Charleston Real Estate

Hello, This is my inaugural blog. I've been told numerous times to start one and this year I finally decided to make the time for one. I thought the best news to start with would be a health status of our residential market here in Charleston. I just attended a conference called the "Annual Report on the Charleston Housing Market". A summation of the facts are as follows. It was a banner year for residential real estate across America. Nearly every metropolitan market is on the road to recovery. South Carolina was #1 in this category, and the Charleston, SC tri-county area led the way statewide! Locally, foreclosures are being absorbed and there are less and less short sales on the market. Many market areas transitioned from buyers' markets to sellers' markets. Continued low mortgage rates, affordable prices, and a much better job scene has bolstered consumer confidence. 2013 saw the highest number of closed sales in 5 years! Listing inventory fell drastically thru the year as well, dropping from an average 10-12 month supply to below a 6 month supply. Some of the hottest areas are as low as a 2-3 month supply! New construction is seeing a resurgence as well. Median prices rose 8.7% in 2013 as compared to 2012. This all bodes well for the job market and health of the economy. Stronger consumer confidence means homeowners are more likely to make bigger purchases like a house or car. These homes need furnishings and appliances too, which translates to stronger sales and more jobs, etc. I would caution sellers that this does not necessarily mean you can list your home for a high price and expect buyers to come up to your price. You still have to "beat the competition" out there as buyers are very astute these days and will not overpay for a home. And buyers, don't panic thinking you 'missed the boat'. There is no second 'housing bubble' on the horizon in the near future. I hope you find this blog entertaining as well as educational. I will endeavor to keep it up and look forward to your feedback. While I have your attention, let me remind you that in addition to being a Certified Residential appraiser with 20+ years experience in the Charleston, SC market, I am also a licensed Broker/Realtor. I am a member of the local MLS system and can market your property as well as anyone, with the added knowledge only an appraiser can have as well as a strong pulse on current market conditions and trends. Visit my website as well to find out more, and feel free to contact me anytime to discuss real estate matters that are on your mind. Here's to a happy, healthy, and successful 2014! Joe Kavanagh, CREA, BIC