Economic Forecast for the Charleston Real Estate Market in 2015

I just came from a meeting on the Economic Forecast for the Real Estate Market in Charleston & Summerville, SC for 2015.  Economic Experts gave us a run down of what to expect this year in the real estate market on a national and local level.  It was encouraging on every level and I share with you in 3 minutes what it took a few hours to digest. 🙂

There are basically three reasons why the housing market is looking strong for 2015 in the Summerville and Charleston, SC area.

1.Job Market is Stronger

2.Home Prices Stabilizing

3.Rents are High
Consumer Optimism and Confidence is almost 20 points higher than it was this time last year. This means that people are feeling good about their work, jobs, family, houses, and situation in general.  Consumers drive our economy as well as the housing market so this is all good news.
With rents extremely high, many renters are jumping into the buying market.  When interviewed, 9 out of 10 millennials say they would like to buy instead of rent.  Freddie Mac & Fannie Mae have just released programs that bring the down payment percentage from 5% to 3% for first time home-buyers. This will be a big help for those wanting to jump in and buy a home.
Interest Rates are the last thing that was discussed in regards to the real estate market and forecast for 2015.  They have been below or near 4%  but economists are projecting that those will inch up to the 5% mark by the end of 2015.  However, those rates are still extremely low and very good for those wanting to buy a home.

The Summerville and Charleston market is very strong currently and we will be hitting the hot Spring market in the next few weeks.  y. Currently, we have just under 5300 houses on the market. The builders are back in Summerville and lots of new home construction is going up in Summerville, SC.

If you would like to discuss your Summerville Home and what it is worth in our market today, please email me for more information or fill out this form.

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Charleston SC Real Estate Market Report for 2014 and 2015

The Summerville and Charleston market finished strong in 2014 and all signs are pointing to a very strong 2015.  In 2014, sales were down for the first quarter by 2%, by the second quarter they were up 8%, third up  12%, and the final quarter saw sales up by 13%. (Compared to sales in 2013)

Nationally, the inventory is still high which makes houses difficult to sell.  However, on the local level in Summerville & Charleston SC Real estate, the inventory is very limited.  The past four months were some of the best months that the Charleston MLS has ever seen.

In 2013, 28 % of sales were new construction,  that went up to 36% in 2014.  In 2013, 7% of sales were foreclosures, and that number went way down to 3.7% in 2015.

All signs point to an extremely strong 2015 in the Summerville & Charleston SC Real Estate market.  South Carolina is the number two destination, interest rates are still fantastic, and we are predicting 10% growth for the Summerville area in 2015.

If you would like to discuss your Summerville Home and what it is worth in our market today, please email me for more information or fill out this form. Or if you are interested in buying a Summerville Home, please visit my website to browse homes for sale in Summerville or Charleston, SC.

Is it still a Buyer’s Market in Summerville, SC?

Is it a seller or a buyer’s market in the Summerville & Charleston area? Watch Foster’s two minute video and find out the real estate market did in 2014.

We use to have 9-10 months worth of inventory in the Charleston area, and now we are down to under 6 months worth of inventory.  The average list price in the Tri-County Area (Charleston, Dorchester & Berkeley) is up 4% to $361,000. The average sale price has gone up 4.7 percent to $293.000.  The average price per square foot in the Tri-County Area is up 7%. Dorchester County is up 8%, Charleston County is up 5%, and Berkeley County is up 9%.  The Summerville and Charleston market is coming back because of low inventory. Currently, we have just under 6500 houses on the market. The builders are back in Summerville and lots of new home construction is going up in Summerville, SC.  Interest rates are still very low making it a great time for buyer’s to jump in and purchase.  However, with the low inventory, we are seeing Summerville and the greater Charleston area tip over to a seller’s market, especially in certain price points.

If you would like to discuss your Summerville Home and what it is worth in our market today, please email me for more information or fill out this form.

Middle of the Year Market Update for Real Estate in Summerville & Charleston, SC

We’ve reached July and it is time to find out how the Charleston and Summerville Real Estate Market is stacking up compared to last year.  Foster shares in two minutes about the Charleston market..

Statistics for the Tri-County area (Dorchester County, Charleston County & Berkeley County)  from January to June 2014.

  • Closed Sales – Up 6%
  • Median Price– Up 9%
  • Price per square foot– Up 6% to $141/square foot

Statistics for Summerville, SC  from January to June 2014.

