Staying on Top of Everything that there is to See and Do in the Charleston area!

Charleston is great city for a lot of reasons: Outstanding restaurants; Great beaches; Lots of Water; Tremendous History; An emerging Tech industry with Charleston being characterized as "Silicon Harbor"; Nightlife; Friendly people and Great weather.

Our intent it to provide a view into all the interesting activities that are possible in Charleston. Whether you a local resident, tourist or considering relocation, this will be a great resource to get tips on activities to make your visits to Charleston and the surrounding areas even more memorable!

April 3, 2017

Study: Charleston ranks No. 25 on 'startup economy index,' poised to grow

Charleston Startup Economy - Charleston, SC Digital CorridorA new study of up-and-coming tech hubs says Charleston is poised to pop.

TechNet, a Washington-based innovation advocacy group, says the Lowcountry ranks No. 25 on its "startup economy index." The measure looked at what proportion of job postings in an area used the word "startup."

Michael Mandel, the Progressive Policy Institute researcher who came up with the index, says it offers an insight into how many tech companies are hiring. And while not every employer calling itself a startup actually is one, it gives an indication of how locals think about the tech economy.

Charleston landed relatively high on the list, on the same tier as cities like Houston, Pittsburgh and Richmond, Va. At the top of the list were traditional tech hubs like San Francisco and Seattle.

Linda Moore, chief executive of TechNet, praised the region's colleges, economic-development efforts and quality of life. She said the city has a good mix of big employers such as Blackbaud, Benefitfocus and Booz Allen Hamilton, and a slew of startups angling to match them one day.

But like several other cities with nascent tech sectors, she said it still has work to do on helping entrepreneurs find talented workers and funding to pay for their ideas. Much of the policy work that could help ease those shortfalls, she says, is done at the state and local level.

Ernest Andrade, director of the tech economic-development initiative Charleston Digital Corridor, cheered the news, calling it "gratifying external validation to what we have accomplished in Charleston over the past 15 years."

"The key to accelerating our start-up economy is to further coordinate and align the state, regional and local efforts to tease out additional economic value," Andrade said in an email.

Link to original Post & Courier article: http://www.postandcourier.com/business/study-charleston-ranks-no-on-startup-economy-index-poised-to/article_96aa4d50-155a-11e7-b71b-ef876188965d.html

April 3, 2017

Downtown hotel will soon offer what may be the most expensive room in Charleston

St. Philip Suite, Planters Inn, Charleston, SCThose wanting the biggest and most expensive hotel room in historic Charleston may soon have another choice.

The new St. Philip Suite at the Planters Inn in the City Market is expected to rent for more than $2,000 a night when the price is finalized. It’s likely to cost more than the presidential suite at Charleston Place, which was renting for $2,115 a night last week.

"This has got to be the nicest room in the city,” owner Hank Holliday said during a recent tour. "My sense is that the St. Philip Suite will become one of the most sought-after rooms in the city and in all likelihood the most expensive."

The Charleston native has been buying and upgrading properties for years and has has been one of the forces moving the City Market more upscale.

The St. Philip Suite boasts 1,400 square feet of space, compared to 1,195 square feet at Charleston Place. Three windows, with remote-controlled blinds, overlook the Market and the steeple of St. Philip's Church, the room's namesake.

The floors are walnut and the east and south walls the original brick. The dining room table can seat 10 guests in historic Charleston style, with the meal either by prepared in the full kitchen or catered from the hotel’s Peninsula Grill, one of the city's highest rated eateries.

The bedroom is set back from the street behind thick walls to keep it quiet. It’s on the third floor of the hotel’s piazza wing, where rooms have their own entrances overlooking a courtyard.

The St. Philip Suite is the biggest of 11 rooms that are being renovated for a more demanding and affluent clientele.

"We did it to distinguish ourselves from the competition," Holliday said. "There is an ample supply of hotel rooms coming on the market, and we want to make sure we got the nicest show in town."

Guests include referrals from Relais & Chateaux, an exclusive network of luxury hotels and gourmet restaurants in 55 countries. The Planters Inn is the only hotel in the state that's part of the network.

