Charleston, SC Real Estate

Properties going under contract

2011-02-04T09:17:00.000-05:00

168 single family homes under contract past wk. WOW!! Median LIST price $202k, $102/sqft, median yr blt '88. 10 $1M+ WOW!!
35 island single family homes under contract past wk. James-14,Folly-2,Johns-7,
Wadmalaw-1,Seabrook-1,Edisto-2,Sullivan-1,IOP-2,Daniel-5
14 James Island single family homes under contract past wk. 11 of 14 under $200k. Others $225k, $239k, $250k. All under $137/sqft
7 Johns Island single family homes under contract past week. All but one built since 2002. List prices from $160k-$600k.
5 Daniel Island single family homes under contract past week. LIST prices $365k,$465k,$679k,$1.15M,$1.2M.
15(43%) of 35 island single family homes under contract past week were either BANK OWNED FORECLOSURES or SHORT SALES6(43%) of 14 James Island single family homes under contract past week were either BANK OWNED FORECLOSURES or SHORT SALES.
21 West Ashley single family homes under contract past wk. Median LIST price $198k, $103/sqft
8(38%) of 21 West Ashley single family homes under contract past week were either BANK OWNED FORECLOSURES or SHORT SALES8 North Charleston single family homes under contract past week. LIST prices from $35k-$178k. Median $110k, $62/sqft.
28 Mt Pleasant single family homes under contract past week. Median LIST price $436k!, $170/sqft. Only 1 under $200k. 3 $1M+
10(36%) of 28 Mt Pleasant single family homes under contract past week were either BANK OWNED FORECLOSURES or SHORT SALES12!! peninsula Charleston single family homes under contract past wk. 5 LISTED from $98k-$259k. 2 from $415k-$450k. 5 from $995k-$1.7M
38 Summerville/Ladson single family homes under contract past week. Median LIST price $160k, $89/sqft. 9 over $300k!!
16(42%) of 38 Summerville/Ladson single family homes under contract past wk were either BANK OWNED FORECLOSURES or SHORT SALES24 Hanahan/Goose Crk/Mnks Crnr single family homes under contract past wk. Median LIST price $130k, $73/sqft. Only 2 $175k+
66(39%) of 168 single family homes under contract past week were either BANK OWNED FORECLOSURES or SHORT SALES31 condo/townhomes under contract past wk. Median LIST price $125k, $97/sqft. Only 4 above $180k: $235k,$245k,$799k,$1.4M
15(48%) of 31 condo/townhomes under contract past week were either BANK OWNED FORECLOSURES or SHORT SALES210 residential properties under contract past week is off the hook for this time of year. Great buying activity!!!!

Properties going under contract

2011-01-28T08:07:00.000-05:00

144 single family homes under contract past week. Median LIST price $175k(low), $96/sqft, median yr blt 1995. Only 1 over $1M
24 island single family homes under contract past wk. James-9,Johns-3,Wadmalaw-1,Seabrk-2,Edisto-1,IOP-2,WildDunes-1,Daniel-4
11(46%) of 24 island homes under contract past week were either BANK OWNED FORECLOSURES or SHORT SALES
9 James Island single family homes under contract past week. Only 2 LISTED above $185k. WOW! Only 1 above $131/sqft. WOW!
21(a lot) West Ashley single family homes under contract past week. Median LIST price $179k, $111/sqft. Only 1 above $260k
9 North Charleston single family homes under contract past wk. 5 LISTED between $10k-$75k. 4 from $105k-$175k. Median $63/sqft
17 Mt Pleasant single family homes under contract past wk. Median LIST price $317k, $168/sqft. Only 2 below $250k($200k,$216k)
7(41%) of 17 Mt Pleasant single family homes under contract past week were either BANK OWNED FORECLOSURES or SHORT SALES.
Only 3 peninsula Charleston single family homes under contract past week. LIST prices $335k, $599k, $725k. All under $242/sqft
28 Summerville/Ladson single family homes under contract past week. Median LIST price $159k, $82/sqft. 4 between $300k-$500k.
11(39%) of 28 Summerville/Ladson single family homes under contract past wk were either BANK OWNED FORECLOSURES or SHORT SALE
40!! Hanahan/Goose Creek/Moncks Corner single familly homes under contract past wk. Median LIST price only $116k!, $79/sqft
15(38%) of 40 Hanahan/Goose Creek/Moncks Corner single family homes under contract past wk were either BANK OWNED FORECLOSURES or SHORT SALE
58(40%) of 144 single family homes under contract past week were either BANK OWNED FORECLOSURES or SHORT SALES
35 condo/townhomes under contract past week. Median LIST price $128k, $99/sqft. 10 in Mt Pleasant. 8 James Island/Folly Beach
21(60%) of 35 townhome/condos under contract past week were either BANK OWNED FORECLOSURES or SHORT SALES

Properties going under contract

2011-01-21T08:29:00.000-05:00

130 single family homes under contract past wk. Median LIST price $182k, $100/sqft, median yr blt 93. 6 $1M+. 14 over $200/sf
26 island single family homes under contract past wk: James-15(much better),Folly-3,Johns-3,Sullivan-1,IOP-2,Daniel-2
2 Daniel Island single family homes under contract past week. LIST prices: $365k($135/sqft), $385k($126/sqft). WOW!
15 James Island single family homes under contract past wk. Median LIST price $193k(very low), $110/sqft. All below $136/sqft.
11 West Ashley single family homes under contract past week. 8 of 11 LISTED under $190k. All under $125/sqft(WOW).
11 North Charleston single family homes under contract past week. Only 3 LISTED under $100k. 8 between $105k-$215k. Better
21 Mt. Pleasant single family homes under contract past week. Median LIST price $349k, $157/sqft. Only 1 under $200k. 3 $1M+
5 Peninsula Charleston single family homes under contract past week. LIST prices $220k, $300k, $364k, $429k, $1.5M
26 Summerville/Ladson single family homes under contract past wk. Median LIST price $151k, $75/sf. 5 between $325k-$700k, WOW!
30 Hanahan/Goose Creek/Mnck Crnr single family homes under contract past wk. Median LIST price $104k(very low), $77/sqft
50(38%) of 130 single family homes under contract past week were either BANK OWNED FORECLOSURES or SHORT SALES.
31 townhome/condos under contract past wk. Median LIST price $125k, $90/sqft. 9 Mt. Pleasant, 7 W Ashley. Only 4 above $180k.
12(39%) of 31 townhome/condos under contract past week were either BANK OWNED FORECLOSURES or SHORT SALES
165 residential properties under contract past week is great buying activity for middle January

Properties Going Under Contract

2011-01-07T08:50:00.000-05:00

109 single family homes under contract past week. Median LIST price $180k, $102/sqft, median yr blt 1999. 2 over $1M.
18 Island single family homes under contract past wk. James-6,Folly-3,Johns-1,Seabrook-1,Sullivan-1,IOP-1,WildDunes-1,Daniel-4
4 Daniel Island single family homes under contract past week. LIST prices $330k, $400k, $623k, $1.3M. 1st 3 under $170/sqft.
3 Folly Beach single family homes under contract past wk. LIST prices $380k, $389k,$567k
6 James Island single fam homes under contract past wk. LIST prices $150k,$160k,$200k,$230k,$289k,$349k. 5 of 6 under $125/sf.
12 West Ashley single family homes under contract past wk. 8 LISTED from $53k-$200k. Others $239k,$275k,$325k,$579k
7 North Charleston single family homes under contract past wk. 4 LISTED $24k-$99k. Others $115k, $178k, $220k. Median $70/sqft
19 Mt Pleasant single family homes under contract past week. Median LIST price $300k, $151/sqft. 3 under $205k. 2 over $400k.
3 Peninsula Charleston single family homes under contract past week. LIST prices $110k, $120k, $480k(Longborough).
29 Summerville/Ladson single family homes under contract past wk. Median LIST price $160k, $86/sqft. 0 over $300k. 5 NEW.
17 Hanahan/Goose Crk/Mnks Crnr single family homes under contract past wk. Median LIST price $140k, $79/sqft. 1 over $200k. 3 NEW.
35(32%) of 109 single family homes under contract past week were either BANK OWNED FORECLOSURES or SHORT SALES.
22 townhome/condos under contract past wk. 8 in Mt Pleasant. 8 LISTED $37k-$100k. 8: $100k-$160k. 5: $278k-$545k. 1 at $1.3M
7(32%) of 22 townhome/condos under contract past week were either BANK OWNED FORECLOSURES or SHORT SALES
Post+Courier makes huge error on median home prices in Jan 1 article. States median was $189k in 2010, same as 2000. It was actually $140k in 2000.

