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Quick real estate update from Charleston, SC.

Our residential market continues to be "very hot". Up by 13.9% in terms of number of homes sold in the last 12 months compared to the previous 12 months. Up by 16.3% in median home price since last year. And down by 47.1% in inventory!

Our market is very under-supplied! It appears that low interest rates have stimulated demand and the COVID pandemic and the election only fueled it, while not many people are willing to sell.

Home Sellers: Did you know you may have to negotiate your home up to three times? Anyone can sell a home in this market. But not everyone can get a top market price after all three negotiations are said and done.

Home B...

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The Charleston Trident Association of Realtors® (CTAR) reported 2,098 homes sold in October in the Charleston region at a median price of $317,454 citing preliminary data as of November 2, 2020.

Year-to-date, 17,867 homes have changed hands at a median price of $299,000. At this point last year, 15,694 homes had sold at a median price of $278,815. Thus far in 2020, the number of closed sales has increased by nearly 14% and median price is 7% higher.

Inventory data shows 50% fewer homes for sale over the last 12-month period, with 3,062 homes listed as “active” for sale in the CHS Regional MLS database at the end of October—representing a scant 1.6 months of available inventory,...

What is Likely to Happen Next Year? 

Watch this short video to find Alan's predictions for 2021 for the residential real estate market in our area. 

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Read transcript below:

Hi, I'm Alan Donald with Keller Williams Realty and today I'm going to give you my crystal ball predictions for the residential real estate market in Charleston for 2021.

My first prediction is that home prices in the Charleston area will remain high.

We are at such a low point in inventory that we could double our inventory
and still be in a “seller's market”.

For that reason. I think home prices will remain high in 2021.

My second prediction for 2021 is that mortgage interest rates will remain low.

I ...

Volvo Car Stadium Announces Renovations and Modernization 

After 20 years of the Volvo Car Stadium hosting many memorable events on Daniel Island, Ben Navarro, owner of the Charleston Tennis LLC, the parent company of the stadium, decided it was time for the venue to get a makeover. Charleston Tennis LLC has partnered with the City of Charleston to renovate and modernize the space. The new plan will feature a multi-story "Stage House" housing player wellness facilities, media, production, and food preparation areas, and a VIP Club level that will overlook the Center Court. The new structure will provide weather protection and shade for fans and the stage. Everything has been consid...

November is here, as is that extra hour when Daylight Savings Time ends on the 1st.  So be sure to turn those clocks back an hour and enjoy the extra time with your family and friends in the beautiful Charleston weather!  We have two important holidays this month - Veterans Day on the 11th and "Turkey Day" (or Thanksgiving as most know it) on the 26th - not to mention Election Day on the 3rd!  More and more venues are starting to open their doors to allow guests into their facilities while still following CDC guidelines, so get out and enjoy yourselves safely.  Here is our November calendar of events: 

Wednesdays & Saturdays: Early Morning Bird Walks, Caw Caw Interpretive Center, Raven...

It’s fall y’all!  October and its outstanding weather are finally upon us, not to mention the start of oyster season, Columbus Day (12th) and Halloween (31st). More live events are planned for the month across the Charleston area, with safety protocols in place for COVID-19.  So be sure to get out and enjoy the fresh air and offerings...safely!  Here’s our October calendar of events:

Tuesdays: Mount Pleasant Farmers Market, Moultrie Middle School
Wednesdays & Saturdays: Early Morning Bird Walks, Caw Caw Interpretive Center, Ravenel
Thursdays: North Charleston Farmers Market, Felix C Davis Community Center, Park Circle
Thursdays: Live Under the Oaks Concert Series, Mount Pleasant Towne Cen...

Boeing to Consolidate 787 Dreamliner Production in Charleston Area

Great news for Charleston! Following an in-depth feasibility study, Boeing has just announced that it will consolidate production of its 787 Dreamliner jets on its North Charleston site in order to improve operational efficiency, recovery and long-term growth in the face of the market downturn brought about by the impact of COVID-19. It aims to do so starting by mid-2021. Its' Everett, Washington site will maintain its focus on producing the 737, 747, 767 and 777 airplanes.  Boeing will continue to assess potential impacts to employment in Everett and North Charleston and will communicate any changes directly to its emp...

The U.S. Senate approved a bill Wednesday that funds the federal government through Dec. 11; the bill includes a full-year extension of the National Flood Insurance Program (NFIP) and surface transportation funding.

 
The bill, which was passed by the U.S. House last week, now goes to President Trump. He is expected to sign it.
 
Under the agreement, NFIP authority is extended through Sept. 30, 2021.
 
“This is the second year in a row we have secured a full fiscal year extension for flood insurance.  It is a victory for REALTORS® and something we fought for very hard,” says Shannon McGahn, the incoming chief advocacy officer for NAR.  “While we continue to work toward comprehensive reform an...

Location, location, location!

3D Tour:

Built on one of the nicest pond lots in Belle Hall Plantation and enjoying peaceful views of the water and marsh, this fabulous home with 3-brs. & 2.5-baths plus a huge bonus room that can be your 4th bedroom, playroom or office.

Downstairs you have a formal dining room, a family room with a fireplace, a very practical kitchen with a work island and eat-in area that looks back to the backyard. A pantry, a half bath and a beautiful screened in porch complete the first floor.

This home is perfect for playing and entertaining guests! Most of the downstairs areas have hardwood or laminate flooring.

Enjoy the bird life and natural setting!

The Charleston, SC residential Real Estate Market is On Fire!

Charleston, SC. September 3, 2020

Last week 464 homes went under contract!