The renovation also includes the 1,100-square-foot City Market Suite, which features a separate bridal dressing room. The living area also has three windows facing the Market. That suite will rent for about $1,100 a night, according to Sergio Roa, Holliday’s company president who has been overseeing the renovations.

Nine 700-square-foot rooms called the Garden Courtyard Suites should start around $569 a night. They have high ceilings, white oak floors, sliding barn doors on the bathrooms and a separate door on the water closet.

One of the hardest parts of the renovation was opening up eight windows that had been bricked over when the space was a nightclub, Holliday said. He added that he was glad to see many of the bars moving from the Market to northern King Street and being replaced by nicer restaurants.

"Noise was major issue." he said. "An upscale client does not enjoy having a drunk outside at 2 a.m."

Holliday bought the Planters Inn in 1994, refurbished it and opened the Peninsula Grill. He bought the two buildings to the east to bring the number of rooms to 64.

He ended up buying and upgrading 19 properties in the Market. He and partner Steve Varn, who owns the nearby Andrew Pinckney Inn, finished the renovation of the City Market’s retail spaces in 2011.

Other hotels in the Market are also renovating for a more demanding clientele. 

Holliday owned the 212-room DoubleTree Inn at North Market and Church streets until he sold it in 2015 to Rockbridge, a real-estate investment firm based in Columbus, Ohio. At the time, Rockbridge CEO Jim Merkel said in a written statement that his firm plans to reinvest in the hotel "to enhance the strength of its location and physical attributes."

Both Holliday and Varn said Rockbridge is planning to invest more than $20 million in a major renovation, although the plans have not been disclosed yet.

"The owners prefer to keep the renovation plans confidential until they have decided on the entire scope and time frame," Michael Tall, CEO of Charlestowne Hotels, which manages the property, said in an email.

Video U.N. Ambassador Nikki Haley Says Russia Wa…

Varn is also planning a significant renovation of his hotel.

"Some of this is just the result of normal wear and tear, but we will go to a higher-end renovation as a result of what we’re seeing in the marketplace," Varn said. "The Market area is going upscale, not just the hotels but also the restaurants."

The Spectator raised the bar when it opened in 2015. Now at least half a dozen other new boutique hotels are planned within a couple blocks of the Planters Inn.

"The Market area is really becoming an upscale location, versus what it used to be, which was the tacky tourist district," Varn said. "I think the renovation of the Market was one of the catalysts for this change."

The city has been working to improve the flooding with a new drainage system. A renovation of the streetscape is expected to start in a couple years.

Jay Keenan and Batson Hewitt, partners with Palmetto Commercial Properties, developed The Spectator, as well as the French Quarter Inn and the HarbourView Inn. Keenan says the high-end market has certainly been growing, although he's not sure how much.

"If you’re going to charge the kind of rent that Hank is talking about, it’s going to be a very discerning traveler," he said. "I hope he does well with it. If he does, then we will."

What concerns him is whether there is really enough demand for all the new hotels in the Charleston area.

“I know if Batson and I were going to do another hotel, we’d be scratching our heads and saying we’d better wait and see what’s going on in this market," he said. "Is there enough demand to handle all this new product? I’m doubtful. I’m doubtful about that."

For original Post & Courier article, click here: http://www.postandcourier.com/business/most-expensive-hotel-room-in-charleston/article_5fe41f22-0e74-11e7-bddf-fb35bd81b06f.html

 

Feb. 8, 2017

Charleston, SC Ranked 27 out of 100 as Best Place to Live!

Rankings

U.S. News analyzed 100 metro areas in the United States to find the best places to live based on quality of life and the job market in each metro area, as well as the value of living there and people's desire to live there. Charleston ranks as #27 with an overall score of 6.8 out of 10.

What's the cost of living in Charleston, SC?

The average Charleston resident earns less than the average American. Also, the region's cost of living is noticeably higher than the national average, which makes Charleston a difficult place to live for those on a budget. Housing costs are fairly high in the area, and Charlestonians tend to pay more for everyday expenses – such as food and transportation – than residents of other U.S. metro areas.

What kind of jobs are there in Charleston, SC?

Charleston's tourism industry is booming. The influx of travelers – particularly during the summer months – creates a variety of jobs, especially in the hospitality and service industries.