Properties Going Under Contract

2010-12-31T09:03:00.000-05:00

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

2010-12-17T09:11:00.002-05:00

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

2010-12-10T08:26:00.000-05:00

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

2010-12-03T08:24:00.000-05:00

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

2010-11-19T11:52:00.000-05:00

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

2010-11-12T13:53:00.000-05:00

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

2010-11-05T08:25:00.000-04:00

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

2010-10-29T14:29:00.002-04:00

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

2010-10-22T10:57:00.000-04:00

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

2010-10-15T15:50:00.000-04:00

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

2010-10-08T10:12:00.000-04:00

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

2010-10-01T08:51:00.000-04:00

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

2010-09-24T05:34:00.000-04:00

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

2010-09-03T08:44:00.002-04:00

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

2010-08-27T13:14:00.000-04:00

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

2010-08-20T07:23:00.002-04:00

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

2010-08-13T08:54:00.002-04:00

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

2010-08-06T06:57:00.002-04:00

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

2010-07-30T09:04:00.000-04:00

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

2010-07-23T08:46:00.000-04:00

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

2010-07-16T08:26:00.000-04:00

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

2010-07-09T08:52:00.000-04:00

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

2010-07-02T08:02:00.000-04:00

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

2010-06-25T07:49:00.000-04:00

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

2010-06-18T09:36:00.000-04:00

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

2010-06-11T08:27:00.000-04:00

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

2010-06-04T09:21:00.002-04:00

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

2010-05-28T07:58:00.000-04:00

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

2010-04-26T13:55:00.000-04:00

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

2010-03-17T07:58:00.000-04:00

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

2010-02-24T23:36:00.000-05:00

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

2010-02-18T08:13:00.000-05:00

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

2010-02-15T08:38:00.000-05:00

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

2010-02-05T09:38:00.000-05:00

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

2010-02-03T10:36:00.000-05:00

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

2010-02-03T00:11:00.002-05:00

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

2010-01-08T08:11:00.002-05:00

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.

Boeing Lands in Charleston

2009-10-30T12:42:00.002-04:00

Boeing has chosen Charleston as the location of it's new factory. It will mean about 3800 jobs for the Charleston area over the next few years. What a great city we have. I was called by the Post and Courier newspaper and asked for my opinion of the impact that this would have on the local real estate market. You can find my quote at
http://www.postandcourier.com/news/2009/oct/30/30usboeing/

Delinquent Tax Sales

2009-10-06T09:57:00.002-04:00

There are currently 1437 properties up for auction at Charleston County's annual sale of properties with delinquent tax bills. There were 941 in 2008, 804 in 2007, and only 479 in 2006.

Option ARM Mortgages

2009-09-18T12:06:00.002-04:00

This is the next shoe to drop and it seems to be beginning to drop now. The mortgages differ from other ARMs by offering an option to pay only the interest each month or a low minimum payment that leads to a rising balance in the loan's principal. When the balance of the loan reaches a certain level or the mortgage hits a specific date, the borrower must begin making full payments to cover the new amount. The loan's interest rate also may have been fixed at a low level for the first few years with a so-called teaser rate, but then reset to a higher level. Because the new monthly payments can be five or 10 times what borrowers are accustomed to paying, they threaten a much greater hit to the consumer than the subprimes. Many of these are in the higher end market above $400,000. These people were expecting to refinance when the value of their home went up. Sadly, it has gone down instead. Many of them will be mailing in their keys. The banks refer to this as jingle mail.

Cure Rate

2009-09-17T13:19:00.002-04:00

You're going to start hearing this term a lot more. It refers to the number of home owners that are delinquent on their mortgages that find a way to cure the problem and continue to make their payments. That rate has been about 45% from 2000 to 2006 for prime mortgages. This has caused banks to not be very negotiable on short sales. Short sales are where the bank agrees to let the owner sell the home for less than they owe the bank for it. The bank usually forgives the difference. Banks have been reluctant to agree to short sales because they figure that most home owners will find a way to make that payment before they have to go into foreclosure. Moreover, the banks have insurance on the loan through private mortgage insurance that they only collect if they foreclose. They don't get the insurance if they allow a short sale. Recently however, the cure rate has dropped dramatically to about 6.6%. Less and less home owners are managing to find a way to stay afloat. Hopefully, this will encourage the banks to speed up the process on short sales. I have one that I've been helping a buyer purchase that we started on in mid-April.

Condo Market

2009-09-08T16:23:00.003-04:00

Not good here in Charleston. Earlier this year, the division between single family detached and single family attached(condo's and townhomes) was about 75%/25%. Now it is 67%/33%. Our inventory overall is almost exactly the same, but the percentage that are condos and townhomes has gone up. Supply and demand still works and this is bad news for the condo market. Overall inventory is too high and inventory of both segments of the market is too high. So, prices will have to come down more. But, the inventory of condos and townhomes is getting worse, which means that their price will suffer even more than those of single family homes as we move forward.

Market Turning a Little

2009-08-15T12:54:00.000-04:00

We have made an incredible recovery over just the last 2 months. 2 months ago we were off 35% in the number of transactions; now we are only off 25%. 2 months ago, price was down 15%; now we are only off 11%. The numbers are even better if you just look at SFD only.

Activity remains very high. The number of contingents on the hot sheet each week is easily beating numbers from last year. By the end of 2009, I feel very sure in predicting that there will be more contingents in 2009 than in 2008. If we keep up at this pace, closed sales may not be down that much from 2008. The large gap between contingents and closed sales is due to fall throughs from unsuccessful short sale attempts and appraisals. Contract fall outs in some areas are pushing 30% where historically fall outs were 18%. 21% of current contingents are either short sales or lender owned. Appraisals are also causing fall throughs. Even more reason to price a listing correctly to begin with.

