Pent Up Demand makes the Summerville Market Surge upward!

We have been tracking the impact of COVID19 on the Summerville Market consistently over the last few months  and more stats have come in from the CFO of Carolina One.
“The news in our local housing market continues to be excellent! Last week saw another record week in terms of ratified contracts in the CTMLS with 497 properties going under contract.
The take aways for the week as I see them:
(1) We have now posted two consecutive record weeks of properties going under contract. The bottom of the market appears to have been about 7 weeks ago.

Summerville Real Estate Market Conditions

2) The CTMLS almost flat to last year in ratified contracts despite a pandemic shutdown!!!
  • The CTMLS is now down 1% year to date (nearly flat) versus last year in ratified contracts – and last year was one of the best years ever in the CTMLS.
(3) Showings continue to track much closer to last year’s level, -7% last week versus the same week last year in a market where active listings are -12% versus the same time last year.
(4) You will see media emphasis on the decline in showings. Here is what these reports are missing:
  • Inventory is down more than the showing levels are (there is less to show)
  • Many showings are happening outside of ShowingTime
  • Due to safety concerns, buyers, sellers, and agents are vetting showings much more closely (buyers ruling properties out online, sellers are inquiring more about a buyers motivation and qualifications more than they did previously)

Summerville Real Estate Market Conditions

(5) The media is reporting on the year over year decline in closed sales in April. This is accurate…but also not terribly informative. Why?
  • Closed sales are a lagging indicator of the market behind ratified contracts. Closed sales tell you what home buyer sentiment looked like 30-60 days ago.
  • Ratified contracts track current consumer sentiment much more closely than closed sales do.
 

(6) Inventory is critically low, -12% versus last year’s already too low level of listings.

 
(7) There are reasons for concern.
  • Unemployment is extremely high and this will eventually come home to roost.
  • While restrictions are easing, we could face another business strangling shutdown if cases flare up again” Dave Sansom CFO/COO for Carolina One

Please do not hesitate to call or email with any real estate questions you may have during this time.

How Did COVID-19 Impact Real Estate in Summerville, South Carolina last month?

We have weathered the month of April under COVID-19 shut downs and have seen how the Coronavirus impacted Summerville Real Estate last month.  Here is a snapshot of how April looked under the stay at home orders. Showings are down 54% over this time last year and pending sales are down 32%.  New Summerville listings are coming to market much more slowly than usual. Thankfully, we are beginning to see a stabilization in the market as the last three weeks in a row have seen 300 houses go under contract per week.

COVID 19's Impact on Summerville Real Estate

 

The questions I answered regarding how COVID-19 has changed real estate in Summerville, SC  are still holding true. Sellers are continuing to put disinfectant wipes in the house for buyers to feel comfortable wiping down a handle that they may want to open and homes are still being viewed.  Clients who need to sell their houses continue to list them  and I’ve encouraged them that it is a very individual decision depending on the age and the health of the seller.

Here are the stats specific to our beautiful Summerville area. The average sales price rose another 12% compared to this time last year and the price per square foot rose to $139. Three hundred and six homes closed last month even under the COVID restrictions though it took a little longer than it normally does in a typical Spring market with an average of 47 days on the market.  My team personally closed four homes last month under the stay at home orders with no issues.

Please do not hesitate to call or email with any real estate questions you may have during this time. We are all weathering this storm together.

 

Summerville Real Estate Market Conditions

 

 

 

Home for Sale in Buckshire in Summerville,SC – Just SOLD!

Home for Sale in Buckshire in Summerville, SC

Another great home for sale in Buckshire has left the market!  Buckshire is a great development of new construction homes with wooded home sites, open space, and scenic views.   Featuring a community pool and clubhouse, Buckshire is a great community neighborhood for those looking to live in Summerville. Our clients were thrilled to find their new home in Buckshire!

Do you like what you see? Check out more homes for sale in Buckshire and read more about the homes for sale in Buckshire. 

Please feel free to contact me if you are interested in buying a home in Summerville. I will be happy to help you learn about the Summerville area and what homes are available, or will soon be coming available.

If you are a home seller and would like to discuss your Summerville Home and what it is worth in our market today, please e-mail me for more information or fill out this form.

 

Del Webb Charleston Home Just SOLD!

