Summerville Fall Real Estate Market Update with Foster Smith

Welcome to the Summerville Real Estate Fall Market Update! Already the 2020 Election Spin cycle has started! Have you noticed?

“We’re in the worst economy and the recession” Every side is beating the drum, but let’s look at some statistics and see if that drum beat is actually true.

Right now, we’re in the longest economic expansion in US History. Employment nationwide for a hundred years has been 4%. This is what has been considered basically full employment in our nation. Currently, the US is at 3.5 %.  South Carolina is at 3.2 % unemployment. There are more jobs then there are people looking for jobs. South Carolina construction employment is the third highest in the nation.

Here is a shocking statistic….44 people a DAY are moving to the Tri-County (Charleston & Summerville) area. 44 people a day!! All of these people are looking for homes for sale in Summerville, SC, but the statistic that’s a stubborn one is 5,469 houses are on the market in our Tri-County area. That’s been the figure for years now. It’s stubbornly low as the demand is outstripping the supply in housing as well as in the jobs. Year to date the highest number of pending listings. Those are listings that have sold and closed or have sold and have not closed yet. We have the highest number of pending listings that we’ve had in any of the past ten year periods. Any!

So are we on the brink of disaster? Not in the Tri-County area of Charleston! 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.

Just the Stats: What Happened Last Month in Real Estate in Summerville, SC? October 2019

Fall has arrived! While lots of fun Halloween & Fall Events are happening in Summerville over the next few weeks,  homes for sale in Summerville, SC continue to sell! Here is what happened last month in real estate in Summerville, SC.

According to our Summerville real estate market reports, we now have 11% less homes for sale in Summerville then we did this time last year and the average sales price for homes in Summerville has risen to $273,476, which is 3%  up from this time last year.

We saw  259 homes for sale in Summerville sell after an average of 45 days on the market. The number of days it takes for a home to sell in Summerville has gone up by 13% from this time last year in 2018.

We are still quite low with the months supply of homes for sale in Summerville  as the chart below indicates clearly.

The average price per square foot in Summerville rose slightly to $130/square foot last month.

I can help you if you are interested in seeing real estate for sale in Summerville, SC ,  buying a home in the Summerville area, new home in Summerville , a historic home in Summerville or selling your Summerville home.

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.

Just the Stats: What Happened Last Month in Real Estate in Summerville, SC? September 2019

I’m sure you are all watching Hurricane Dorian  and are aware of the mandatory evacuation for all of the South Carolina Coast. Praying for you all to be safe and have wisdom during this time.

Despite hurricane season,  real estate continued last month. Here is what happened last month with homes for sale in Summerville, SC.

According to our Summerville real estate market reports, we now have 14% less homes for sale in Summerville then we did this time last year and the average sales price for homes in Summerville has held steady at $269,757, which is 4%  up from this time last year.

We saw  353 homes for sale in Summerville sell after an average of 42 days on the market. The number of days it takes for a home to sell in Summerville has gone up by 20% from this time last year in 2018.

We are still quite low with the months supply of homes for sale in Summerville  as the chart below indicates clearly.

We have 14% less homes on the market this year than we did this time last year.  The average price per square foot in Summerville held at $129/square foot last month.

I can help you if you are interested in seeing real estate for sale in Summerville, SC ,  buying a home in the Summerville area, new home in Summerville , a historic home in Summerville or selling your Summerville home.

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.

Just the Stats: What Happened Last Month in Real Estate in Summerville, SC? August 2019

Summer is winding down and we are ready with the Summerville Real Estate Stats for last month!  Here is what happened last month with homes for sale in Summerville, SC.

According to our Summerville real estate market reports, we now have 16% less homes for sale in Summerville then we did this time last year and the average sales price for homes in Summerville has held steady at $270,295, which is 3%  up from this time last year.

We saw 314 homes for sale in Summerville sell after an average of 42 days on the market. The number of days it takes for a home to sell in Summerville has gone up by 5% from this time last year in 2018.

We are still quite low with the months supply of homes for sale in Summerville  as the chart below indicates clearly.

We have 16% less homes on the market this year than we did this time last year.  The average price per square foot in Summerville rose to $129/square foot last month.