The technology industry is also big in Charleston, and downtown offices continue bustling even in tourism's off-season. The sales, advertising, marketing and art professionals also contribute to Charleston's year-round livelihood. Some of the metro area's largest employers are manufacturing companies, including Boeing and Nucor Steel.

The region's unemployment rate is roughly equal to the national average.

What's the weather like in Charleston, SC?

Heat and humidity sometimes make it tough to enjoy Charleston's outdoor spaces, generally between May and September. These summer months can prove unbearably hot, soupy and mosquito-filled. The other three seasons offer comfortable temperatures that residents enjoy; however, Charleston's location on the Atlantic Ocean makes it susceptible to hurricanes and tropical storms.

What's the best way to get around Charleston, SC?

Downtown Charleston is small, covering just under 8 square miles. Most people drive to get around and, unfortunately, this leads to traffic congestion. Traffic is a particularly large problem in the summer when the region teems with tourists.

Public parking is available almost everywhere; however, there are usually high costs or long walks involved. There is no metro rail or subway, but there is a trolley and public bus service offered through Charleston Area Regional Transportation Authority. Biking is also a viable means of transportation, and because the region is very flat, it makes it easier to get somewhere by bike. 

The Charleston International Airport is only about 12 miles from downtown Charleston. Amtrak trains stop in North Charleston (about 10 miles northwest of downtown), while Greyhound buses stop about halfway between the city center and the airport.

Who lives in Charleston, SC?

Charleston's median age skews slightly older, though the downtown area features large pockets of younger residents, particularly around the College of Charleston. The region also bursts with youth during the summer months, as the service industry hires extra employees to handle the influx of seasonal tourism.

Charleston, nicknamed the Holy City, is home to more than 400 places of worship for various religions and different denominations. When it comes to politics, the metro area is pretty evenly split between liberal and conservative views, though Democrats hold a slight majority.

Downtown Charleston caters more to millennials and residents without children at home, though there are families who call the region home. Neighboring communities like Mount Pleasant, James Island and Daniel Island are popular among families who need more space without the premium cost.

Similar to most metro areas, homelessness remains an issue in Charleston, and the area offers several emergency shelters for these individuals.

What is there to do in Charleston, SC?

Charleston is a foodie's heaven. The booming food and beverage industry provides countless places to eat, drink and be entertained. After a delicious meal, residents can catch a performance at the area's new Gaillard Center, or they might walk off their calories with a stroll at the waterfront Battery Park.

Speaking of exercise, the town is very active. Outdoor yoga classes are quite popular, as are water sports like surfing, paddle boarding, kayaking and fishing. The surrounding towns – Mount Pleasant, Folly Beach and Isle of the Palms – offer additional outlets for such outdoor activities, too.

Charleston also has a long, intriguing past, leaving many historic places to tour and visit: Fort Sumter, various plantations and historic homes, Charleston City Market, Charles Towne Landing and the famous Angel Oak Tree are just a few of the must-see places.

Complete Report

To read the complete US News and World Report on Charleston, SC click here: http://realestate.usnews.com/places/south-carolina/charleston

Dec. 21, 2016

S.C. was among fastest-growing states in U.S. during past year

South Carolina’s population was the 10th-fastest growing in the nation over the past year and will likely top 5 million in 2017, statistics released by the Census Bureau Tuesday show.

Having eclipsed Alabama's population last year, South Carolina is now closing in on Minnesota, currently the 22nd-largest state.

“I just can’t believe South Carolina has that many people," said Minnesota native David Wood, 49, who moved to South Carolina in 2000. “It’s incredible that we have that many people here, without a major metropolitan area."

Minneapolis has a population larger than South Carolina's three largest cities, combined.

Jonathan Maze, 46, used to live in West Ashley but returned to his native Minnesota more than 10 years ago and lives in the Minneapolis suburbs. Maze, a former Post and Courier reporter, said traffic in the Charleston area was "very annoying" even a decade ago, and he can't imagine how the area is coping with rapid growth.

“My concern would be, it’s not very easy to adapt that area to a rising population," said Maze, now senior financial editor at Nations Restaurant News. 

Minnesota's population has been growing, but not as much as South Carolina's. Maze said older people tend to leave for warmer climates.