Housing Market Stats

2009-08-03T16:01:00.000-04:00

There are some very small signs that make the real estate market here in Charleston appear to be headed toward a recovery. However, I think they are too small to really make a difference. There is a lot of buying activity out there right now. A lot of that is due to the $8000 tax credit for first time home buyers, the lower prices, the low interest rates, and the large selection. Sadly, the $8000 tax credit will come to an end on November 30, 2009 and interest rates are probably going to head upwards for quite some time(maybe several years.) Proof of the buying activity, as always, is in the numbers. The Charleston MLS is only off 8% in the number of properties going under contract(contingents) versus the same period in 2008. In fact, the numbers for Sept-Dec ember of 2008 were so dismal, that I’m quite certain that 2009 contingent numbers will surpass those of 2008. It’s amazing, but the Charleston market will actually have more ratified deals in 2009 than in 2008. Yet, 2009 closed sales are 30% down versus the same period in 2008. The reasons that there is such a discrepancy between contracts ratified this year and the number of closed sales comes down to 2 things, appraisals and short sales. Appraisers are coming in much lower than the agreed upon purchase price and causing deals to fall through. Also, short sales and foreclosures are now above 20% of the deals being ratified and they can be a nightmare to close. We just had a short sale that we thought was only a couple of weeks from closing after a 3 month wait, only to get a call from Chase saying that they had lost all the paperwork and we would have to resubmit everything. Many short sales may never close. So, while there are plenty of buyers out there willing to purchase, many of the deals are falling through. Ultimately, I still feel that it will be at least 2 more years before this bottoms out and another 2 years before prices are just back to where they are now. Sellers should sell as quickly as possible to get the most for their home and buyers shouldn’t wait for prices to go lower since interest rates will be going up.

June Sales in Charleston

2009-07-22T12:14:00.002-04:00

June was a great month. We had been about 35% off the number of transactions from 2008 before June. After June, we are only 29% off. That's a lot of ground to make up in one month. Price is still down about 15%. As I noted in an earlier blog, ratified contracts are only off about 10%. And I foresee that the second half of 2009 has to be better than the dismal second half of 2008. Ratified contracts may end up being about equal versus 2008 by the end of the year. However, price should continue to go down. Supply and demand still works and we have way too much supply. Price will continue to go down until we get some of this inventory off the market. As prices go down further, it will be more and more difficult to get a deal to appraise at the contract price. We are already seeing lots of problems with this. The lesson to be learned is that you need to price the home correctly to begin with. Time is not on your side. To get the most money for your home in a declining market, you need to sell it as quickly as possible. It will only be worth less a few months from now. Furthermore, if you overprice it and someone actually buys it and it doesn't appraise, you've just wasted a lot of time. And more so than ever, time is money. Jackie and I have sold 16 homes in less than 30 days for 96% of the list price over the last 2 difficult years. That is just a remarkable statistic. No other realtor can claim anything near that.

Market Activity

2009-07-01T15:28:00.002-04:00

The number of buyers out there is almost as good as last year. Here is a number to support that: while sales are off 35% versus 2008, contingents(properties going under contract) are only off about 10%. Why the drastic difference? You would think that the two numbers should be almost equal. This large difference shows how much more difficult it is to get a ratified contract to closing. Banks are causing fall throughs due to financing and appraisals. The appraisers seem scared to death. Also, there are a lot more contingents that are short sales. They may not be closing for several months because of the nature of short sales. Again, it is a problem with the banks. They don't want to do a short sale, even though they should prefer it to a foreclosure. So, they drag their feet hoping the owner will come up with the payments.

New Homes

2009-06-18T13:27:00.002-04:00

Total housing starts increased 17% in May to an annual rate of 532,000, reversing a 13% April decline. Building permits, an indicator of future construction, also increased in May, by 4% to 518,000. Construction of new single-family homes rose 7.5% in May to a 401,000 annual rate, the third straight monthly gain for this series, while new work on multifamily units jumped 62% to 131,000.

Increasing inventory in this economy is not a good thing. There are lots of new home communities out there that already don't list all their inventory. They throw more on the market as they sell some. I call this the shadow inventory. There are too many homes for sale and there are actually more for sale than we actually see. This is a problem. Supply and demand still works. There's way too much supply for the current level of demand and that's why it's a buyer's market. And it's unhealthy. A more balanced market is healthier and better for everyone.

2 Amazing Numbers

2009-06-08T12:48:00.001-04:00

The real estate market here in Charleston is seeing a great increase in activity. I do a lot of statistics for my company, Carolina One Real Estate, and I keep an eye on the number of properties going under contract on the MLS each week. We bottomed out in late February at 120/week. Then we slowly increased into the 160's by late March and early April. Then in the 3rd week of April, we saw an explosion to 186. Since then, the last 6 weeks have seen 194,182,196,180,199, and 197 this past week. These are very strong numbers. However, we are not yet seeing a reduction in inventory. We still have a little over 10k active listings in our MLS and have been at that number for well over a year now. Supply is still much higher than demand and that law still rules. 65% of what is going under contract right now has both list price and $/sqft price under the median for the subdivision. Another 28% has one of these 2 numbers under the median. Only 7% of homes that are going under contract have both numbers above the median. Pricing it right is still the most important thing you can do and the number one service we offer. We have sold 10 properties in the past year or so in less than 30 days for 98% of the list price.

Mortgage Rates

2009-05-01T16:15:00.001-04:00

The Fed said at a policy meeting several weeks ago that it would purchase up to $300 billion in Treasuries, and it didn't alter that target at this Wednesday's gathering. Thirty-year mortgage rates are still hovering in the high 4 percent area, but they'll climb if bond prices continue to tank. So the bottom line is if you are a buyer or refinancing in this market then I would recommend locking in on a mortgage rate asap in case they rise in the coming weeks. If you are a seller then price your home correctly because if rates potentially increase this makes your current overpriced home even more expensive to any buyer who is going to use financing.

Short sales/Foreclosures Increase

2009-04-17T11:26:00.002-04:00

The number of homes in jeopardy of foreclosure increased by 27.1% statewide in South Carolina when compared with the fourth quarter of 2008, according to RealtyTrac data. The number of homes across South Carolina in some state of foreclosure increased to 7,016 in the first quarter of this year, from 5,520 in the fourth quarter of 2008. Charleston County bank owned properties increased by more than 150% from the Q4 2007 to Q1 2008, going from 119 to 304. This is not the total number; this just represents what happened in those quarters.

Right now there are about 1250 active listings amongst our inventory of over 10,000 active listings that are either short sales or foreclosures. This is a hard number to get a hold on since many short sales and foreclosures are not listed this way. This number of 1250 is my educated guess based on my knowledge of the market. I expect that number to continue to increase to about 25% of the active market by August. That will present a problem when only about 25% of the active listings are selling.

recessions

2009-04-03T08:08:00.002-04:00

The National Bureau of Economic Research, NBER, is a government body whose sole function is to keep track of the country's economic expansions and contractions and determine which month was the peak of an expansion and which month was the bottom of a contraction. For instance, they have announced that December of 2007, was the peak of the last expansion. If you look at the general pattern of expansions and contractions on their website, you will notice that expansions generally last from 3-5 years while contractions generally last about 1-1.5 years. So, about 3 times as much expansion as contraction. What's interesting is the period from 1982 until now. In those 27 years, we have had 24 years of expansion and 3 years of contraction. That's 8 times as much expansion as contraction. There is a price to be paid for that and we are paying it now.

Building Permits Rise

2009-03-17T09:10:00.003-04:00

Housing starts surge 22% on apartment building and Single-family building permits rise 11% in February.

Boosted by an 82% increase in construction of apartment buildings, U.S. housing starts surged 22% in February to a seasonally adjusted annual rate of 583,000, the Commerce Department estimated Tuesday. It was the largest percentage gain in 19 years and was the first increase in eight months in the sector that was at ground zero in the global economic recession. The housing data in winter months are especially volatile because of the weather. Construction of new housing units had plunged 38% in the previous three months before February's unexpected jump. Economists surveyed had forecast a further drop to 456,000, despite an expected surge in multifamily construction. February's annual rate of 583,000 was the highest since November. January's starts were revised higher to a 477,000 pace, a record low dating back to the 1940s.
Building permits, which are less volatile than the starts data, rose 3% in February to a 547,000 annual rate. Permits for single-family units rose 11% to a 373,000 rate, the largest percentage gain in 18 years.