I can help you if you are interested in seeing real estate for sale in Summerville, SC ,  buying a home in the Summerville area, new home in Summerville , a historic home in Summerville or selling your Summerville home.

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.

Just the Stats: What Happened Last Month in Real Estate in Summerville, SC? July 2019

July is here and we are ready with the Summerville Real Estate Stats for last month!  Here is what happened last month with homes for sale in Summerville, SC.

According to our Summerville real estate market reports, we now have 16% less homes for sale in Summerville then we did this time last year and the average sales price for homes in Summerville crept up to $270,710, which is 6%  up from this time last year.

We saw 355 homes for sale in Summerville sell after an average of 44 days on the market. The number of days it takes for a home to sell in Summerville has gone up by 25% from this time last year in 2018.

We are still quite low with the months supply of homes for sale in Summerville  as the chart below indicates clearly.

We have 16% less homes on the market this year than we did this time last year.  The average price per square foot in Summerville held steady at $128/square foot last month.

I can help you if you are interested in seeing real estate for sale in Summerville, SC ,  buying a home in the Summerville area, new home in Summerville , a historic home in Summerville or selling your Summerville home.

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.

Just the Stats: What Happened Last Month in Real Estate in Summerville, SC? June 2019

Welcome to the Summer! June is here and the kids are almost out of school! The beaches and pools will be in high demand over the next few months just like homes for sale in Summerville!  Here is what happened last month with homes for sale in Summerville, SC.

According to our Summerville real estate market reports, we now have 17% less homes for sale in Summerville then we did this time last year and the average sales price for homes in Summerville crept up to $264,809, which is 5%  up from this time last year.

We saw 369 homes for sale in Summerville sell after an average of 47 days on the market. The number of days it takes for a home to sell in Summerville has gone up by 6% from this time last year in 2018.

We are still quite low with the months supply of homes for sale in Summerville  as the chart below indicates clearly.

We have 17% less homes on the market this year than we did this time last year.  The average price per square foot in Summerville moved back up to $128/square foot last month.

I can help you if you are interested in seeing real estate for sale in Summerville, SC ,  buying a home in the Summerville area, new home in Summerville , a historic home in Summerville or selling your Summerville home.

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.

What is the Average Price Per Square Foot in Summerville,SC?

Each month, I run a Summerville Real Estate Market Report showing the average price per square foot in Summerville, SC as well as the average sales price, days on the market and more.  These Market Condition Reports help show how significantly the average price per square foot has risen over the years in Summerville.  Notice the rise on the chart below over the last three years.

What Does “Price Per Square Foot” even mean?

I’ve had some clients ask what do you mean by “average price per square foot?”  This is a term in the real estate community that is arrived at by taking the price of the home for sale in Summerville and dividing it by the amount of usable square footage.  (Usable square footage includes the parts of the home that meet the requirements I wrote about over here How to Calculate the Square Footage of your Summerville Home.  You are not counting things like your garage, unfinished areas, screen porches etc.) For example, if you have a home that is 2000 square feet and sells for $200,000, the price per square foot is $100.

The Average Price Per Square Foot around Summerville

While the average price per square foot in Summerville of $126 takes ALL of the homes for sale in Summerville into account, each community and area has its own feel, amenities and offerings.

• The older more established communities like Ashborough & Ashborough East run around $125-135/square foot.
• Gadsden Manor is a beautiful Summerville neighborhood in the heart of it all and within walking distance to downtown so its prices are closer to $140/square foot.
• The Historic District Homes are truly all over the board, but they average $163-200 square foot.
• The Golf course communities of Summerville that are located a little further out from the downtown area will run $125-135/square foot.
• The new master planned communities like Nexton and Summers Corner seem to have their own drum beat. Houses in those developments can go from $150 to $210 per square foot.
• Homes for sale in The Ponds come in closer to $125-$135.
• However, when you are looking at the 55+ communities in Summerville, like Carillon, Cresswind , Del Webb Nexton and Del Webb Charleston, they are going to run closer to  $170-$200 because they have an amenity center, clubhouse, pools and an activities director.