"It’s not uncommon for people to retire to other states, because the winters are pretty brutal here," he said. “This weekend it was 24 below zero."

Wood, who now lives with his family in Mount Pleasant and is a partner and the creative director at digital brand agency Blue Ion in Charleston, said if South Carolina does become larger than Minnesota, he doesn't think residents of his native state would really care.

“Up in Minnesota there’s a saying — ‘Minnesota nice’ — so even if they did care, they wouldn’t say so," said Wood.

During the 12 months ending July 1, South Carolina State gained 66,285 residents. More than two-thirds of the growth was due to people moving in from other states.

Only six states gained more population from domestic migration — the difference between the numbers of people moving in from other states and moving out to other parts of the nation. For South Carolina, that's a continuation of a long-running growth trend.

Much of the state's growth has been concentrated along the coast, and nearly all has been in urban and suburban areas.

Last year, census data showed that the three most rapidly growing metropolitan areas on the U.S. Atlantic Coast were all in the Palmetto State — for the third year in a row. Those areas were the multi-county Myrtle Beach, Hilton Head and Charleston metro areas.

And within the Charleston metro area, the town of Mount Pleasant was the fastest-growing city east of the Mississippi River in 2015, among those with at least 50,000 residents.

Link to original article:  http://www.postandcourier.com/news/s-c-was-among-fastest-growing-states-in-u-s/article_71a479fc-c6ce-11e6-a489-ab0ccb86424f.html

Dec. 15, 2016

2017 FHA Loan Limits Increasing

For the first time since 2006, maximum loan limits have increased on Conventional loans. Effective January 1, the maximum base limit for Conventional loans is $424,100 in most of the country (all but 87 counties), including Charleston, Dorchester and Berkeley counties, up from $417,000. The ceiling limit in most of the country will be $636,150.

 

The VA mortgage loan limit is increasing to $424,100.

The ‘Floor’ and ‘Ceiling’ Lending Caps

 

According to the Department of Housing and Urban Development, the maximum FHA lending amount for high-cost metropolitan areas will go up to $636,150 for calendar year 2017. In areas with lower housing costs, the FHA limit can be as low as $275,665. Obviously, there’s a broad spectrum in between.

 

Property SizeLow-Cost Area “Floor”High-Cost Area “Ceiling”
One Unit $275,665 $636,150
Two Units $352,950 $814,500
Three Units $426,625 $984,525
Four Units $530,150 $1,223,475

 

Posted in Real Estate Trends
Dec. 13, 2016

Rental Demand Stays Strong in Charleston, SC

Rising rents

Apartment rental rates climbed 5 percent in the Charleston-North Charleston area during the 12 months ending in September, according to a recent report from the commercial real estate investment firm Marcus & Millichap.

The average rental rate for housing overall rose to $1,038 in September, the report said.

Strong demand lowered vacancy to 3.5 percent in September, the second-lowest level in more than six years.

Driving the increase in rental rates is the surge of people pouring into the region, which has the highest job growth rate in the Carolinas, the report said.

The Charleston area's population swelled by nearly 11,700 during the previous four quarters, resulting in the formation of 5,400 households, according Marcus & Millichap.

About 11,800 new jobs in the area contributed to the growth in residents and increased demand for housing. To meet the need, builders have 4,000 rentals underway with completions due by 2018.

The average rent for units built since 2010 is $300 per month more.

The report said investors are bullish on the long-term outlook of assets in the Charleston region due in part to the strong economy.

Buyers desire properties in the downtown and North Charleston areas, with more investors willing to consider suburban complexes in areas such as Mount Pleasant or Summerville, according to the report.

http://www.postandcourier.com/business/investor-buys-calhoun-street-lots-in-downtown-charleston-from-church/article_c4c4d918-b8b6-11e6-8608-df6daf7944cb.html

 

Nov. 15, 2016

October 2016 October 2016 Charleston, SC Real Estate Market Update

Friends and clients,

Well the heat finally broke and we have some fall-like weather to enjoy (+/-70 during the day and +/-50 at night). Since you have previously indicated an interest in real estate in the Charleston area, I wanted to take a moment to bring you up-to-speed on how the market has been doing in Charleston as we get closer to the end of the year.