But despite February's gain, housing starts are down 47% from a year ago, and are down 74% from the peak in early 2006. Permits are down 44% in the past year. Builders are trying to reduce their inventories of unsold homes as they face relentless competition from older homes thrown on the market by foreclosures or short-sales. The mood of home builders' has rarely been worse. The National Association of Home Builders reported Monday that its sentiment index was stuck at 9 on a scale of 1 to 100 in March.

Story by Rex Nutting, MarketWatch, Wall Street Journal

Mortgage Rates may be Headed Lower

2009-03-17T09:03:00.002-04:00

U.S. industrial production dropped 1.4% in February. Production has now been down for four straight months, in five of the past six months and in 10 of the past 12 months.
Capacity utilization fell to 70.9% in February from 71.9% in the previous month. This matches the lowest level on record, set in December 1982. The drop in production was larger than expected. Economists had been anticipating that February's production would fall 0.9%.

Both of these drops should produce downward pressure on mortgage rates.

Charleston Market Stats

2009-03-13T08:38:00.002-04:00

For the period of January and February 2009 compared to those same months last year, we have seen the number of sales drop by 45% and the sales price drop by 12%.

Only about 20% of the current market is priced correctly. Some of that 20% is priced very well. The other 80% can sometimes be very overpriced. While some of the sellers still haven't figured this economy out, about 20% of them seem to be ahead of the curve. My company has actually hired me to create a list for the company of the best 20% the market has to offer. Don't buy or sell without seeing this list first.

While the number of new foreclosures might peak this year (if everything goes right), we’re still going to be dealing with near-record numbers of foreclosures being processed and then with a massive inventory of bank-owned properties throughout 2010 and into 2011. Only 28% of the available listings sold in 2008. Soon, probably August of 2009, 20% of the available listings will be short sales and foreclosures. It will become extremely difficult to compete with their prices once this occurs. The ordinary home seller won't have a snowball's chance of getting his home sold.

Stimulus Refinancing Initiative

2009-02-24T09:56:00.000-05:00

Under current rules, those families who own less than 20% equity in their homes have a difficult time refinancing and taking advantage of the historically low interest rates. This initiative is open to homeowners who have conforming loans which are guaranteed by Fannie Mae and Freddie Mac, and who owe up to 5% more than their home is worth.
According to the plan, "credit-worthy" or "responsible" homeowners can refinance their mortgage into a 30- or 15-year, fixed-rate loan based on current market rates. The refinanced loan, however, cannot include prepayment penalties or balloon payments. For many families, this low-cost refinancing may help reduce their mortgage payments by up to thousands of dollars per year.
As with the rest of the plan, details about this initiative will be released at a future date--including what, if any, credit score requirements will be included.

January 09 vs January 08

2009-02-12T15:50:00.002-05:00

The Charleston MLS was off about 42% in number of transactions in Jan 09 compared to Jan 08. The average price was off about 12%.

This follows the year of 2008 that saw a decline of 32% in number of transactions and a decline of 2% in price compared to 2007.

2008 Percentage of Listings Sold

2009-01-30T14:11:00.001-05:00

About 28% of the available residential listings in 2008 actually got sold.

James Island Sales Error

2009-01-26T11:07:00.001-05:00

Katy Stech published an article this morning in the weekly business section that compared 2006-2008 prices.

In one paragraph, she stated that James Island sales volume was off by 85% since only 104 homes sold in 2008. The correct number according to the MLS is 444 homes sold on James Island in 2008. This is a significant error on the part of the Post and Courier.

Unemployment, Housing Starts, Mortgage Rates

2009-01-26T10:20:00.002-05:00

Last week, national housing starts fell 15.5% to the lowest since records were kept.
The number of people continuing to seek unemployment benefits rose to 4.6 million. A year ago 2.7 million people were receiving unemployment checks.
While mortgage rates are still incredibly low, they did creep back up over 5% after being below that for several weeks.

Charleston Real Estate Market 8th Strongest in Country

2009-01-22T16:09:00.004-05:00

Charleston ranked 8th in the country on a list of the strongest real estate markets according to Forbes.com. Forbes.com had Moody's compile a list of the 25 strongest real estate markets in the U.S. You can read the article at http://www.forbes.com/2009/01/07/housing-cities-realestate-forbeslife-cx_do_0107realestatestrong.html

Best Buy List

2008-12-30T13:35:00.002-05:00

My company has asked me to compile a list of properties on our MLS that are the most well priced. I am basing this largely on $/sqft while comparing homes in the same neighborhood and comparing similar conditioned homes. My thought is that no more than 20% of the current inventory is well priced. This has been an overwhelming task to say the least. I am almost finished and we will make this list available to Carolina One Realtors just after the first of the year. If you are selling, you will want to price your home correctly so that you can get on this list. If you are a buyer, you will want to get a look at this list. No one wants to buy an overpriced home.

FHA Changes

2008-12-10T12:47:00.000-05:00

The FHA loan limits are decreasing by about $15,000 and the level of downpayment is increasing to 3.5% from 3% as of Jan 1, 2009. This is not good news. If you're thinking about buying now, you should lock in the current limits as soon as possible.

Homes are Selling

2008-11-11T09:35:00.000-05:00

If I asked you how many homes sold in Charleston in the last 2 months for over $400,000, I'd bet you'd be surprised at the answer. I was, my company's owner was, and most Realtors that I talked to were surprised. 172 homes have sold in Charleston since 9/1/08 for over $400,000. 36 of those sold for over $1M.

Charleston #2 on List of Best Cities to Visit

2008-11-11T09:33:00.000-05:00

Charleston, S.C., took the No. 2 spot away from New York on the list of best U.S. cities to visit from Conde Nast Traveler magazine's Readers' Choice Awards. To see yahoo article, go to http://news.yahoo.com/s/ap_travel/20081020/ap_tr_ge/travel_brief_readers__choice

South Carolina Housing Market

2008-10-29T14:56:00.000-04:00

According to national data, South Carolina is considered to be the fifth-best housing market in the country because of fewer sub-prime mortgages, fewer foreclosures and home price appreciation. With newly enacted legislation providing a tax credit of as much as $7500 for first-time home-buyers, and the SC Housing Authority providing down payment assistance, and increasing number of South Carolinians can reach the goal of owning a house while helping fuel the market and impact the economy.

Greenspan on the Housing Market

2008-10-28T10:06:00.000-04:00

Former Federal Reserve chairman Alan Greenspan says the U.S. housing market will begin to recover in the first half of 2009, according to an article he wrote for Emerging Markets magazine published recently. Greenspan wrote that the recent slowing in the rate of decline in U.S. home prices is the first positive note in the year-long trauma and that eventually, frozen credit markets will thaw "as frightened investors take tentative steps toward reengagement with risk."

"More conclusive signs of pending home price stability are likely to become visible in the first half of 2009," he wrote. Once the housing market finds its footing, markets will be able to tackle the core issues of the credit crisis.

Source: MSNBC.com; Reuters.com

Under Water Stats

2008-10-09T08:24:00.000-04:00

From a Wall Street Journal article:

About 75.5 million U.S. households own the homes they live in. After a housing slump that has pushed values down 30% in some areas, roughly 12 million households, or 16%, owe more than their homes are worth, according to Moody's Economy.com.

The comparable figures were roughly 4% under water in 2006 and 6% last year, says the firm's chief economist, Mark Zandi, who adds that "it is very possible that there will ultimately be more homeowners under water in this period than any time in our history."

Among people who bought within the past five years, it's worse: 29% are under water on their mortgages, according to an estimate by real-estate Web site Zillow.com.