  • Closed Sales – Up 4%
  • Median Price– Up 5%
  • Price per square foot– Up 7% to $90/square foot

 

Across the board, the Charleston Real Estate numbers are up and indicative of a strong market.  The Charleston housing inventory is relatively static right now and not as plentiful as it was making it a good time for sellers to jump in with their homes.  The interest rates are still hovering around 4.5 percent, so buyers are still getting great deals as well.  In conclusion, if you are interested in selling your Summerville home or buying a home in Charleston, SC or buying a home in Summerville, SC…give me a call or email!  I look forward to helping you find a great investment for your needs.

Charleston SC Area Home Sales – 2013 versus 2014

When you are talking about Charleston, SC Area Home Sales…2014 is beating 2013! See how the first half of 2013 compares to 2014.
Charleston SC Area Home Sales
Each month, with the exception of May in 2014, has seen an increase in home sales in the Charleston, SC area. Real estate in Charleston, SC and Summerville SC is coming back at a strong rate. Call me if you are thinking about selling your home in Summerville, SC and wonder if it is time to jump back in the Charleston real estate market.
1-843-974-6029
Foster@HomesofSummerville.com
http://www.HomesofSummerville.com

PENDING -Isle of Palms, SC – Gorgeous Oceanfront Beach House for Sale

Search current inventory of Waterfront Beach Houses for Sale in Charleston, SC 

Listing Details

Waterfront Beach House for Sale on Isle of Palms, SC

2904 Palm Boulevard, Isle of Palms, SC 29451
Price: $2,100,000
MLS number: 1408657
Bedrooms: 6
Bathrooms: 4.5
Square Footage: 3600

Call Foster Smith at 843-974-6029 to see if this property is still available and arrange a showing.

You Will Love the Views of the Atlantic Ocean From this Gorgeous Oceanfront Beach House

Ocean front Beach House for Sale 2904Palm17
This gorgeous oceanfront beach house is located on the Isle of Palms, SC.  Custom built by Pat Ilderton, one of the premier builders on the Isle of Palms beach, this beach house is architecturally stunning. With six bedrooms and four and half baths, you have plenty of room for everyone to spread out and enjoy the views.  Sweeping views of the beach can be viewed from the screened porch or upper deck.

It is important to note that this oceanfront beach house is located on the most desirable section of the Isle of Palms beach. No erosion problems here. This lot extends all the way to the mean high water line.  Walk through your front yard and onto the beach!

This house can also serve double duty. It serves as a great beach house for your enjoyment, as well as a profitable beach rental. Several leases are already in place for 2014. You can start this deal with a nice stream of income already in place. The pictures will give you a good sense of the beauty of this house and its beachfront setting.

Click here to see additional images of this Oceanfront Beach House on the Isle of Palms, SC

Isle of Palms Barrier Island near Charleston, SC

Isle of Palms is one of the barrier islands located off Charleston, SC.  It is extremely popular for its beaches and great swimming waters.  The Isle of Palms County Park is located  by the pier and offers parking and public beach access.  As you continue down the island, you will find public beach paths located every couple of blocks.

Isle of Palms is beautifully maintained and boasts gorgeous Palmetto trees all along the famous Palm Boulevard.  Those looking for a fun day will find it on the Isle of Palms.   Whether you enjoy swimming in the ocean, walking the beach, or playing sand volleyball, you can find all of these and more at the Isle of Palms. .

Find Similar Beach Houses in the Area

Summerville SC Real Estate Market Conditions for 2014

The Real Estate Market Conditions in the Charleston and Summerville, SC continue to improve as we move into 2014!  Summerville, SC Real Estate as well as Charleston, SC Real Estate  climbed 8-8.5 percent in 2013.  The local area saw an increase of 24%  in number of  houses sold and closed in 2013.

I was able to personally close 24% more last year than the previous year placing me in the top 5% of agents in the Charleston SC area.  I am extremely grateful to all of my loyal clients who trusted me to serve as their Summerville realtor last year. I look forward to working with more of you in this next year ahead.

For a complete list of available Summerville SC Real Estate, visit Homes for Sale in Summerville SC.

If you have any questions please call me at 843-974-6029 or 1-800-942-18280*6029  or email Foster@HomesofSummerville.com so we can discuss your Charleston SC real estate needs.