Home sales remained steady during the month of October, even after dealing with Hurricane Matthew which effectively caused a loss of at least a week of business activity in the market area. It is expected that the bulk of this activity will roll into the November results. Sales for the month were 1,273 up 0.2% versus October 2015, and 14,989 units YTD, up 8.8% versus 2015.



Months Supply of Inventory is a very important ratio. For the month of October it stood at 3.5. Historically, when this metric falls below 6.0 it is considered to be a Sellers market. 2016 has been a strong sellers market for the entire year and October reflects that this trend is continuing.

The inventory of homes for sale was 5,285 for the month, down 19.1% versus the same month in 2015.



For Sellers, days on market is a reflection of the demand for housing versus the currently available inventory. For the month, Days On Market was calculated at 53 days. This is down 33% versus the same month in 2015, and on a year-to-date basis came in at 59 days, down 1.7% versus 2015.

A result of the low inventory levels and continued high demand is an expansion of the Average Sales Price from $299,631 in 2015 to $333,058 in 2016, an increase of 11.2% for the month. On a year-to-date basis, values are up 5% versus 2015.

As inventory levels remain tight and demand for homes high, sellers are receiving a higher percentage of their list sales price. For the month, the percentage closed at 96.3%, up 0.5 percentage points versus October of 2015. On a year-to-date basis, the percentage was 96.5% up 0.6 percentage points.

Takeaway Points:

  1. Due to the low level of listings and continued high demand for homes, prices will continue to trend upwards.
  2. Competition for well positioned homes will be intense with multiple offer scenarios likely. Buyers should make certain that they have a loan pre-approval letter or Proof of Funds statement (for cash offers) readily available to be included with any offers in order to be competitive.
  3. As well, Buyers will need to be able to make quick decisions when they find a property they like, as any delays in submitting an offer will likely mean that the home will go to someone else who moved more quickly.
  4. Buyers must be willing to negotiate and compromise on repairs and on other terms in order to be competitive.
  5. Sellers have an excellent opportunity to capture a good price for their properties, and to move their properties quickly, if they are priced correctly given the condition of the home and other critical factors that buyers evaluate in understanding the value proposition being offered.


BUYERS - If you need to update your search parameters, or just get an update on your search results, you can search all the properties in the Charleston area by clicking right here: CHARLESTON HOMES

SELLERS - I recommend you check the current market value of your home. I pay to get access to all the local MLS data and you can get it for free on my website.

CLICK HERE >>> Get an instant price update on your home.

(You get access to real local MLS data for determining current value - it’s free for you)

Enter your property address and you’ll get a recommended selling price range for your home based on the recent sales of your neighbors.

You may be very surprised at your price – it’s likely to have gone up!

Now this website tool is just an estimate. However, if you’re serious about selling your home, I can give you a very accurate asking price.

Call me at 614.571.9054 or reply to this email with details of your home.

Tell me about your kitchen, bathrooms, home improvements, and all the things you love.

I know what a buyer will pay for it today.

And of course if you’re not interested in selling your home, rest easy knowing we are in a healthy real estate market with appreciating prices.

If I can ever be of service to you buying or selling a home, I’m here.

Have a wonderful week.

Your local Charleston area real estate advisor,

Vito Boscaino

Mobile: 614.571.9054
Email:   vitoboscaino@gmail.com
http://www.HomesAndCondosCharleston.com

Oct. 11, 2016

Wando High School ~ Mount Pleasant, South Carolina

If you live in the Charleston area, you have probably heard of Wando High School, the only public high school in Mount Pleasant as well as the largest schools in Charleston County School District. Originally located at the intersection of Mathis Ferry and Whipple Road, Wando High School moved to a 100-acre campus in upper Mount Pleasant in 2004, next door to the Carolina Park development. More than 3,450 students attend Wando High School and the schools has received many accolades over the years in several areas, from academics to music.

For example, as of the 2013-2014 school year, about 103 students were named AP scholars. Wando was also selected as a PRIME school, which is a national honor given to just 25 institutions with above-average instructors, engaged students, exemplary curriculum and support from the staff and surrounding community. Meanwhile, the Wando marching band has been awarded eight state championships in a row, not to mention finishing in the top 12 of the Bands of America Grand National Championship.