In contrast with the 12 million home borrowers estimated to be under water, 64 million have equity in their homes. These include 24 million households who own their homes free and clear, and 40 million whose homes remain worth more than is owed on them.

Charleston Stats

2008-10-07T11:37:00.000-04:00

Charleston housing market continues to be off about 35% on number of sales but only about 5% in sales price. The rest of the year will be interesting.

Credit Crunch Origin

2008-09-18T13:31:00.002-04:00

Lots of folks know that the current credit crises exist b/c lenders gave loans to people that shouldn't have gotten them. What most don't know if why they did it. Everyone thinks it was just greed. This is true to some extent but there is an underlying reason for all of this. It turns out that there was about $35 trillion available around the world in 2000 to invest in fixed income investments. That number doubled by 2005. By 2005, there was $70 trillion dollars that needed to be invested in fixed income investments. The reason for the sudden rise in that amount was the fact that all of these small 3rd world companies had become much more wealthy b/c they were participating in the new global supply chain of computers and other technology. They went out seeking fixed income investments for their new money. The U.S. had one of the greatest investments of this type in the world. It was mortgage backed securities. These are bundles of hundreds of home mortgages that are sold as stocks on the stock market. The U.S. market quickly ran short on its supply of these investments. The 3rd world companies still had lots of money to invest, but we didn't have the supply to meet their demand. Slowly, at first, some banks starting loosening their restrictions on lending to try to meet this increased demand. As they did, other banks began to do the same in order to compete. Once the snowball started rolling, there was no stopping it. Restrictions were all but removed in order to feed this ravenous appetite of $70 trillion dollars. And the rest is history. Now the opposite is happening. The demand for mortgage backed securities has dwindled. With that reduction in demand, the banks have had to cut back on supply. This has led to what we call the credit crunch. Banks don't want to give anyone money b/c there is not enough demand for mortgage backed securities.

National Home Sales

2008-09-09T11:52:00.002-04:00

Nationally, existing-home sales rose in July to the highest level in five months, although they continue to be well below the numbers from last year at this time, according to the NATIONAL ASSOCIATION OF REALTORS®. Existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.1 percent in July to a seasonally adjusted annual rate of 5 million units from a downwardly revised level of 4.85 million in June. Sales were 13.2 percent lower than the 5.76 million-unit pace in July 2007.
The national median existing-home price for all housing types was $212,400 in July, down 7.1 percent from a year ago when the median was $228,600.Lawrence Yun, NAR chief economist, said home prices in some regions could soon increase. “Sales have picked up significantly in several Florida and California markets. Home prices generally follow sales trends after a few months of lag time,” he said. “Still, inventory remains high in many parts of the country and will require time to fully absorb. We expect more balanced conditions in 2009 and will eventually return to normal long-term appreciation patterns.”
Regionally, existing-home sales in the West jumped 9.7 percent in July to a level of 1.13 million and are 0.9 percent higher than July 2007. The median price in the West was $273,200, down 22.2 percent from a year ago.
In the Northeast, existing-home sales rose 5.9 percent to an annual pace of 900,000 in July, but are 11.8 percent below a year ago. The median price in the Northeast was $278,700, which is 4.9 percent lower than July 2007. Existing-home sales in the Midwest increased 0.9 percent to an annual rate of 1.12 million in July, but are 17.0 percent lower than July 2007. The median price in the Midwest was $175,400, up 1.0 percent from a year ago.
In the South, existing-home sales slipped 0.5 percent to an annual pace of 1.85 million in July, and are 18.1 percent below a year ago. The median price in the South was $179,300, down 3.5 percent from June 2007.

Fannie Mae and Freddie Mac Bailout

2008-09-09T11:02:00.002-04:00

I wanted to take a minute and try to summarize the news regarding the government’s takeover of Fannie Mae and Freddie Mac and how it may impact the mortgage and housing markets. In the short term, the rescue is likely to help bring mortgage rates down and should improve credit availability and affordability. While it will not solve all the problems the housing market is facing, it is a significant step.
As for specifics, Federal officials on Sunday announced the takeover of Fannie Mae and Freddie Mac, putting the government in charge of the twin mortgage giants and the $5 trillion in home loans they back. The government’s move extends as much as $200 billion in Treasury support to the two companies and represents a dramatic attempt to shore up the nation's housing market. It places the two companies into a "conservatorship" to be overseen by the Federal Housing Finance Agency. Under conservatorship, the government would temporarily run Fannie and Freddie until they are on stronger footing.
In simplistic terms, Fannie Mae and Freddie Mac are quasi government agencies which are run as private companies, but have operated with the implicit backing of the government. That guarantee has now become explicit. Their role, when created by Congress, was to help promote the flow of money in the mortgage market. An individual deposits money in a checking or savings account at a Bank. The Bank then lends that money to an individual who wants to buy a home and secures the loan with a mortgage. That mortgage is then, in many cases, purchased by Fannie Mae and Freddie Mac, allowing the Bank to make another loan to another homebuyer. Fannie Mae and Freddie Mac then package the loans into securities and sell them to investors or Wall Street. Fannie Mae and Freddie Mac then use that money to buy more mortgages from the Bank. And the cycle continues.
The problem is that, with the changes in the housing market and increasing levels of default, investors have been more hesitant to buy these mortgages or to lend money to Fannie Mae and Freddie Mac. Without this constant infusion of money, Fannie Mae and Freddie Mac are unable to continue to purchase the same number of mortgages from the Banks. That makes fewer loans available, increases mortgage interest rates and results in a squeeze on the credit and housing markets. With the Treasury Department now standing behind Fannie Mae and Freddie Mac and being willing to inject the necessary money, the capital markets, and the mortgage cycle I talked about above, should flow more freely.
The stock market responded well to the news yesterday and it should help stabilizing the credit markets which should, in turn, help the housing market as well.

Coastal Insurance

2008-09-09T10:59:00.001-04:00

The coastal insurance market has loosened up in the past two years as more companies write policies here and prices on some coverage has fallen. 12 new insurance companies have entered the state since 2007. Another three are expected to enter in the next 90 days.

How Much Has Your Investment Grown?

2008-09-02T08:04:00.002-04:00

Want to see an example of why owning a home is one of the best ways to create wealth? Suppose you bought the average home in Charleston in January of 1998. It would have cost you $136,541. Based on a down payment of only $1000, your monthly payment would have been around $1000 and that would include your taxes and insurance. 10 years later in January of 2008, you would still owe $114,906 on that home, but it would now be worth $304,386, the average home sales price in January of 2008. That's a profit of $189,480. How else can you turn $1000 into $189,480 in 10 years?

Costly Seller Pricing Mistakes

2008-08-19T13:55:00.002-04:00

Here are some predictable mistakes home sellers make when pricing their home:

1. Sellers often price their home
based on "need" rather than the
market.

2. Sellers use the ‘wrong’ properties
for comparison when pricing.

3. Sellers build in a ‘negotiating
cushion’ and then have no one
with which to negotiate.

4. Sellers take advice from ‘well
meaning’ but uninformed parties.

5. Sellers allow positive emotions
about their property to influence
their pricing decisions.

Pricing a home correctly is the most important service I offer my clients. Properties that actually sell average selling for 95% of their list price. If your home is priced more than 5% above what it should sell for, it will probably never sell. Listing the home for too high a price and then reducing the price slower than the market is called 'chasing the market.' We are seeing a lot of that in this declining market.

