at market value.  Since 12/1/09, the percentage of homes under contract that are bank owned properties has doubled.  This could easily lead to home prices falling another 10-15% (the amount the banks are collecting on the policies) over the next couple of years while the banks sell all of their foreclosures.  Inventory of homes for sale is high now and that doesn't even count the shadow inventory of foreclosed homes the banks haven't even had time to put on the market yet.

Lender Owned Properties

Also known as REO's, bank owned properties are the result of a foreclosure.  The bank has taken over the property and now needs to sell it.  They have a lot more that they haven't even released on the market yet.  They are obviously overwhelmed.  When the bank decides to dump one of their foreclosures, they get an appraisal and then put the home on the market at a 10-20% discount.   So, these are tremendous deals for buyers.  Of course, this will have a negative effect on the value of the other homes in the neighborhood. Since they have already marked it down so much, they are not very negotiable.  With the marked down price, they often get multiple offers and end up with more than the low list price.  Unlike short sales, where the homeowner still owns the property, the banks will respond to purchase offers on their REO's very quickly.  Once the bank owns the property, they are very motivated to get rid of it quickly.  They usually claim that they will not make any repairs, but we are starting to see differently.  So far, REO's account for only about 2-3% of the active Charleston market.  However, they make up about 8-10% of the properties under contract. We certainly expect these percentages to climb.

Median Home Prices

In Charleston, the current active market of over 9000 homes has a median list price of $250k.  However, the 1800 properties under contract have a list price of only $187k.  That disparity is far too large.  It shows that much of our market, maybe 80%, is still overpriced.  This may be primarily due to the fact that all those homeowners who bought since 2004 are upside down.  They owe more on the home than it's worth.  If they all price them correctly, they will all be short sales(the bank will have to agree to take less on them than is owed) and that will cause a pretty big ding on their credit.  They don't want to do that, so, they put it on the market at a price that will prevent it from being a short sale, but will also prevent it from getting sold.  Understand that not everthing is overpriced.  About 20% of the market is correctly priced.  Properties that have been foreclosed on and the banks are now trying to sell are usually 15-25% under market value.

Short Sales and Foreclosures

About 25% of the properties under contract in the Charleston market are either short sales or foreclosures.  In Mt. Pleasant, a very popular area, the rate is about 35%.  Isle of Palms is at 43%.  Short sales are where the bank agrees to sell the property for less than they are owed.  They are very difficult to close b/c of the banks.  They still believe that the homeowner will find a way to keep making the payments.  So, they don't respond to offers for several months!  As of April 5th, the Treasury Department is requiring banks to respond within 10 days of an offer on a short sale.  Hopefully, this will speed up the process.

Single Family Detached versus Single Family Attached

The Single Family Detached (SFD) market has 9 months of inventory <$350k vs. 32.5 months >$350k
The Single Family Attached (SFA) market has 17 months of inventory <$350k vs. 70 months >$350k
Obviously the inventory situation is much worse (practically 2 times worse) for townhouses/condos vs. houses based on the stats above.  These stats are from Brad Rundbaken's Charleston Market Report.

Mt. Pleasant Housing Inventory

Mt. Pleasant south of Hwy 41 is known as MLS area 42.  There are currently 599 active listings for single family homes.  That doesn't even count the condos and townhomes(another 400 listings).  The median list price of the single family homes is $500k at $196/sqft.  But the buyers are not buying at that price.  The 141 single family homes currently under contract in area 42 have a median list price of $375k at $149/sqft.  That's a huge disparity.

Buyer Activity

I keep track of the contingents each week on the hot sheet. I do it the same way each week to be consistent. I check the residential contingents from Sunday through Saturday each week in the Charleston tri-county area. This past week saw a total of 201 contingents. That's the first week over 200 since May of 2008. There were no weeks in the 200's in 2009 and only 4 weeks in all of 2008 had over 200 contingents.

Mortgage Rates and Home Buyer Tax Credits

The truth is that the housing market is improving. But, the fact remains that home prices are still falling and will continue to fall.

Again, we can not believe so much in the truth that we ignore the facts. Like most, I wish the housing industry was roaring back to the prices of 2005 -2006. I own enough real estate to REALLY wish that was happening. But it’s not.

Prices must still be adjusted in order for buyers to be able to afford the home. Proof of that is that the government is still subsidizing home purchases by artificially keeping interest rates low and offering tax credits to both first-time and move-up buyers. The good news is that those programs are creating a market for people looking to sell their home now. The bad news is that they will not last forever.

The question that begs to be answered is what happens when interest rates rise (the government program that has kept them low ends on March 30) and the tax credit expires (April 30)? It is my belief that, when these inducements fade, so will demand.