The Charleston Real Estate Advisor

Impact of Listing on Your Real Estate Income

  In last two months Charleston real estate agents have seen their business turn up.  Some agents are seeing more than others.  What is causing some agents to have more closings than other agents?  Based on a simple comparison of the number of listings compared to closings 90-120 days later, their is strong correlation between the increased listings and increased closings 90 to 120 days later.  The agents that went out a got listings in March 2009 (see the example office below) had more closing in June and July of 2009.  With the winter months coming soon, What does your October and November real estate business look like?  The Charleston agents that want a strong fall need to be working on increasing their real estate listings now so that they can have more closings in the fall.

If you want head start on the other agents in Charleston, I would recommend Shaun Rawls "Sellers Mastery Class" on August 13th, 2009 at the Embassy Suites in North Charleston (Open to all agents).  He is bringing the latest material to secure, maintain and sell your listings.  In this shifting market you need an extra edge, Shaun will show you how to get that extra edge!  If interested, here is the  Seller Mastery registration form.

Charleston Real Estate Showings at a 18 Month High!!

Charleston Real Estate market is showing continued strength this summer and the latest leading indicator is that the showing appointments have reached an 18 month high in both Mt Pleasant and Dorchester County.  West Ashley and Berkeley County are at near record highs.  Real Estate showings appointments are the number of showing appointments made through Centralized Showings Service for buyers to tour active homes for sale. The higher the showing number, the more active the buyers are in the local Charleston Real Estate market.   What is causing the surge?  People coming back from summer vacation,  positive articles on the Charleston real estate market,  first time buyers?  What do you think? 

Stono Ferry Ironwood Townhomes Sales Market Update July 2009

The number of Stono Ferry Ironwood townhomes sold (1 unit) in the 1st half of 2009 at first glance is nothing to write home about but when you take into account the townhomes under contract it brings the 1/2 of 2009 to 3 units.  If the second half of 2009 has the same results, Ironwood townhomes would have their best year for sales.  Two factors will help the Stono Ferry Ironwood townhome sales this year.  First is the price and quality, second is financing. Banks will more eagerly lend on a townhome vs a condo.  With the mortgage meltdown last fall,  the folks in Washington decided that condos were high risk loans, so buyers looking for the freedom of care from a condo,  are now buying townhomes.  Tomorrow we will look at land sales in Stono Ferry. 

Here is a link to the Stono Ferry home sales for the 1st half of 2009.

Stono Ferry Home Sales First Half of 2009

The number of Stono Ferry homes sold in the 1st half of 2009 was very positive.  So far in 2009, there have been 6 home sales while in all of 2007 there were a total of 7 sales.   With six months to go, we should beat the 2007 Stono Ferry homes sold. 
Pricing has dropped with the average sales price in 2007 at 553,742 while in the first half of 2009; the average sales price of a Stono Ferry was $397,166.  This is a caused by "must sell" sellers reducing the list price to compete with other West Ashley and Charleston homes and the average buyer purchasing Stono Ferry homes below $500,000.  
Another good sign is the inventory on Stono Ferry homes is down to 18 homes and the months of inventory is trending downward.  Tomorrow we will look at townhome sales in Stono Ferry.

Charleston: This Month in Real Estate July 2009

Here is good summary of the major events shaping the Charleston real estate market in the United States.  I run a follow up post on the local Charleston statistics this weekend.

 

Charleston Land For Sale a Victim of The Recession

 

Charleston "Land for Sale" has become a victim of the recession.  Without builders buying land to build new homes and "the move up buyer" building their new custom homes, land sales have dropped from 175 units sold per month in 2006 to just under 25 units sold per month in 2009.  When you look at the vast area of Charleston, Dorchester and Berkerley Counties and only have 25 lots selling across the 3 county area you can see lot sales have become a victim of this recession.   Builders and developers are still sitting on vacant lots so that when the builders start building again they will not be buying lots until they use up the their current internal inventory.  The inventory of lots for sale has ballooned from just under 2000 in 2006 to over 4700 units in 2009.  The few lots that are selling are "priced to sell" in comparison to the other lots in the  surrounding area.  Land sales will begin to recover after the new home builders start building again but due to the large inventory of vacant land for sale it will be a long and slow recovery for land sales.

Must Watch: This Month In Real Estate - Keller Williams Realty Charleston SC Update

Here is this month's update in Real Estate for April 2009.  Great information on the national and Charleston real estate market.  The short sales and foreclosures are driving the Charleston market. For detailed listings on short sales and foreclosures go to: Short Sales and Foreclosures.

Stono Ferry Real Estate March 2009 Update

March 2009 was a quiet month for Stono Ferry real estate.  We had one home go under contract on Stablegate Lane. At the same time 3 more owners placed a “for sale” sign in their front yard, increasing the number of Stono Ferry homes for sale from 18 to 21.  Stono Ferry properties are in direct competition with new homes sales in Carolina Bay.   The pricing in Carolina Bay is very competitive and the homes are new, so the buyers are purchasing in Carolina Bay.
Ironwood townhomes and Stono Ferry land for sale saw no activity for February.

March 2009 Stono Ferry
Homes Sold

Address                         List Price        Sold Price        Sold/List Ratio
 None

February 2009 Statistics
 For
Stono Ferry Homes, Townhomes and Lots

    * Stono Ferry Homes For Sale:   21 (+3)
    * Stono Ferry Homes Under Contract: 1
    * Stono Ferry Homes Sold: 0

    * Stono Ferry Ironwood Townhomes For Sale:   10 
    * Stono Ferry Ironwood Townhomes Under Contract: 0
    * Stono Ferry Ironwood Townhomes Sold: 1

    * Stono Ferry Lots For Sale:   21 (-1)
    * Stono Ferry Lots Under Contract: 0
    * Stono Ferry Lots Sold: 0

(Source: CTAR Statistics.. Reliable but Guaranteed)

Charleston Real Estate - Why it is time to Buy

Anton Roeger of Keller Williams Realty Charleston Mt Pleasant compiled this graph showing the real estate housing indicators are very positive for the Mt Pleasant and Charleston housing market. Median price of  a home is down sharply, personal income is steady,  the affordability index is back to Sep 03 levels (the lower affordability index the more affordable housing is locally).  Finally, interest rates are below 5% for 30 yer fixed rate.  This is a great opportunity for buyers to purchase their new home. 

Charleston Real Estate Buyers Looking in Dorchester County

 

The Charleston real estate buyers are actively looking at Charleston homes for sale in Dorchester County.  Dorchester County is seeing showing activity at the same level of summer months.  Berkeley County and West Ashley in Charleston County are seeing a significant upturn in showing appointments for homes for sale based on the Centralized Showing Service.  Sunny Charleston SC weather,  great interest rates and competitively priced homes are bringing out the buyers.