Charleston Single Family Home Statistics

2008-08-08T15:00:00.001-04:00

Below are the stats for sales of single family homes for different areas of Charleston. The first line for each area is for the period 1/1/07-8/6/07 and the second line is for the period 1/1/08-8/6/08 with the percentage change from the first line. Notice that these are average sales prices. I usually use median sales prices, but since I'm looking at a comparison from year to year, average sales price should show about the same percentage change. I was using the 'Sales by Area' chart on the MLS and that chart only shows average sales price.

Area # of sales AVG Sales Price

West Ashley 631 $279k
433 -31.4% $267k -4.3%

James Island 364 $344,845
216 -40.7% $310,306 -10%

Folly Beach 31 $796,833
16 -48.4% $861,148 +8.1%

Johns Island 112 $329,102
76 -32.1% $335,354 +1%

N. Charleston 504 $159k
375 -25.6% $166k +4.4%

Mt. Pleasant 784 $501k
646 -17.6% $493k -1.6%

Peninsula 206 $883k
120 -41.7% $805k -8.8%

Summerville/Ladson 1502 $226k
956 -36.4% $214k -5.3%

Hanahan/G. Creek 1186 $190k
865 -27.1% $179k -5.8%

Daniel Island 90 $831,286
68 -24.4% $824,780 -1%

Cainhoy 90 $450,025
49 -45.6% $345,974 -23.1%

Colleton 126 $147,924
69 -45.2% $184,687 +24.9%

Japan's Lost Decade

2008-08-05T13:43:00.002-04:00

Lots of great articles on the net about Japan's Lost Decade. We seem to be following in Japan's footsteps from the 1990's. They had a really tough go of it with liquidity problems and declining real estate values and credit crunches. Hopefully, we have learned some lessons and our problems won't last as long. You can use this link or just google Japan's Lost Decade. http://biz.yahoo.com:80/investopedia/080722/3602.html?.v=1

Market Improving

2008-08-04T15:41:00.000-04:00

Below is a list of larger cities where Units Sold have gone up for at least three consecutive months. Happily, there are 42 cities across America!

Anchorage, AK
Austin, TX
Bakersfield, CA
Bay Area, CA
Boston, MA
Chicago, IL
Cincinnati, OH
Corona, CA
Fairfax, VA
Fresno, CA
Galveston, TX
Georgetown, TX
Gillette, WY
Greenville, NSC
Jackson, TN
Las Vegas, NV
Long Island, NY
Manassas, VA
Milwaukee, WI
Modesto, CA
Monmouth, NJ
Montgomery County, MD
Moreno Valley, CA
Nashville, TN
Noblesville, IN
Orlando, FL
Philadelphia, PA
Phoenix, AZ
Pittsburgh, PA
Portland, OR
Prescott, AZ
Rhode Island, RI
Rochester, MN
Roseville, CA
Sacramento, CA
San Bernardino, CA
Stockton, CA
Tampa, FL
Virginia, VA
Visalia, CA
West Chester, PA
Westchester, NY

Home Buyers Poll

2008-07-11T14:30:00.001-04:00

Here are the results of a recent poll of realtors nationwide that asked the question "In thinking of your most recent potential buyer in 2008, did the client postpone their home buying decision?"
50 percent said no, and said the buyer bought in the end
23 percent said the potential buyer did not buy, preferring to wait for prices to fall further
6 percent said the potential buyer did not buy because of mortgage difficulties
4 percent said the potential buyer could not locate that 'perfect' home
7 percent said the potential buyer needed to first sell the current home
9 percent said the potential buyer changed their mind due to various personal reasons

What is striking is the second bullet point. There are a measurable number of potential buyers who have the financial capacity and mortgage qualifications, yet are refusing to jump into the market because of price decline fears. These hesitant buyers far outnumber the people who are unable to secure a mortgage.

The implication is that once there are signs of market stabilization then we may see a rush of buyers returning to the market. The recovery could be robust rather than tame. It also implies that the homebuyer tax-credit being discussed in Congress right now as part of the housing stimulus bill could make a big impact in drawing buyers to the closing tables.

12 Ways to Get a Down Payment

2008-07-10T10:37:00.001-04:00

Not long ago, no-down payment loans were the height of fashion for homebuyers. But now that lenders have tightened their standards, borrowers once again are expected to "put some skin in the game," to use the industry's favorite catchphrase. That "skin" refers to the borrower's own cash, and it means down payments are definitely back in style.

Here are 12 Ways to Get a Down Payment:
• Set up an automatic saving plan.
• Get a gift from your parents, grandparents, other relatives or friends.
• Sell a car, boat, motorcycle, collectibles or other assets.
• Liquidate stocks, mutual funds, savings bonds or other investments.
• Allocate your income tax refund.
• Take a loan from your 401(k) retirement plan and repay yourself with interest.
• Withdraw funds from your 401(k) plan, subject to taxes and penalties.
• Collect on a loan that you made to someone else.
• Get a bonus from your employer.
• Explore homebuyer programs for public servants, if you qualify.
• Apply for a state or local government homebuyer down payment program.
• Use a private down-payment assistance program.

A down payment needs to be "sourced and seasoned." That means the lender needs to know how you obtained the funds and that you've had control of those funds for at least several months. Gifts and seller's concessions are acceptable, up to the percentage allowed by the loan program, but borrowed money can't be used as a down payment because it is debt that has to be repaid.

Two government-run programs are designed to aid homebuyers who haven't saved much for a down payment. The Federal Housing Administration, or FHA, offers mortgage insurance that allows qualified buyers to purchase a home with a 3-percent down payment, all of which may be a gift. The U.S. Department of Veterans Affairs offers a home-loan guarantee program that helps military veterans buy a home with no down payment.

Charleston Single Family Home Statistics

2008-07-08T13:18:00.002-04:00

Here are the sales of single family homes so far this year compared to the same time last year. First line for each area is from 1/1/07-7/8/07 while 2nd line is from 1/1/08-7/8/08 and the 3rd line is percentage change from '07 period.

Area # of sales median sales price
All 5411 $222,575
MLS 3610 $212,000
-33.3% -4.8%

James 317 $292,500
Island 185 $274,000
(21) -42% -6.3%

West 549 $247,500
Ashley 365 $249,911
(11,12) -33.5% +1%

Mt. P. 687 $415,000
(41,42) 529 $398,000
-23% -4.1%

Summ/GC 2151 $192,879
(61,62,63, 1480 $175,000
72,73,74) -31.2% -9.3%

N. Chas 440 $157,000
(31,32) 321 $164,700
-27.1% +4.9%

Nearing a Bottom?

2008-06-25T11:48:00.002-04:00

There has been a big question among realtors around here as to when the buyers are going to jump back into the market and gobble up all these bargins. The following data may hold the answer. They may be waiting for 20% price reductions from the highs in 2004/5.

Several specific markets experiencing a substantial rise in sales - to the tune of 20 percent or better on a year-over-year basis. The notables include Detroit, Ft. Myers, Las Vegas, Orange County, Riverside, San Diego, and Sacramento. These are also markets that have experienced substantial price declines - to the tune of 20 percent of more. Improved affordability conditions have enticed buyers to pick up properties on the cheap.

Measurable sales declines were in the regions where things were holding up well just last year. Seattle and Portland in the Pacific Northwest, Charlotte and Raleigh in the Carolinas, Salt Lake City, and the Texas markets have seen sales decline. Home prices in these regions are still moving up. So, buyers have slowed their buying.

Here in Charleston, single family homes sales prices are down about 5.1% from this same period last year. Some buyers are taking advantage of this and finding some healthy bargains. Many others continue to wait for more price declines. They may get it. And they may not. Trying to guess the bottom is a difficult and dangerous task. Ever see a really nice shirt on sale and decide to think about it for a couple of days and go back to find that it's no longer there?

