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Charleston, SC Real Estate Market April 2010 Market Overview
 7/24/2010 2:41:19 PM
What has changed in the past 30 days in the Charleston SC Real Estate Market?

- Inventory is climbing rapidly, about a 10% increase in the past 30 days; All areas are impacted.
- March had roughly a 25% increase market wide vs. March of 2009, in written contracts and has been very strong.


Miscellaneous Market Observations

- Mount Pleasant, SC: 245 properties are “AC” Active Contingent, (have an offer with contingencies still needing to be removed, ie. Financing, inspections, etc.)
- Most active subdivisions in Mt. Pleasant “AC” are Park West (40), Dunes West (27), Rivertown (12), Planters Pointe (12), Village of Mount Pleasant (11),Belle hall (10), I’on (10). Hamlin Plantation (7).
- Area 41, Mt. Pleasant, SC (North of SC41): Median $/sq/ft of the 89 “AC” SFD (Single Family Detached Homes) properties is $141.(-$11/sqft in a month), only 12 are over $175/sqft. The Market is under $175/sqft.
- Area 42, Mt. Pleasant, SC (South of SC 41): Median $/sqft of the 127 “AC” SFD properties is $156/sq. (-$6/sqft in a month), only 27 are over $200/sq.ft..
- Absorption rates…0 – $300K (10 months) …$300K-$500K (13 Months) $500-750K (25 Months) ….$750K-$1MM (39 months) …$1MM+ (53 Months)
- 15 Sales over $1MM each month…over 1,075 active listings.
- IOP –(Isle of Palms, SC) sales continue strong….9/09 thru2/10 was the best 6 month stretch since late 2006 to early 2007.
- Absorption rates on the IOP are still very low due to high inventory. March was weak.
- Most recent Seabrook, SC, and IOP, SC sales are below $300/sq.ft.


What is Next?

- The Fed stopped buying mortgage backed securities 4/1/2010. The Fed Auction of 10 year Treasury notes last week was weak until the rates hit 4%…by the time banks add their premium…Rates rise to 6 – 6.5%?
- Tax Credits end 4/30/10, buyers must close by 6/30/10
- Must ratify by 4/30/10, what if the deal falls through? Watch your timelines and inspections and financing!!
- Will Tax Credits be extended? NO!!
- Shadow inventory is now flowing with Banks. Banks are still not responding quick enough to Short Sale Process” many “Bank Owned” listings are hitting the market. Priced like a distressed sale now! They will sell for much less than a Short Sale. All homes now compete on condition of the home.
- Prices are stabilizing somewhat under $300K…still declining but barely.
- Prices over $500K will continue to see prolonged significant declines.
- Most important Fact to know in Charleston, SC Real Estate Market is that the Sales are going up, but the Prices are trending downward.

Realtor, Patricia Broghamer, Keller Williams Realty, Charleston Islands 843-725-8095 patbroghamer@realtor.com www.IwantToLiveInCharleston.com
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