There are many reasons to be encouraged by trends in the Charleston real estate market. An interview from this weekend’s Post & Courier details several indicators that suggest that the market’s low point has “come and gone,” according to Bart Jackson, a local buyer’s agent and former appraiser. “Since January of this year, consumer confidence and buying activity have surpassed most experts’ predictions.”
- Single-family home transactions in the first six months of the year topped 6,000, a 28 percent jump from the same period last year. Close to 4,000 properties changed hands in 2012, up 6 percent from the prior year. “If activity continues at the current pace, I predict we could see more than 10,000 single family detached properties sell in 2013.”
- Median sales prices rose more than 10 percent during January through June of this year compared with the first half of 2012. Specifically, the midpoint transaction for single-family detached homes in metro Charleston shot up to $225,000 in the second quarter from $203,000 a quarter earlier.
- Greater Charleston’s inventory of single-family houses has dropped steadily in the past five years. Peaking at close to 8,000 listings in 2008, the midyear inventory had dropped to 5,500 houses as of this year.
- Home demand has steadily picked up steam, with “more and more” buyers entering the local real estate market. “With many popular neighborhoods and subdivisions showing distinct shortages of available properties, we will most likely see continued increases in sales prices for the rest of this year and into 2014 if this level of demand continues,” Jackson says.
Mr. Jackson also points to a “revival” in new local construction. “The builders who did survive the downturn are now literally thriving.”