Academically speaking, students at Wando are asked to choose a "cluster of study" as part of their framework of curriculum. The main framework is designed to help Wando students experience an efficient transition from high school into either the real world or post-secondary education. Different clusters of study include "majors' such as Science, Technology, Engineering and Mathematics; Agriculture, Food and Natural Resources; Transportation, Distribution and Logistics; plus many others.

Students are asked, with the help of counseling, to choose an area of study by their sophomore year at Wando - though they are not forcibly committed to that program of study and can change at any time. However, this does encourage students to focus their courses and electives on a specific future goal. parents too, are encouraged to become involved with the programs of study by offering their time as volunteers. Tutors, field trip guides and guest speakers are needed regularly.

For students who are looking for real-world experience, the Wando Warrior Store offers such an opportunity on campus. The store sells items such as clothing, snacks and school supplies. Academic credit, rather than monetary compensation, is awarded to students for their hard work.

Though many of the Wando students are fortunate to have what they need in terms of clothing, school supplies and other items necessary during their educational journey, some are not. The Wando Dreamweavers organization is an in-house charity funded by parents, community members and administrators, for the benefit of these less fortunate students. Dreamweavers is now in its fourth year and has made quite a difference for students in need.

And of course, the students at Wando have a unique relationship with the East Cooper community. Drive around Mount PleasantIsle of Palms or Sullivan's Island during football season and you'll see the phrase "Go Warriors!" displayed on the signs of local businesses.

Aug. 29, 2016

Is the Charleston Real Estate Market Looking At A Repeat of 2008?

Recently I was responding to some fellow real estate professionals who were deliberating as to whether the market we are currently in in Charleston is an analog to where the market here was in 2008. Here are my thoughts:

The market we are in is nothing like 2008. The only significant change on the demand side is the lack of "First Time" home buyers as many have chosen to rent or have no other option but to rent, or are continuing to live in their parents homes for as long as possible. This is due to much higher levels of student debt combined with poor job opportunities, leading to insufficient opportunities to obtain credit.

New home building rates are way, way below where builders were in 2008. The national rate of new home production of +/- 580,000 annual units is less than half that of the rate of 1.39 million units that represented the high point for new home production in 2005.

Mortgages are definitely much more difficult to obtain now versus what was happening in the market in the 2003-2008 time frame. Rates are very, very low by all historic measure and are likely to remain that way for the foreseeable future. The driver of price increases has fundamentally been a lack of resale homes in inventory, (i.e., demand exceeding supply, therefore prices increase). The better question might be why aren't more existing homes coming up for sale?

Also rental rates have been increasing at a very steep rate for the last several years. It is entirely predictable that the rate of growth for rental rates will slow and plateau. This is due to a combination of increasing supply of rental units (i.e., new construction and conversion of SFR owner occupied units into rentals) along with the fact that rental rates have gotten to the point where it is now much more logical once again to view the purchase option as a better financial opportunity than to rent. Even considering the "risk of ownership" versus the "safety" of renting, that many millennials claim colored their view of home ownership in a negative way.

My perspective is that going forward, we will see more of a balanced market than a full conversion to a "Buyers Market". I typically view Sellers in this market to be in two groups: The first are people who need or really want to sell and are pragmatic about how they position their property for sale. The second group are sellers that are effectively indifferent to actually selling, will put something on the market at a high price point, testing to see if they can get anyone to bite on it. But they may not really care if the property sells or doesn't sell unless they get their over-inflated price (generally investors, second-home owners etc.).

I do think a softening in the rate of growth of prices will actually stimulate longer-term demand from buyers who have been waiting on the sidelines (a lot of baby-boomer retirees and people who have flexibility in their decision making, work-from-home etc.), so I see a bit of a see-saw effect between the pure seller market and the pure buyer market.

Net/net I believe demand for housing in the Charleston metro area will continue to be strong for the foreseeable future, assuming no significant negative events on the macro-economic front. Of course this will encourage more agents to join the trade, and will put pressure on each of our opportunities to generate Sales/GCI.

But no one ever said this was an easy business. What we really need to drive revenue and profit growth at an individual level is for the industry to increase the barriers to entry to becoming an agent and make it more difficult to remain an agent. That is the fundamental reform that this industry needs.

