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?

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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?

Charleston/Summerville Home Buyers & Home Owners receive Good News

Too often, I hear on the news or television the doom and gloom of the media in regards to the current housing market. If one were to listen solely to the media, you would feel as though your house would never sell, and if you were a buyer you could practically pick up a house for a song because the market was so soft.

While some of this is true on the national level, thankfully reports have confirmed that on the local level we are not running with the rest of the country. The NAR put out a price analysis last month that was very interesting… “Despite some media reports of the worst housing market conditions since the early 1990s, or even since the Great Depression, the recent home price declines have been negligible at the local level. Unlike past local housing downturns, which were accompanied with severe job cuts, the local economy continues to add jobs.”

In our area, jobs are consistently being added and companies are being brought to the area along with their employees. In addition, mortgage rates have been falling recently and stood near a historic low of 6.5% for prime borrowers. According to journalist David Reed, rates could be even more favorable in upcoming months as the Federal Reserve cuts the federal funds rate in late 2007 and in 2008 as there are clear signs of contained inflation.

The fixed mortgage rates have not been this low in over a year and if the trend continues we could see rates break two year lows this month. According to history, mortgage rates are ready for a “correction” and they could move back up; so if you have the ability to move on a home and lock in, I would advise it.

All in all, the housing market in our area is still doing well. It is not skyrocketing like we have seen in the past few years, but it is holding strong and will continue to do so as long as people are moving to area through their jobs, retirement, family etc.

Click on the Summary of Activity to see the full chart…

nar-report.jpg

Information taken from RealtyTimes article “Interest Rate Update by David Reed &
National Association of Realtors Price Analysis for October 2007 for the Charleston, SC Metro Area.