By Doug Holmes, contributing editor | 2016 was a banner year and so far, 2017 is even stronger for real estate sales in Charleston. 2016 turned out to be our second-busiest year ever with over 17,000 residential home sales. Only 2005 was stronger with almost 18,000 sales. The median sales price reached an all-time high in 2016 of $245,000.
By Doug Holmes, contributing editor | Things are just going so well in Charleston right now. We are so blessed to live in such a wonderful city. We just got voted #1 City in the World by Travel and Leisure magazine!! For the 2nd time!! Boeing, Volvo, Silicon Harbor, lots of sports teams, shopping, restaurants, etc, etc. You really need to check out Lewis Barbecue downtown on Nassau and see what’s happening to that section of town. Amazing!!
By Doug Holmes, contributing editor | The Charleston real estate market continues to outperform. We are well into the busy spring season and it’s been the busiest year ever so far.
The real estate market in Charleston continues to rage on.
Buying activity was at unprecedented levels through the November to January months, where we normally see a bit of a slowdown. 2016 will surely set many records. New construction is booming and over 40 percent of what we currently have under contract is new construction.
By Kyra Morris, contributing editor | “Coming Together” is the theme of Charleston’s newly-elected mayor, John Tecklenburg. Charleston does not just represent the formal city of Charleston but the whole tri-county area, and coming together in Charleston is not new.
By Doug Holmes | The real estate market in Charleston in 2015 was awesome and record-setting. It was the third busiest year ever in sales. We sold 15,486 residential units with a record median sales price of $235,000.
By Doug Holmes, contributing editor | Charleston real estate has recovered nicely from the torture of 2008-2011. Back then, the country was in recession and a lot of it was due to the real estate crisis caused by banks giving money away too freely. It became very difficult to sell homes and buyers had it all their way. We were mired in a buyer’s market of unprecedented proportions. It’s interesting to compare months of inventory for that market to months of inventory for the market today.
By Doug Holmes, contributing editor | As the market conditions change, so do the types of competitors for traditional sellers.
With the real estate market in Charleston and Charleston itself doing so well right now, new construction is on the rise. During the downturn of 2008 to 2012, new construction hit a low point.
By Doug Holmes, contributing editor | I had several people come up to me last week and ask me about a recent article they had read about local real estate activity in the local newspaper. They were concerned that the market here might be losing steam. The article in the local paper had done a great job at misleading them.
By Doug Holmes, contributing editor | The Charleston real estate market continues to perform very well. In fact, real estate across the nation has made a big recovery. While the smaller, isolated markets may have not recovered much, most larger metropolitan areas have regained much of the ground lost during the 2008-2011 period. I read an article a few days ago that listed the 20 busiest real estate markets in the nation and was a bit surprised to see that Charleston was not listed. This actually brightened my day a bit to know that there were so many markets doing so well.