Tyrone Richardson of The Post and Courier has an article on the resurgence of the Charleston condo market. While the article references Palmetto Place as a condo being converted from rentals, that development initially was a condo deal that failed and was converted to rentals and now the Florida buyer is selling the units (again). Seth Clark, our resident condo expert at Colliers, says the best barometer of a resurgence is new development, and we haven’t seen that yet, but we suspect we will by the end of 2014, first on the Peninsula, second infill sites, and third in the suburbs.
The local CHS residential real estate market continues to remain red hot. Sales volume is up 19.4% for the first five months of 2015 as compared to the same period last year, and prices are up 8.0%, with the median price now at $235,000. The CHS Metro Chamber of Commerce estimates 43 people move to the CHS region every day. The strongest areas of demand: in Charleston County, Mount Pleasant; in Berkeley County, around Summerville; and in Dorchester County, in Ridgeville, where the new Volvo plant was announced. Warren Wise has the story here for The Post and Courier.
The Charleston Trident Association of Realtors is out with their YTD 2014 market report and statistics and the news continues to be encouraging – for sellers and owners, that is, not so much for buyers. Overall, closed sales are up 9.6%, the median sale price is up 3.9%, and inventory is down 5.4%. Some of the stats:
– New Listings YTD (Jan-Sept 2014, as compared to Jan-Sept 2013) – up 2.9% (to 1,479 in Sept 2014)
– Pending Sales YTD – up 35.6% (to 1,284)
– Closed Sales YTD – up 9.6% (to 1,238)
– Days on Market – down 6.2% (to 71 days)
– Median Sales Price – up 3.9% (to $215,000)
– Average Sales Price – down 5.4% (to $279,089)
– 12-month Rolling Average Sales Price – up 4.1% (to $292,065)
– Percent of Original List Price Received – up .5% (to 95.3%)
– Housing Affordability Index – down 2.9% (to 132)
– Inventory of Homes For Sale – down 5.4% (to 5,997)
– Months of Supply of Homes for Sale – down 14.1% (to 5.2)
The high-end residential market in CHS has fully recovered as evidenced by the listing of a $19.5M condo in downtown CHS. Even with comps in NYC, this condo on the top floor of the People’s Building downtown is just a listing price, but evidence is solid that the local market for mult-million dollar homes has fully recovered. The Post and Courier’s Tyrone Richardson reports.
After kicking off Charleston’s newest suburban office environment, followed by the announcements of a couple of Marriott hotels, Nexton’s next focus will be residential development. The first phase is a JV with The Beach Cos. and MeadWestvaco for 320 luxury units called The Parks at Nexton, and with a total of 13,000 residential units planned, this really will be South Carolina’s NextTown. The Post and Courier’s Tyrone Richardson reports…
Home sales in the Lowcountry reported another strong gain according to the Charleston Trident Association of Realtors and a report by Tyrone Richardson of The Post and Courier. Compared to November 2012, 6% more homes sold and the median price increased 7%. Thru the first 11 months of 2013, home sales are up 22% and the median price is up 8%.
Tyrone Richardson of The Post and Courier reports on the shortage of a supply of lots in CHS. That calls for increased pricing of lots, land, and homes, thanks to jobs, jobs, jobs.
The Charleston Trident Association of Realtors, as reported by Tyrone Richardson The Post and Courier, states that home sales in the region were up 11% over last October, and prices continue to escalate.
The Ponds in Summerville, a 1,950-lot development, is under contract to a FL based homebuilder. See the Post and Courier’s article by Tyrone Richardson.