Vito Boscaino

Mobile: 614.571.9054

http://www.HomesAndCondosCharleston.com

Email: vitoboscaino@gmail.com

July 15, 2016

Charleston, SC Real Estate Market Update June 2016 Activity Report

Friends and clients,

Summer is here and the weather in Charleston is beautiful, 91 degrees and sunny, perfect beach weather! Since you previously indicated an interest in real estate in the Charleston area, I wanted to take a moment to bring you up-to-speed on how residential real estate in Charleston is doing in 2016.

Year-to-date sales have remained quite strong versus the same period in 2015, up 9% as buyer demand continues to be robust, and the average sales value also continues to increase, up 4.3% year-over-year. While Sellers are controlling the market, Buyers continue to fight headwinds as inventory levels continue to decline rather significantly versus last year: Months Supply of Inventory, a key metric that measures the number of homes available for sale against actual sales is down 32.5% year-over-year, from 5.2 months to 3.5 months.

The combination of these factors means buyers have to be prepared to move quickly when they are searching for a home, and they also have to be prepared to see competition from other buyers in the form of multiple offers being submitted on properties. As inventory remains tight and demand is high, prices will continue to rise.

In my personal opinion, these dynamics are not likely to change any time soon, as buyer interest in the Charleston area will continue to be strong for the foreseeable future, and it would appear that owners of property are comfortable remaining where they are, which means inventory levels will not see any significant relief. New development activity will continue to increase on the the outskirts of the Charleston area, but for those seeking to be close to the Peninsula or beaches, your options for new housing product will remain slim. 

Here is an excerpt from the Charleston Trident Realtors Association:

"CHARLESTON, SC— (July 11, 2016) 1,919 homes sold during June in the region at a median price of $250,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In June 2015, 1,705 homes sold at a median price of $240,000. This data reflects a 12.5% increase in sales volume and 4.2% growth in median price, comparing last June to this June.

Year-to-date figures show 8,648 homes sold in 2016 at a median price of $239,000 in the region. Comparing 2015 figures to 2016 thus far, year-to-date sales volume has increased 8.9% and median price has grown by 8.3%.

Inventory has declined by 12.5% over the last 12-month period, with 5,433 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of July 11.

What this means for you: Prices will continue to climb, which means the purchasing power that you have will continue to decline.

As a buyer, you will have the maximum purchasing leverage for yourself at the present time when you consider the combination of current interest rates, and the expected trend for continued increases in home prices. If nothing else you should be getting pre-approved by a mortgage lender and actively identifying properties of interest. If you need local lender referrals, please let me know as I have some great lenders identified that have done excellent work on behalf of previous clients.

If you need to update your search parameters, or just get an update on your search results, you can search all the properties in the Charleston area by clicking right here: CHARLESTON HOMES

As for Sellers, Charleston remains a strong sellers market, and assuming the economy remains stable, I don't see this dynamic changing in the near-future.

Your home will sell for its maximum price in 2016. Not many homes are for sale in Charleston – inventory is very tight.

As you know, home prices in many Charleston area neighborhoods have gone up considerably in 2016, and there’s a strong chance your home is one of them.

I recommend you check the current market value of your home.

I pay to get access to all the local MLS data and you can get it for free on my website.

CLICK HERE >>> Get an INSTANT PRICE UPDATE on your home

(You get access to real local MLS data for determining current value - it’s free for you)

Enter your property address and you’ll get a recommended selling price range for your home based on the recent sales of your neighbors.

You may be very surprised at your price – it’s likely to have gone up!

Now this website tool is just an estimate. However, if you’re serious about selling your home, I can give you a very accurate asking price.

Call me at 843.779.6054 or reply to this email with details of your home.

Tell me about your kitchen, bathrooms, home improvements, and all the things you love.

I know what a buyer will pay for it today.

And of course if you’re not interested in selling your home, rest easy knowing we are in a healthy real estate market with appreciating prices.

If I can ever be of service to you buying or selling a home, I’m here.

Have a wonderful week.


Your local Charleston area Realtor,

Vito Boscaino

Mobile: 843.779.6054 / 614.571.9054
Email:   vitoboscaino@gmail.com
http://www.HomesAndCondosCharleston.com

Posted in Real Estate Trends