Just the Stats: What Happened Last Month in Real Estate in Summerville, SC? July 2020

Summerville Real Estate Market Conditions

The Summerville Real Estate Summer market is roaring forward as our area tentatively returns to a different normal of living. Our current reports shows an extremely strong seller’s market. According to our Summerville real estate market reports, we now have 34% (Thirty Four Percent!!) less homes for sale in Summerville then we did this time last year and the average sales price for homes in Summerville last month closed out at $281,679 which is 3%  up from this time last year.

We saw  422 homes for sale in Summerville sell after an average of 40 days on the market. The number of days it took to sell a home in Summerville last month was down by seven percent compared to this time last year. I personally had everything I listed go under contract in less than a week. At most price points, homes for sale in Summerville are moving very quickly.

We are still quite low with the months supply of homes for sale in Summerville dropping significantly. (A balanced market averages 5-6 months of home inventory.)

The average price per square foot in Summerville rose to at $135/square foot last month due to the lack of inventory.

If 2020 is your year for selling or buying a home in Summerville, I can help!  If you need to find out how much home you can afford, visit my site to learn more. How Much House Can I afford?

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.

Beautiful Home in Gadsden Manor for Sale!

Homes for Sale in Summerville, SC

Another beautiful home for sale in Summerville has hit the market! This home is found in the lovely Gadsden Manor Subdivision of Summerville and is in pristine condition!

This home for sale in Gadsden Manoris a fabulous paradise in the middle of Summerville. All brick home with 4 bedrooms and 4.5 baths. All bedrooms are upstairs. Master bedroom has a deluxe bath with rain shower. Open floor plan connects the kitchen, the family room and sun room. Formal dining room and living room. Outdoor living is resort style. Screened in porch overlooks in-ground pool and jacuzzi. Pool is heated and cooled. Pool house has a half bath. There is also a whole house generator switch. Lighted oak tree is probably the oldest tree in Summerville!

Gadsden Manor is one of Summerville’s well established subdivisions in the heart of town. Within walking distance of area churches, downtown Summerville and area parks, it is a coveted place to live. With mature landscape, rolling hills, ponds, and striking homes, it easy to see why homes for sale in Gadsden Manor move quickly.

Please feel free to contact me if you are interested in buying a home in Summervillenew 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.

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.

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.

Just the Stats: What Happened Last Month in Real Estate in Summerville, SC? March 2020

Summerville Real Estate Market Conditions

The Summerville Real Estate Spring Market has arrived! Our current reports continue to show a strong seller’s market. 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 last month closed out at $276,727, which is 8%  up from this time last year.

We saw  260 homes for sale in Summerville sell after an average of 56 days on the market. The number of days it took to sell a home in Summerville last month was similar to the days it took last February, however I personally had two listings hit the market and go under contract in the less than two days. At certain price points and with certain homes for sale, they are moving very quickly.

We are still quite low with the months supply of homes for sale in Summerville dipping below 2.5 months. (A balanced market averages 5-6 months of home inventory.)

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

If 2020 is your year for selling or buying a home in Summerville, I can help!  If you need to find out how much home you can afford, visit my site to learn more. How Much House Can I afford?

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.

Why You Should be Investing In Summerville Real Estate Now!

As the average price of homes for sale in Summerville continues to rise, (Summerville Market Conditions ) I want to remind each of you why you should be investing in Summerville Real Estate now!

Why You Should be Investing in Summerville Real Estate Now!

Cash Flow versus Building Wealth
Do you want cash flow or do you want to build wealth?  If you get stuck concentrating on cash flow, you will have a hard time justifying investing in real estate. However, in order to build wealth you need to take the long view of building wealth.

Investment Properties
Investment properties can be purchased with 10 to 20% down. For example, if you purchased a property for $150,000 and put down 20% (30K), your approximate payment per month would be $912.

If you were able to rent it for $1,100 the note payment would be covered. This yields an 8% return on the original cash invested.  The real estate market typically appreciates 3% annually and certain markets, like homes for sale in Summerville, have seen a much greater appreciation.

Investment Property for Sale in Summerville, SC

Duplex Investment Property in Summerville Just SOLD to clients.

Your entire interest payment is tax deductible and every month your mortgage balance is reduced.  Don’t overlook the fact that someone else is paying your mortgage through their rent. The total of these benefits will yield a return of over 15% on the cash invested.

The true building of wealth occurs at the end of the process when you go to sell your Summerville home.. The average property will double in value every 15 years.  This will return over 900% on your original investment.

As you can see taking the long view will pay off handsomely and you will reap the rewards in the future. If you would like to talk more about investment properties for sale in Summerville, contact me. During the spring market, many of these properties come on the market but they sell quickly. Every year is a great year to start building wealth and investing in the future!