According to CNBCnew home sales are up almost 15% and the highest price jump on record since 1963. Charleston, SC homes prices have gone up as well. Existing-home sales also rose slightly last month to reach their highest level since late 2009, while the supply of homes for sale took a big jump but still remains tight, the National Association of Realtors said Wednesday.April’s annual sales rate was the highest since November 2009, when sales hit an annual rate of 5.44 million. But sales are still at a relatively low level. From 2000 through 2005, before the housing bubble burst, the annual rate of sales averaged more than 6 million a month. Although to most agents things are almost booming it is a misleading because the boom for builder and sellers really has to do with lack of inventory in available Charleston, SC real estate listings. The inventory of homes for sale, meanwhile, expanded in April to a 5.2-month supply from 4.7 months in March. That means all the homes would sell in that time-frame if no new supply was added. Realtors consider a 6-month supply to be a balanced market between buyers and sellers. “The robust housing market recovery is occurring in spite of tight access to credit and limited inventory,” says Lawrence Yun, NAR chief economist. “If not for those constraints, existing-home sales easily would be well above the 5 million-unit pace,” he said. New-home construction is needed to alleviate the inventory tightness, he says, and “tame” price growth to a healthy pace.While here locally – Charleston, SC new construction is up +8.6% from May of 2012 as seen on the left.
Charleston South Carolina is blessed to have many fun things to do, attractions and activities to choose from when visiting the area. Below are a list of the area’s most well known, and loved fun festivals, gatherings, and outdoor tourist destinations in Charleston area.
There are essentially 4 beaches in the Charleston area: Folly beach is the more “crazy” youthful and less family oriented of them. The Isle of Palms & Wild Dunes beaches, which vary between quiet and good for families to the fun “party” block near the Windjammer. Sullivan’s Island which connects to Isle of Palms, is a little more laid back and even more quiet and offers a slightly more private less touristy feel.
Lastly is the beaches of Kiawah and Seabrook which are most reserved for those that live on Kiawah or Seabrook or are staying in one of the resort’s homes. These beaches are very private, quiet and pristine.If you love to be outdoors then come visit our wonderful city and have some fun.
If you have children here are some fun ideas to tire them out:
Piccolo Spoleto – Piccolo Spoleto (smaller version of Spoleto which is 2 weeks) is the perfect complement to the international scope of its parent festival and its 700 events in 17 days, transforms Charleston into an exhilarating celebration of performing, literary and visual arts.
Southeastern Wildlife Exposition – A 3-day celebration of nature that has earned a reputation for excellence, SEWE now hosts the world’s foremost experts in wildlife and nature art, as well as conservation research and environmental education.
Charleston Boat Show –The biggest boat show and sale in the Charleston Area, returns to the Convention Center, with hundreds of boats from the area’s top retailers on display.
Low Country Oyster Festival – Every year our waters bloom with some of the best, most succulent oysters in the United States and we like to celebrate how blessed we are have them right in our back yard.
Charleston Food and Wine Festival – A festival showcasing the best that Charleston has to offer in restaurants, chefs, and dining for the foodie in all of us.
Patriots Point – One of the largest Naval museums of its kind in the world The USS Yorktown with the addition of other ships such as the destroyer USS Laffey, known as The Ship That Would Not Die. The Treasury class Coast Guard cutter Ingham would join the Patriots Point battle group along with the Balao class submarine Clamagore.
Boone Hall Plantation – Boone Hall is also one of America’s oldest working, living plantations. We have been continuously growing and producing crops for over 320 years.
Fort Sumter – Fort Sumter was built following the War of 1812, as one of a series of fortifications on the southern U.S. coast. Construction began in 1827, and the structure was still unfinished in 1860, when the conflict began.
Magnolia Plantation & Gardens – Founded in 1676 by the Drayton family, Magnolia Plantation has survived the centuries and witnessed the history of our nation unfold before it from the American Revolution through the Civil War and beyond.
Middleton Place – National Historic Landmark and a carefully preserved 18th-century plantation that has survived revolution, Civil War, and earthquake
Cypress Gardens – Outdoor kayaking through native cypress swamp and trees with alligators, wildlife, flowers and more.
The Angel Oak Tree– is a Live Oak that is a native species found throughout the Lowcountry (Coastal Carolina). This tree on Johns Island is believed to be in excess of 1500 years old. Is a national landmark here in Charleston, SC.
Charleston, SC Theaters, PLAYS and Musicals Stage shows
Charleston Stage – At the Historic Dock Street Theatre, Charleston Stage has presented over 150 productions and played to a collective audience of over one million strong.
Footlight Players – Shows and Plays in Charleston SC – The Footlight Players presents six plays in a regular season, stage productions which mark them as one of the leading community theatres in the South. Generations of plays presented by and for the community have consolidated the aims of the Footlight Players:
Theatre 99 – As “Charleston’s Home For Improv Comedy”, improv is our thang, but we also offer sketch and stand up, cabaret, music, and other raucous entertainment for people who groove to something saltier than the mainstream.
As one would expect sellers are testing the waters again as word of price increases gets out. Here in Charleston, South Carolina we are seeing the same trend in housing. The supply of newly listed homes for sale is starting to show signs of keeping pace with buyer activity in some of the nation’s hottest real estate markets, new data suggest.One agent interviewed stated about a new townhouse development in Mount Pleasant, SC: “we are all sold out before construction even begun. The only one we have available won’t be finished until October, we sold everyone before we even broke ground.”
