Summer Market Insights

No Need to be Scared

Lacking the courage to put your house on the market? Okay, we don’t have a crystal ball to see the future, but there are some things we think you might want to consider. For instance, the stock market is at an all-time high, and the real estate market usually follows. Worried about those ghosts or haints spoiling a potential sale? Don’t. According to tonight’s episode of 20/20, people are ‘dying to live in haunted houses’. But more importantly, have a look at some of these local statistics...

Local Mid-Year Sales Continue to Rise

According to data released yesterday by the Charleston Trident Association of REALTORS® (CTAR), so far this year sales and prices are up from last year. In the tri-county region, 6,613 homes were sold at the midway point for 2014 at a median sales price of $216,273. The market had an 8% increase in home sales and median sales price over this time last year, when 6,117 homes had sold locally at a median price of $200,440.

Summertime Sales Downtown

With winter sales slowed by the polar vortex and mortgage rates still at record lows, buyers were poised to purchase this summer. According to the Huffington Post, 60% of this year’s home sales will occur between May and the end of August. So, what’s happened so far this summer, and how does it compare with last year?

Inside the crosstown, 90 homes have sold since May 1st, a 23% increase over the same period last year, with a staggering 71% increase in total sales ($90,681,098 so far this summer versus $52,9906,150 for the same time last summer). Median sales prices went up 39%, from $467,000 to $650,000! That’s pretty impressive!

We were fortunate to have helped half a dozen of these downtown sellers so far this summer--check out the homes below--and would love to help anyone else ready to get off the fence!

7 Elliott Street $1,325,000 Lois Lane

95 Rutledge Avenue $1,450,000 John Payne

10-A Rutledge Avenue $595,000 Lois Lane

20 King Street $900,000 Ruthie Smythe