Appreciation Rates for Charleston Homes

2008-06-20T09:30:00.000-04:00

Looking at the median sales price of single family homes each year since 2000, the following are the rates of appreciation depending on what year you purchased.

Yr
Purchased Total apreciation up to June 2008.

2000 46%
2001 37%
2002 32%
2003 25%
2004 16%
2005 5%
2006 -1%
2007 -2%

Using these numbers you should be able to tell what your appreciation is since you bought the home. For example, if you bought a home for $160k in 2000 and have seen a total appreciation of 46%, it should now be worth $160k x 1.46 = $233,600. This of course would not include any upgrading you may have done to the home. If you have spent $60k on upgrading this home, then it should now be worth $293,600.

Surprisingly, individual neighborhoods differ very little from these overall numbers.

Localized Stats

2008-06-17T15:17:00.002-04:00

Here are the stats for certain local areas in the Charleston real estate market. These are for single family homes only. The volume of sales in down about 35% comparing the time frame of 1/1/07-6/17/07 to the same period for 2008. Sales prices are off about 5.1%. Now lets look at some specific areas and see how they compare to these overall numbers. You'll see that there's not that much variation from area to area, with some slight exceptions. Notice the increase in sales price for North Charleston and the larger than normal decrease in number of units for Sullivan's Island, IOP, Wild Dunes. Keep in mind that the 2007 numbers are only from 1/1-6/17 in order to compare to the same time period of 2008.

West Ashley, James Island, Johns Island
2007 - 825 units w/median sales price of $260k
2008 - 551 units w/median sales price of $259,950
That's a 33.3% decrease in number of units with almost no change in sales price.

Summerville, Ladson, Goose Creek
2007 - 1862 units w/median sales price of $191k
2008 - 1257 units w/median sales price of $175k
That's a 32.5% decrease in number of units with an 8.4% decrease in sales price.

Mt. Pleasant
2007 - 593 units w/median sales price of $418,535
2008 - 438 units w/median sales price of $395k
That's a 26.1% decrease in number of units with a 5.6% decrease in sales price.

Sullivan's Island, IOP, Wild Dunes
2007 - 52 units w/median sales price of $1,450,000
2008 - 25 units w/median sales price of $1,380,000
That's a 52% decrease in number of units with a 4.8% decrease in sales price.

Downtown Charleston inside of the Crosstown
2007 - 79 units w/median sales price of $815k
2008 - 56 units w/median sales price of $745k
That's a 29.2% decrease in number of units with an 8.6% decrease in sales price.

Daniel Island
2007 - 68 units w/median sales price of $645k
2008 - 47 units w/median sales price of $655k
That's a 30.9% decrease in number of units with a 1.6% increase in sales price.

North Charleston
2007 - 375 units w/median sales price of $155,900
2008 - 273 units w/median sales price of $163,350
That's a 27.2% decrease in number of units with a 4.8% increase in sales price.

Finally, it should be noted that condo/townhome average sales prices have risen over the same period from $234,007 in 2007 to $336,672 which is a 44% increase!!! Number of sales has dropped from 1291 in 2007 to 871 in 2008, which represents a decrease of 32.5% in number of units. This dramatic increase in average sales price is due to the low end market in condos/townhomes not selling while high end units are selling and pulling up the average.

Media Mistakes

2008-06-12T12:44:00.002-04:00

The Post and Courier has done it again. They reported this week that the sales price of homes has risen while the number of sales is off 30%. The mistake they continue to make is to look at all categories of items in the MLS at once instead of reporting on single family homes separately from condos, flats, boat slips, time shares, quadraplexes, etc. The median sales price of just single family homes was $222,900 for the period of 1/1/07-6/10/07 while it has dropped to $211,500 for the period of 1/1/08-6/10/08. This is a 5.1% drop in sales price, not an increase. They only got the increase in sales price by lumping in condos, flats, boat slips, duplexes, etc. For the last 12 months, condo sales prices are UP $106,000!!! That might skew the numbers. For those of you wondering why this is, the sales of lower priced condos is way off while higher priced condos continue to sell. It's not that the all condos have gone up, it's just that only the higher priced ones are selling. This huge aberration in sales price of condos has been lumped in with all the numbers and allows the Post and Courier to tell the story the way they want to. I've talked to Katy at the paper and tried to convince her that she needs to separate the numbers, but they have no interest in listening.

Economic Indicators

2008-05-23T09:10:00.001-04:00

Pending Home Sales Index
A flat pattern in home sales activity should continue for the next couple months before improving over the summer, according to the latest forecast. The Pending Home Sales Index edged down 1.0 percent to 83.0 from a downwardly revised level of 83.8 in February.
Existing-Home Sales
Existing-home sales were down 2.0 percent to a seasonally adjusted annual rate of 4.93 million units in March from a level of 5.03 million in February, and remain 19.3 percent below the 6.11 million-unit pace in March 2007.
New-Home Sales
Posted a seasonally adjusted annual rate of 526,000 units in March – a decline of 8.5% from February’s
revised rate of 575,000 units and more than 36% below the rate in March of 2007.
Housing Starts
Posted 947,000 units in March – 11.6% below February’s revised level of 1,075,000 units and 36.5% off the
pace in March of 2007. Current starts are well below the 2 million housing starts during the boom years.
Housing Affordability
NAR’s Housing Affordability Index stood at 130.2 at the end of March – down from the 135.4 level posted for February. The decrease was due primarily to a slight increase (from February to March) in the median sale price of an existing home, as well as an increase in mortgage rates and qualifying income. Still, March’s reading is well above the 113.2 of a year ago.
Mortgage Rates
The 30-year fixed mortgage rate inched lower in April, averaging 5.92% for the month. Rates still remain
historically low, and recent decisions by the Federal Reserve will likely keep mortgage rates attractive.
Employment
The economy lost 20,000 jobs in April – continuing a job loss trend since the beginning of the year. The good
news is that April’s negative employment number was much milder that those in recent months.
Economic Growth
The economy barely eked out a positive GDP growth number in the first quarter of 2008, posting an anemic 0.6% rate.

Carolina One Real Estate

2008-05-01T13:14:00.003-04:00

Big Day!!! Our real estate company will no longer go by the name Prudential Carolina. We will now be called Carolina One Real Estate and Mortgage. It's the same company with the same agents and offices and market share leadership. The biggest change is simply the name. We decided not to renew the franchise agreement with Prudential. Instead, we are now an independent locally owned and operated company. We were locally owned and operated by the same owners as we are now. We're just not affilliated with the Prudential name anymore. We have joined a new affilliation with a company known as The Leading Real Estate Companies of the World. It will actually give us more exposure than Prudential did. Of the 90 biggest markets in the US, the leader in 41 of those markets is affiliated with The Leading Real Estate Companies of the World. They have a network of over 700 independent companies in 35 countries that does more real estate business than any franchise worldwide.

The landscape of Charleston will change. Each and every one of those blue and white Prudential signs will be replaced with blue and gold Carolina One signs. We still have all the same listings we had. Prudential will probably no longer exist in the Charleston real estate market.

