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Charleston Real Estate Market Update

Posted By: Liza Valero In: Localism
Date: Thu, Sep 11th 2014 1:29 pm

Susan Day profile picture, AgentOwned RealtyGUEST BLOGGER'S SUSAN & GREG DAY SHARE THEIR:

Charleston Area September 2014 Newsletter

The weather is getting really nice and there are lots of things to do in Charleston in September. It's still warm, in the 80's, but the humidity has dropped significantly. Restaurant Week is from the 3rd to the 14th. Beer Week is the 7th - 14th. The 43rd Scottish Games are on the 20th and 21st. The MOJA Festival runs from Sept 25ththrough Oct 5th. The Taste of Charleston is at Boone Hall from the 26th through the 28th. At the North Charleston PAC, performers include Jake Owen on the 5th, Sesame Street on the 9th, a Boston Pops Tribute on the 13th, NeedtoBreathe on the 18th, and the Lt. Dan Band on the 20th. There is a Beatles Tribute at the Charleston Music Hall on the 26th and Shannon Whitworth & Chatham County Line will perform on the 27th. 

It's getting hard to keep up with all the new restaurants in Charleston, but we do have a Charleston version of Eater. Here is a link to our 7 most anticipated restaurant openings this fall: http://charleston.eater.com/archives/2014/08/19/charlestons-7-most-anticipated-fall-openings.php

Susan Day's picture of the Arthur Ravenel bridgeThe real estate market in Charleston rages on but is by no means out of control. Through July, we are up 6.2% in terms of number of transactions over this same 2013 period and will sell close to 14k homes this year. Our median sales price is at an all time high of $222k and is up 8% over this same period from 2013. Buying activity is still very strong. Last week, we had over 300 properties go under contract. We haven't had that happen this late in the year since 2005. Mt Pleasant, James Island, and West Ashley are still the most popular suburbs because of their proximity to the beach and downtown. Buyers can easily end up in bidding wars in Mt Pleasant because of the high demand and lower inventory. Summerville and Goose Creek are a little slower to recover because of their location, but there are signs that things are improving there as well. Short sales and foreclosures are becoming harder to find. They still exist, but there aren't many banks willing to comply with a short sale in this market and the foreclosures seem a little picked over.

We hope you had a great summer and enjoy the cooler weather as we step in this next season here in the Low Country. As we enter this new season in our real estate market we are hoping that the market continues to be strong, and if you need a market analysis done on your home please call us. (843) 900 - 0477 www.CharlestonByDay.com