The Charleston Trident Association of Realtors (CTAR) put together this market update (click to view presentation):
2011 Midyear Residential Market Update
This update didn't really have big surprises:
- Foreclosures are still placing downward pressure on prices
- The recovery is going to be slow, depending on employment the real estate market may start to recover between 2012 and 2014
- Sales activity is still at very healthy level, and inventory is still coming down.
What this update fails to mention is that:
- a few real estate sub-markets (such as single family detached homes below $300K in Mount Pleasant) are already at the point of inflexion (6 months' inventory or below) and they may start recovering much sooner than the overall market.
- The rental market in Mount Pleasant and Daniel Island is very tight (rental rates in Mt Pleasant have increased by about 5-10% in the last 12 months). This will cause that a) Some sellers will remove their homes from the market and rent them instead; and b) Investors may come back to the market sooner, given the posibility of buying "positive cash flow properties" in a highly desirable area.
Tags: real estate, economic growth, market update, charleston sc, daniel island, investors, investment, mount pleasant sc