Home for Sale in Del Webb Charleston

Another great home for sale in Del Webb Charleston has left the market!  Del Webb Charleston is a 55+ community in Summerville located within Cane Bay Plantation. Del Webb Charleston and all of the amenities it offers has become very popular and homes sell quickly! This home offered one of the largest lots in the Del Webb Charleston community. The home offered a multitude of upgrades and the backyard was a private oasis with a pergola, and mature palm trees all overlooking a pond.

Do you like what you see in Del Webb Charleston? Check out more homes for sale in Del Webb Charleston and read more about the the town of Summerville.

Please feel free to contact me if you are interested in buying a home in Summerville. I will be happy to help you learn about the Summerville area and what homes are available, or will soon be coming available.

If you are a home seller and would like to discuss your Summerville Home and what it is worth in our market today, please e-mail me for more information or fill out this form.

 

Home for Sale in Downtown Summerville – Just SOLD!

Homes for Sale in Summerville, SC

This beautiful home for sale in Summerville, SC is SOLD! Found on Presidents Circle and nestled in the heart of Summerville, this home sold in under a week! The new home owners will enjoy all the perks of living near downtown Summerville as well as the privacy of a well established neighborhood.

Homes for sale in Historic Summerville are very popular and only come on the market periodically.  If you would like to learn more about Homes for sale in the Historic District of Summerville  or are interested in discussing buying a new home for sale in Summerville, please call me to discuss.

If you are a home seller and would like to discuss your Summerville Home and what it is worth in our market today, please e-mail me for more information or fill out this form.

Home for Sale in Park West- Mount Pleasant, SC

Don’t miss this beautiful home for sale in Park West in Mount Pleasant, SC.  With easy access to the pool, tennis courts, schools and Mount Pleasant shopping and dining, this home is in a prime location!  The spacious kitchen features granite counter tops and stainless steel appliances conveniently adjacent to the dining room. The kitchen opens into the large family room highlighted by deep coffered ceilings, wainscoting, gas fireplace and recessed lighting.

All 4 bedrooms are upstairs. Master bedroom suite has vaulted ceilings, 2 walk in closets with built ins, separate garden tub and shower. For added enjoyment, this  home for sale in Park West features a 200 foot screen porch off the kitchen with tile flooring opening up to the beautifully wooded private yard.

Don’t miss this beautiful home for sale in Mount Pleasant, conveniently located close to the beach, shopping and Charleston!

Learn More about 2004 Hammond Drive, Mount Pleasant SC

Contact Me to See 2004 Hammond Drive, Mount Pleasant, SC.

Home for Sale in Park West - Mount Pleasant, SC

If you are a home seller and would like to discuss your Home and what it is worth in our market today, please e-mail me for more information or fill out this form.

How Has COVID-19 Changed Real Estate in Summerville, South Carolina?

How Has COVID-19 Changed Real Estate in Summerville, South Carolina?Since my last South Carolina Real Estate Update, we have seen dramatic changes in our country and state. There are many questions regarding COVID-19 and each of us is working to cope as well as possible and serve others during this time. Maybe you were planning to list your home this month or buy a home and don’t know how to proceed. Here is a list of the most common questions I am fielding these days and hopefully they will help you!

Is The Foster Smith Team still working?

Real estate has been categorized as an essential business. However, this does not mean business as usual. What this does mean is closings continue to occur, Insurance policies are written, and mortgages are issued. Court houses are open for title research and recordings of deeds.  I just closed a house on Monday without incident. Gloves and masks were present at the closing table and social distancing was in place.

Can I list my home right now?

Yes we are still listing homes and as a matter of fact, I am listing a house today. However, we are down in our average number of listings by about 15% .

 Are homes still selling?

Yes, homes are still selling.  As a matter of fact my team just sold two houses in the last two weeks and I am writing another offer today. However in the entire area, we sold around 15% less homes last month than we sold in March last year.

Is my team working remotely?

Thankfully, just about everything can be done electronically in our business. We have a skeleton crew manning the office.

Are we abiding by the guidelines?

Yes we are.  If we show a house we drive in separate cars. We take disinfectant wipes with us and wipe down doorknobs and anything we touch. We advise the seller to leave all doors open so we have to touch as little as possible.

Is it wise to buy now?

Understandably, there are fewer people shopping right now therefore you have less competition for the same house. Interest rates are very low – in the 3.25% range for good credit.

Summerville SC Real Estate Market Reports

Please do not hesitate to call or email with any real estate questions you may have during this time. We are all weathering this storm together.

The average price per square foot in Summerville rose to $133/square foot last month due to the lack of inventory.