The Charleston North Area Market Update

Summerville, Goose Creek, Hanahan, and

Dorchester County North Charleston Market Update

The place where you’ll find the most affordable homes where the schools are decent we call “The North Area”.  I have clients in the West and East areas, but more are in the North area because of buyer preferences.  Most people either need, or prefer to have more space, which you get when you choose The North Area, versus being closer to town and the beach, which you get with the West of East.  The West Area   New construction still rules in May, with 25% of closings so far being brand new 46 out of 183 closings.  So, if many of you are wondering why your homes aren’t selling, ask your listing agent what percentage homes in your area are newer than 5 years, or brand new.  I’d be surprised if the trend in your area would be much different than it is here in the North area of Charleston. 

 There will likely be a lot of closings next week, as there always are at the end of the month.  So look at it like noon on election day.  We’re looking for trends here, so what we share today should hold true after all the numbers are in. 

 JUNE 14, UPDATE!!!

Sales and Inventory History

Thursday, June 14, 2007
Category – Residential / Area: 61, 62, 63, 64, 71, 72, 73, 74

Month Year Monthly Sales Avg ListPrice Avg Sale Price % Diff Sell/list Avg DOM Curr Inventory Months Inventory
January 2006 473 $180,075 $179,455 99.66% 63.0 1529 3.23
February 2006 497 $186,533 $185,313 99.35% 54.0 1712 3.44
March 2006 655 $192,102 $190,822 99.33% 57.0 1797 2.74
April 2006 537 $191,258 $189,813 99.24% 53.0 1957 3.64
May 2006 619 $195,662 $193,639 98.97% 60.0 1911 3.09
June 2006 783 $203,936 $201,866 98.98% 60.0 2004 2.56
July 2006 603 $201,250 $198,589 98.68% 59.0 2075 3.44
August 2006 613 $197,418 $195,780 99.17% 57.0 2193 3.58
September 2006 673 $194,254 $191,967 98.82% 62.0 2170 3.22
October 2006 518 $196,710 $194,051 98.65% 68.0 2220 4.29
November 2006 548 $201,967 $199,256 98.66% 70.0 2177 3.97
December 2006 533 $195,198 $192,452 98.59% 79.0 2090 3.92
  
January 2007 369 $202,097 $198,528 98.23% 89.0 2085 5.65
February 2007 390 $204,937 $200,377 97.77% 90.0 2115 5.42
March 2007 492 $203,736 $199,166 97.76% 83.0 2206 4.48
April 2007 391 $197,873 $194,118 98.10% 76.0 2267 5.80
May 2007 414 $196,313 $193,392 98.51% 81.0 2344 5.66
Current 2007 113 $213,179 $209,965 98.49% 63.0 2610 23.10
  

The noteworthy mid June update is that May sales were off the 2006 pace (414 vs 629) significantly.  Inventory is up in the North area, but not nearly to the same degree as Mt. Pleasant.  So look out for buying opportunities and sellers, be realistic about y our pricing so you don’t lose the summer sales opportunity.  If August gets here and you don’t have a contract, you might be out of luck once school starts.  June/July is now your best opportunity to get top dollar, and  a high asking price is not a good strategy to get top dollar.  Getting multiple offers is. 

Sales and Inventory History

Thursday, May 24, 2007
Category – Residential / Area: 61, 62, 63, 64, 71, 72, 73, 74

Month Year Monthly Sales Avg ListPrice Avg Sale Price % Diff Sell/list Avg DOM Curr Inventory Months Inventory
January 2006 466 $180,631 $179,939 99.62% 63.0 1494 3.21
February 2006 485 $187,030 $185,885 99.39% 54.0 1679 3.46
March 2006 643 $192,424 $191,162 99.34% 56.0 1760 2.74
April 2006 526 $190,437 $189,018 99.25% 53.0 1918 3.65
May 2006 610 $195,763 $193,754 98.97% 60.0 1877 3.08
June 2006 777 $204,020 $201,962 98.99% 60.0 1951 2.51
July 2006 595 $201,404 $198,744 98.68% 59.0 2015 3.39
August 2006 603 $196,892 $195,246 99.16% 57.0 2125 3.52
September 2006 662 $193,369 $191,184 98.87% 61.0 2095 3.16
October 2006 509 $196,804 $194,148 98.65% 68.0 2131 4.19
November 2006 541 $202,136 $199,452 98.67% 71.0 2067 3.82
December 2006 519 $195,207 $192,543 98.64% 79.0 1994 3.84
  
January 2007 362 $202,258 $198,720 98.25% 89.0 1988 5.49
February 2007 377 $205,979 $201,323 97.74% 90.0 2014 5.34
March 2007 476 $203,451 $198,849 97.74% 83.0 2092 4.39
April 2007 380 $200,146 $196,193 98.02% 73.0 2179 5.73
Current 2007 210 $195,834 $192,668 98.38% 76.0 2372 11.30
  

There is a very interesting disparity between the North Area and the rest of Charleston.  Look at the April inventory numbers.  They aren’t very much higher than last year.  Compare that with the total area, which is showing over 10,000 homes for sale, or nearly double last year.  Homes in The North Area are moving.  I’m a little concerned about owners of older homes, especially in the 1990-2002 range.  Homes older than that tend to be a bit more textured, and on older lots.  So fixing them up will result in a very marketable end product.  Newer old homes, on the other hand, are just as expensive to bring up to date, and when you’re done, you’re still in a neighborhood where the homes are slammed in next to one another.  What’s my point?  My point is, that you need to know your product, compared to the product with which you’re competing.  If you’re buying, you have a bit of an advantage, because you are out looking at all the competing homes.  Hopefully, you’re working with an agent that helps you make the best decisions based on all the important factors, not just selling to your feelings. 

Anyway, let’s get back on track.  The North Area is not experiencing the same problems as the rest of the area.  Which begs the question, what’s going on in these other areas.  Talk you your agent.  If you’ve hired the right one, they should be able to help you research the market in which you’re looking.  If you want to be close to Whole Foods and the beach, and you’re willing to pay the premium to live in Mt. Pleasant, the come up with a strategy to take advantage of the buyers market there.  There are different kinds of sellers.  Some people HAVE to sell their homes to move on with the next chapter of their lives.  If you and your agent can sniff them out, you can start out in a good position financially. 

Each of the different areas has their pro’s and con’s.  If you’d like to have a candid discussion about the communities you’re considering, please don’t hesitate to call.  We’re here to help. 

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4 responses to “The Charleston North Area Market Update

  1. The Farm is all packaging. Quality isn’t that great, and if you haven’t read about the thruway from Ashley Phosphate thru to Ladson road, check the archives………WHAT YEAR???I don’t have hours to go through them all………..

  2. I don’t either. I’ll just have to keep your comments in mind next time I am writing to reference which month and year to make it easier for the readers.

    ms match….please do not YELL at me on my blog or anyplace else. It’s rude.

  3. Sorry I yelled at you.
    Ms Match

  4. this entire page needs up dating badly.

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