We had set the weekly record of 458 homes back in 2018. and we have surpassed that number for 16 of the last 17 weeks! Demand has never been at this level, and certainly not this late in the year.

Inventory continues to drop, we now have less than 3,400 active listings in our MLS, while we had between 5,000-5,500 active listings for most of the last 5 years.

And consequently, it's a Hot Seller's Market! Overall we have 1.9 months of inventory (supply). In other words, 1 out of every 2 new "For Sale" signs that you see will be under contract nex...

Grab your bathing suit because Charleston Water Week is just around the corner! From September 5th to 13th, Charleston will be home to a bunch of exciting water events held across 21 different venues. 

All of these activities will surely make you hungry and thirsty. So be sure to check out the area's awesome array of food, including fresh local produce at our farmers markets, not to mention Summerville's Sweet Tea Festival (9/14-9/18). You might even be able to catch a deal on your meal, especially during this month’s holidays which include Labor Day (9/7), National Tailgating Day (9/5), Chocolate Milkshake Day (9/12), National Pepperoni Pizza Day (9/20) and many others. Click this lin...

The Fastest-Growing Companies in Charleston

Charleston continues to show it's strong entrepreneurial spirit! The 2020 Inc. 5,000 list includes 29 companies from the Charleston metro area that are amongst the fastest-growing private companies in the nation. They represent a wide variety of industry sectors including construction, IT management, and more. A fascinating aspect about the businesses listed is that most of them specialize in helping other businesses grow. For example, Q4Launch, describes their services as "high-quality digital marketing, web design, and content creation to take hospitality businesses to higher levels". No. 2 on Charleston's list is MedTrust, a private amb...

Lowest Mortgage Rates in History: What It Means for Homeowners and Buyers

In July, the average 30-year fixed-rate mortgage fell below 3% for the first time in history.1 And while many Americans have rushed to take advantage of this unprecedented opportunity, others question the hype. Are today’s rates truly a bargain?

While average mortgage rates have drifted between 4% and 5% in recent years, they haven’t always been so low. Freddie Mac began tracking 30-year mortgage rates in 1971. At that time, the national average was 7.31%. As the rate of inflation started to rise in the mid-1970s, mortgage rates surged. It’s hard to imagine now, but the average U.S. mortgage rates reached a high o...

Charleston Probate Real Estate

PROBATE IS NEVER EASY!

Regardless of whether you are Probate Attorney, a Personal Representative or an Executor/Executrix, we can help!
If a loved one or a friend passes away and you were designated as the Personal Representative (or Executor) for the estate, it is very probable that you may feel overwhelmed with the amount of work this generates.  We know that handling a probate is never easy and you will most certainly face some difficult and perhaps emotional decisions. 

We have built a team of experienced professionals to assist Personal Representatives in performing their functions. It includes probate attorneys, financial advisors specialized in es...

Whether you're planning to sell or refinance, a home appraisal is a necessary step in determining the true value of your home. This means your home should be in the best possible condition, so it will be appraised at the highest potential value. While it may be tempting to swing for the fences with big-ticket renovations, there are smaller things you can do to efficiently raise the market value of your home.

Start Small with a Little Spackle
If you've lived in your home for any length of time, you've probably hung things on the walls, put up shelves, or simply had accidents that resulted in minor damage. Now is the time to repair those blemishes. Filling these holes and crevices with ...

We told you this was coming 2 months ago!

Charleston Area Residential Real Estate Sales Surge to New Record High in July

2,400 homes sold in July in the Charleston region at a median price of $305,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). July’s home sales mark the largest number of sales recorded in the Charleston region and a nearly 32% increase over last July, when 1,824 homes sold at a median price of $278,450.

Year-to-date, 11,576 homes have changed hands at a median price of $290,515. At this point last year, 11,051 homes had sold at a median price of $277,548. Year-to-date, sales are now up almost 5% and media...

It’s August and the Dog Days of Summer are amongst us! This month’s warm weather makes it ideal to celebrate Campfire Day (1st), National Watermelon Day (3rd), National Creamsicle Day (14th), Dog Appreciation Day (26th) and many more fun August holidays, which can be found here. Plus, don't forget that South Carolina's Tax Free Weekend is August 7-9!

Several Charleston area events previously planned for August have recently been cancelled or postponed due to COVID-19. However, the following fun and interesting events - both live and virtual - are still planned as of the release date of this blog, with participants asked to be mindful of social distancing and mask usage. You can also ...

Port of Charleston, South Carolina & the Southeast to benefit from U.S. supply-chain changes

Putting all your eggs into one basket is never a good idea. According to a newly released international trade report prepared by CBRE, the U.S. supply-chain has taken this sage advice and is now looking to diversify away from it’s over dependence on China, with other growing Asian and European markets in its sight. This has the potential of being very beneficial for the Port of Charleston, which doubled its cargo volume over the past decade, making it one of the four fastest-growing seaports in the U.S.! (READ MORE...)

Say "Hello" to Citibot!

Are you tired of narrowly dodging the same pothol...

This month, we celebrate Independence Day (4th), National Hot Dog Day (15th) and a host of other fun holidays.

Many facilities have now reopened and activities have resumed in the Charleston, SC area. This has been accompanied by an increase in the number of live events scheduled for the month of July, compared to recent months.

However, as the number of positive COVID-19 cases has continued to rise locally, several scheduled events have been cancelled or postponed. As for celebrating July 4th this year, the SC Department of Health and Environmental Control (DHEC) has just issued a press release that recommends doing so safely at home. 

As of the release date of this blog, the foll...