Welcome to the Summerville Real Estate Market update for 2019! This is Foster Smith from Carolina One Real Estate. For this market update we will take a look back at 2018.
In 2018, we had record sales and prices continued to go up on homes for sale in Summerville. As a result, people are asking me, “Are we heading towards another cliff similar to the one we saw in 2008?” There are three strong indicators that this not the case.
Jobs in Charleston
One strong indicator that this is not the case is that we have 25% more jobs in the area then we did in ’08 and those jobs are paying 25% more than they were paying 10 years ago.
Inventory vs Sales
In 2008, we had record high inventory of homes for sale in the country. When sales began to pull back, over the hill we went with the market crashing. Today, we have the opposite situation, record sales and low inventory. New construction in Summerville can not keep up with sales. In 2008, it took 5 months to build a new home, today it takes 7 months to buy and build a new home for sale in Summerville.
Real Estate has Normalized
Historically, mortgage backed securities were always rock solid investments, but we had a nationwide decline in real estate and mortgage backed securities and we were faced with the crash of 2008. Today, real estate is back to normal, which is to say, real estate is local. There are problems in NY, Seattle, Miami right now which are local issues for them, but not in the Charleston area.
We have wonderful employment and wonderful employers, Boeing, Spawar, Volvo, the Air base, and tech jobs. There continue to be plenty of jobs in the Charleston area and room for the prices to continue to go up.
If you are a interested in buying a home for sale in Summerville, or are a 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.