Loan Underwriters

2008-04-30T10:53:00.003-04:00

The loan process starts off with a person called the loan originator. This is the only person you ever real deal with. Unfortunately, they are not usually the final say on the loan. I've seen plenty of approved loans get shot down just a day or two before closing because of the underwriter. The underwriter has final say on the loan. We are lucky to have in our office a loan originator, Katie Mahoney, who is also an underwriter. We just had a buyer last week use Katie to obtain their loan. The buyer needed to close in less than a week on an FHA loan. Her first mortgage broker told her that it couldn't be done. But Katie came in and took over the loan and got it done very smoothly. It's a hugh advantage to have a loan originator who is also an underwriter. Katie's website is www.katieshomeloans.com

Tipping Point

2008-04-29T14:42:00.002-04:00

Wow! It's been a month since I blogged. Shows how busy I've been. Jackie and I have closed 8 homes in the last 2 months!! That's just incredible in this market. 4 of our most recent listings have gone under contract in less than 30 days and have sold for more than 95% of the list price on average. The key seems to be in pricing them right. I have turned down listings that refused to trust me on the price. They simply won't sell. That's not going to do anyone any good.

As busy as we've been, the market in Charleston has really slowed. The number of transactions is way down so far this year. It's about 35% below last year and last year was about 20% below 2006. I think we've reached a tipping point in the housing market. Either all the fence sitting buyers are going to wake up and realize how great the opportunities are or they're going to completely stop buying and drive our injured economy into a depression. We've been following a scenario laid out by Japan in the 1980's. I was hoping that we would veer off that ill fated path at some point, but so far, we have followed it step for step. Japan still hasn't completely recovered. I was really hoping that our Federal Reserve might save us somehow, but I really knew better.

If buyers continue to wait for prices to go lower, they may drive the national economy into such a depression that only the richest will be able to take advantage of the bargain basement prices.

Interest Rates

2008-03-29T06:23:00.002-04:00

Interest rates are under 5.5% right now. Just had a buyer get a 95% loan on a $170k home with no PMI(private mortgage insurance). This caused their interest rate to be a little higher. Banks usually like to have you put at least 20% down to avoid PMI. Paying a higher interest rate is another way to avoid paying PMI if you don't have 20% to put down. But, they got a special type of loan where the lender paid most of their closing costs. Since we also had the seller paying their closing costs, we were able to use the closing costs money from the seller to buy down the interest rate. So, they ended up with a 5.75% interest rate with no PMI and all their closing costs and pre-paid items paid for by someone else! Having the right lender can make a hugh difference. A good realtor should have at least 3 lenders to recommend to you. Then it's up to you to get the best deal.

Fastest Growing Areas

2008-03-29T06:19:00.002-04:00

In a recent report that showed several areas in Texas to be the fastest growing areas in the nation, the Myrtle Beach area ranked 6th in the nation for fastest growing metro area. Charlotte and Raleigh also made the top ten. Atlanta was in the top ten for biggest gain in population.

Listing Prices

2008-03-26T10:40:00.002-04:00

Last year saw a median SALES PRICE for single family homes of $217k in the Charleston MLS. Now keep in mind that homes that actually sell, average selling for 95% of their LIST PRICE. This would seem to say that active listings should have a median LIST PRICE of $230k to support the $217k SALES PRICE from last year. Of course, that would be a perfectly priced market. Certainly, we never have a perfectly priced market. There are always sellers trying to get much more than their home is worth. If we are overly generous and pad the $230k figure by 20%, we might expect the median LIST PRICE of active listings to be aroung $276k.

Well, here's the shocker: The median LIST PRICE of active single family listings in the Charleston MLS is $319,900!

The good news is that the new listings that have been taken recently show a much better trend. The 1500 new single family listings taken over the last month have a median LIST PRICE of $270k. Still seems a little much, but it's better than $320k. Hopefully, we're moving in the right direction.

Home Ownership as an Investment in Your Future

2008-03-21T08:39:00.003-04:00

The media has been pretty doom and gloom on real estate during this buyer's market. They should be telling buyer's what a great opportunity it is. Here are the facts:

1. For 43 years, real estate values have risen on average more than 6% annually. 2007 was the first year that we ever had a decline in the national median home price and that was just a little over 1%.

2. The average return on a 20% down payment is more than 28% per year.

3. The media has sensationalized the "bubble" idea. Actually, values have not exceeded their historical trend line. Values did rise quickly, but that was after 20 years of below average growth.

4. Mortgage Rates are near all time lows.

5. Inventory is higher than normal but nowhere near historical peaks.

6. The US population continues to rise and with it, so does the need and demand for housing.

7. Housing values have risen through all six recessions in the past 43 years.

8. Housing values have risen through wars, stock market crashes, terrorist attacks, corporate scandals, oil embargoes and even when mortgage rates peaked over 18%- rates are now below 5.5%.

The list goes on..

We live in a great country. What other investment can show such historical success for increasing one's net worth? And you get to live in it!!! If you don't own a home, you are missing out on the component that can most effectively increase your net worth.

Median Price of Charleston Homes Since 1991

2008-03-13T15:08:00.003-04:00

Buying a home has got to be the best investment you can possibly make. Just look at these numbers. I could only check back as far as 1991, but I do know that nationally, 2007 was the first year ever that the median price of single family homes decreased since they starting keeping records in 1950. And that was only by around 1.5%.

yr median
1991 $82,755
1992 $85,900
1993 $92,500
1994 $93,500
1995 $96,500
1996 $98,000
1997 $109,650
1998 $123,500
1999 $135,000
2000 $144,900
2001 $154,244
2002 $161,000
2003 $169,900
2004 $183,066
2005 $202,000
2006 $214,010
2007 $217,000

That is incredible. Nothing more needs to be said. If you don't own a home, you are missing out on probably the biggest opportunity to increase your net worth that is available to you.

Lawn Care

2008-03-11T08:55:00.003-04:00

If you haven't done so, it's time here in the south to weed and feed that lawn. There are several good companies that provide granular weed and feed and can be found at Lowes, Wal-Mart, etc. Best to buy a spreader for under $50 that you can push around the yard to dispense the granular. It will take about half an hour for a standard sized yard. The directions are on the back of the bag. It also tells you when to do it. Generally 3 to 4 times during the year from February to September in the south. There are 2 primary kinds of weed and feed; the kind for bermuda, centipede, etc and the kind for St. Augustine grass. Make sure you get the right kind.

A lawn is a work in progress. Each year you hope to kill a few more weeds and grow a little more grass. Eventually, the grass will choke out the weeds. It takes a while for the chemicals to accumulate. It's a year over year process.

Protect Your Home

2008-03-05T14:05:00.003-05:00

Your home is likely the biggest investment you have. You should protect it in every way you can. One of the easiest and least expensive is to caulk the exterior. Water intrusion is a major problem. If you can prevent it, you will have a lot fewer headaches later. Really good caulk is fairly inexpensive and it's really easy to apply. If you're not that handy, hire a painter to do it for you. The 3 C's of real estate: caulk, caulk, caulk!

Are We at the Bottom?

2008-03-05T13:45:00.002-05:00

In my last post, I noted that inventory was finally moving in the right direction to help the market correct. But, we have a ways to go. Our biggest problem is too much supply and a lot of it is overpriced. If we could just remove all the overpriced listings from the market, it would correct itself in a hurry. However, just because there are a lot of overpriced listings doesn't mean that buyers shouldn't be buying. There are also lots of well priced and undervalued listings. It's a tremendous time for buyers to get into the market. Buyers just need help from their realtor more than ever to sift through the chaff.

Here's the proof that there are still a lot of overpriced listings: The median price of single family solds in 2007 in Charleston was $217,000. Listings are always priced a little higher than they will sell for. Generally, we sell homes at an average of about 95% of their list price. Let's be generous and use 90%. This would mean that current listings should be priced at a median price of $241,000 so that 90% would be the $217,000 from last year. Well, here's the shocker. Our current median price of single family listings in Charleston is $315,000!! That's around 30% too high.

Having said that, the median price of new listings in February was only $269,000, so, we are moving in the right direction. We simply need to remove all of those overpriced listings from last year.