Summerville & Charleston Real Estate Market Update 2017

We are at the half way through  2017 and what I reported back in January has happened, big time! The Summerville Real Estate Market  has been electric and has moved at a staggering pace. Here are the highlights:

In the Greater Charleston, SC Real Estate Market:

  • Houses for Sale- 4690, Down from 12,000-3 Yrs. Ago
  • Median Price up 7.7%
  • Days on the Market-73

Because of low inventory, it is a strong sellers market in Summerville, SC.

The homes for sale in Summerville are lacking right now and the job market and economy is strong in Charleston. These all combine to make homes worth more and support strong prices.

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.

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. While you are researching, make sure to listen to Four Vital Questions to Ask When You Buy a Home.  Some other articles that buyers find helpful are Five Bad Habits to Kick if You Want to Buy a Summerville Home in 2017, and How Much House Can I afford?

Four Questions to Ask When You Buy a Summerville House

March has arrived and we are in the midst of a very strong spring real estate market in Summerville, SC. According to our Summerville market reports,  we have a significantly lower amount of houses for sale than we have had in previous years. Consequently, the market locally is a seller’s market particularly with houses priced under $300,000. We are now seeing multiple offers coming in on houses for sale in Summerville as well as homes selling as soon as they hit the market.

Now, more than ever, it is important to be incredibly smart as a buyer. Ensuring that you are working with an experienced Summerville realtor will save you headache and heartache when you try to purchase a home.  In a seller’s market, it is easy to get caught up in the rush of the moment when you are making an offer. You need someone on your side who has done the research, knows the market and can help you make strong solid offers in a timely fashion.

If you need a realtor, contact me, Foster Smith, at 843-974-6029 or http://www.HomesofSummerville.com To hear me talk about this more watch Four Vital Questions to Ask When You Buy a Home.

I can help you if you are interested in seeing real estate for sale in Summerville, SC ,  buying a home in the Summerville areanew 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.

Summerville & Charleston Real Estate Market Update 2017

We are at the end of the first month of 2017 and it is time to look at and analyze the Summerville Real Estate Market with me!  Understanding 2017 and what lies ahead means we need to look back at 2016. Last year, the Charleston and Summerville Real Estate Markets continued to grow stronger and there are many indicators that this trend will continue into 2017, let me tell you why.

In the Greater Charleston, SC Real Estate Market:

  • Sales up 9% from 2015
  • Median Price up 1% from 2015
  • Days on the Market down 12% from 2015
  • Inventory down 10% from 2015

In the Summerville, SC Real Estate Market:

  • Sales up 15% from 2015
  • Median Price up 8% from 2015
  • Days on Market down 17% from 2015
  • Inventory down 22% from 2015

Because of low inventory, it is now a sellers market in Summerville, SC. Some people are wondering “Are we on the edge of a cliff like we were in 2008?” “Is the market going to fall out again?” I am inclined to answer “No” due to several factors.

  • Job Market has grown by 80,000 jobs since 2005.
    • 2005– 278,000 jobs, 2016– 358,000 jobs
  • Desirability of the Charleston/Summerville area.
    • 45-60 people per DAY are moving to the Charleston area.
  • Median income is up 25% from 2005.
    • Changed fom 45K/year to 56K/year.

The real estate for sale in Summerville is down and the job market and economy is strong in Charleston. These all combine to make homes worth more and support strong prices.

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. While we are waiting to talk, try to read The Top Six Things that Impact the Value of Your Home.

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. While you are researching, make sure to listen to Four Vital Questions to Ask When You Buy a Home.  Some other articles that buyers find helpful are Five Bad Habits to Kick if You Want to Buy a Summerville Home in 2017, and How Much House Can I afford?

Prudential Carolina Real Estate changes to Carolina One Real Estate

Exciting business news for my company here.  Prudential Carolina Real Estate — the leader in the Charleston tri-county area by far — is one of the top 50 (largest) real estate companies in the nation.  It is about 1100 total people, with about 1000 agents.  As with all Prudential franchises, it is independently owned and operated.  The company is, at its heart and soul, a family business with rock solid leadership and core values.

Effective 1 May, we are changing or name to Carolina One Real Estate and becoming a true independent, with an affiliation with a sort of “consortium” called The Leading Real Estate Companies of the World (LeadingRE).  All the company’s leadership remains, and in fact they are bringing up another corporate level manager from within to bolster the company’s ability to support the 16 sales offices of Carolina One spread across our area.  It is still the same good agents doing the same quality relationships-based work on behalf of their clients.

We are quite excited about this pending change, and it is already making quite a buzz in the business community here.  The “Big Dog” in town making a name change in the middle of what most see as a “challenging” market might seem a bit odd, but in fact the company leadership has been carefully studying whether or not to renew their Prudential franchise for about a year.  They’ve really launched us forward with a well developed plan.  In 2008 we have already picked up a few points of market share in the local real estate market, and the excitement this is creating, plus more of the corporate’s overhead being able to get poured back into local marketing and advertising, should in all likelihood help us do even more for our clients, thereby giving the company an additional bump upward, as well.

The Prudential franchise relationship was good for this company for the past several years.  As the renewal timeframe with Prudential loomed, the company was apparently courted a good bit by most of the known real estate franchises (as you’d expect of one of the top 50 real estate companies in the nation).  We think the new independent status with the affiliation with LeadingRE will be even better, though.  Kind of fun being involved in this kind of very positive change to an already dynamic organization.