After twenty five years of selling homes in Summerville, I’ve seen these prices rise and fall but the average price per square foot in Summerville continues to rise steadily because of the wonderful area, homes and people that live in Summerville.

Please contact me at 843-974-6029 or Foster@HomesofSummerville.com if you are interested in buying a home for sale in Summerville or selling your Summerville home.

Just the Stats: What Happened Last Month in Real Estate in Summerville, SC? May 2019

Temperatures are rising and beach days are beginning to happen more frequently!  May is here and is bringing the summer weather with it! Here is what happened last month with homes for sale in Summerville, SC.

According to our Summerville real estate market reports, we now have 20% less homes for sale in Summerville then we did this time last year, however the average sales price for homes in Summerville has held steady and is only up 1% compared to this time last year.

We saw 310 homes for sale in Summerville sell after an average of 46 days on the market. The number of days it takes for a home to sell in Summerville has gone up by 7% from this time last year in 2018.

As I mentioned earlier, the average sales price for a home for sale in Summerville is holding steady and averaged $254,983  last month, which is up one percent compared to this time last year. We are still quite low with the months supply of homes for sale in Summerville  as the chart below indicates clearly.

We have 20% less homes on the market this year than we did this time last year.  The average price per square foot in Summerville went down to around $125/square foot last month.

I can help you if you are interested in seeing real estate for sale in Summerville, SC ,  buying a home in the Summerville area, new home in Summerville , a historic home in Summerville or selling your Summerville home.

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.

Just the Stats: What Happened Last Month in Real Estate in Summerville, SC? April 2019

Flowers are blooming everywhere and we are moving into the strength of the Spring Real Estate Market here in Summerville, SC! Here is what happened last month with homes for sale in Summerville, SC.

According to our Summerville real estate market reports, we have 15% less homes for sale in Summerville then we did this time last year, which has helped to drive the average sales price for homes in Summerville up 11% compared to last year.

We saw 322 homes for sale in Summerville sell after an average of 52 days on the market. The number of days it takes for a home to sell in Summerville has gone up by 11% from this time last year in 2018.

The average sales price for a home for sale in Summerville continues to climb upwards and averaged $261,972  last month, which is up eleven percent compared to this time last year. We are still quite low with the months supply of homes for sale in Summerville  as the chart below indicates clearly.

We have 15% less homes on the market this year than we did this time last year.  The average price per square foot in Summerville held at around $127/square foot last month.

I can help you if you are interested in seeing real estate for sale in Summerville, SC ,  buying a home in the Summerville area, new home in Summerville , a historic home in Summerville or selling your Summerville home.

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.

Just the Stats: What Happened Last Month in Real Estate in Summerville, SC? March 2019

 

With the temperatures warming up and Spring already knocking at the door, homes for sale in Summerville are warming up as well! Here is the full scoop on what happened last month in Summerville Real Estate.

As I highlighted last month,  30% of people moving to SC  are coming to retire,  this is causing 55+ communities to be built and at a quick pace. Last month, I toured homes for sale in Four Seasons at Lakes of Cane Bay   and the variety of the homes being built was impressive as well as the amenities and future planned amenities. Another popular 55+Community in Summerville is the Del Webb Nexton section of Nexton where I recently listed 160 Hedera Court for sale.

According to our Summerville real estate market reports, we have 15% less homes for sale in Summerville then we did this time last year, which has helped to drive the average sales price for homes in Summerville up 3% compared to last year.

We saw 221 homes for sale in Summerville sell after an average of 59 days on the market. The number of days it takes for a home to sell in Summerville has gone up by 9% from this time last year in 2018.

The average sales price for a home for sale in Summerville continues to climb upwards and averaged $254,997  last month, which is up three percent compared to this time last year. We continue to hold steady right above 2 months supply of homes for sale in Summerville .

This lack of homes for sale in Summerville, SC continues to drive our seller’s market and Summerville prices up  continue to move up. We have 15% less homes on the market this year than we did this time last year.  The average price per square foot in Summerville was around $125/square foot last month.

I can help you if you are interested in seeing real estate for sale in Summerville, SC ,  buying a home in the Summerville area, new home in Summerville , a historic home in Summerville or selling your Summerville home.

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.