Charleston SC Home Prices Increasing with Supply
According to many Charleston, SC real estate agents; word of multiple offers are becoming the norm and as soon as houses come on the market offers are coming in almost immediately. In 21 of 24 major metropolitan markets tracked by residential brokerage ZipRealty, new listings outnumbered new sales contracts for the 30 days ended March 15.Other cities seeing the same situation included Phoenix — where January home prices were up 23% year-over-year, Standard & Poor’s Case-Shiller data shows — the San Francisco Bay Area, Denver and Houston. San Francisco home prices followed Phoenix’s gain with an almost 18% pop in January year-over-year. Supply may “finally start to keep pace with frenzied buyer activity,” says Lanny Baker, ZipRealty CEO.In seven of the cities analyzed by ZipRealty, more than one-fourth of the homes listed for sale sold in less than seven days. The Charleston, SC housing market is no different. Charleston, SC real estate broker stated: “one of my buyer clients put in an offer with three others the same day a house came on the market and we had to come in over list price to beat the competition and secure the winning contract.”As existing homes sit longer inventories will inevitably increase as sellers who have been waiting begin to put out feelers and “test the market”.
Good new for all; mortgage rates fall once more in Charleston, SC along with the rest of the U.S. 30 Year mortgage rates dropped to 3.40% last week, down from 3.41% the week before and although not a huge drop, anything lower is better than an increase. Last year this time rates were at 3.88% for a 30 year fixed. Even better, for those who qualify, the average rate on a 15-year fixed-rate mortgage hit a record low 2.61% this week, down from 2.64% in the prior week. Freddie Mac began keeping nationwide average records in 1971.
“The housing market is getting a boost with mortgage rates hovering at or near record lows,” said Frank Nothaft, a vice president and chief economist at Freddie Mac. On the housing front, existing home sales averaged an annualized pace of 4.9 million the first three months of the year, the most since the fourth quarter of 2009. Furthermore, new home sales jumped to 424,000 during the first quarter, strongest showing since the third quarter of 2008.
These lower interest rates are almost sure to improve the Charleston, South Carolina housing market and send prices further higher. With the lack of inventory coupled with very low rates many prospective homebuyers are finding it increasingly difficult to find the home they want as supplies dwindle.
For those who know they may only be in their home for 5 years or less; considering an short term adjustable rate mortgage could be the best option as the 5 year treasury ARM have hit a record low at 2.58% down from 2.6% last week which could equate in considerable savings if your rate is anywhere above 4.5%.
Below is a list of all the local Charleston County and tri-county schools: To read more –> about the Charleston county school district. Berkeley county and Dorchester county schools.Charleston South Carolina charter schools, magnet schools, public schools, high schools, grade schools and elementary schools in Charleston SC area.
Relocating to Mount Pleasant SC | Information about Mt Pleasant South Carolina
Mount Pleasant (real estate) is a suburban town in Charleston County, South Carolina, United States, within the Charleston–North Charleston–Summerville Metropolitan Statistical Area. It is the fifth largest municipality in South Carolina, and for several years it was one of the state’s fastest growing areas, literally doubling in population size between 1990 and 2000. The population was 47,609 at the 2000 census. As of 2007, the town had an estimated population of 67,707. Mount Pleasant, SC is the 3rd largest municipality in this metro behind Charleston and North Charleston. The Mt Pleasant real estate market is probably the most resilient of all of Charleston, and consistently home prices and home sales retain their strength as compared to other areas in Charleston. Mount Pleasant, SC is the newest area community in the Low-country with fun things to do like: Shem Creek, The Town Center (shopping), Coleman Blvd, great restaurants and more, all close to the beaches of Isle of Palms and Sullivan’s Island. The cost of living in Mount Pleasant SC is probably one of the more expensive in S.C for a suburban community. Although not on the beach it’s more costly than living in Columbia, or Greenville, and to get a nice home will probably cost minimum of $300,000. The taxes and insurances are usually double and triple that of anywhere else in South Carolina aside from similar tourist type communities like Hilton Head, or Myrtle Beach.
So where to buy a home if relocating to Mount Pleasant SC? I have lived in Mt. Pleasant since I moved to Charleston in 1999. If I were to characterize it I would put it this way. It is the young urban professional area of Charleston County, suburbia at its greatest. What you may not know is that there are kind of two parts of Mt. Pleasant. The heart of Mt. Pleasant (older area) and newer Mt. Pleasant. There are many great communities in Mount Pleasant with homes for sale.
If you have children Mt. Pleasant has some of the nicest and best public schools in the Charleston area, but they are located in newer Mt. Pleasant. Newer Mt. Pleasant has a few noteworthy communities. The commonly mentioned neighborhoods: Hamlin Plantation, Dunes West, Park West and Rivertowne. About 30 mins from downtown these communities are very large and located either on or near a golf course. The problem with living on this side of Mt. Pleasant is the traffic and its distance from shopping, activities, and downtown. Located up hwy 17, getting there can be a pain especially when its tourist season, 5 o’clock or early morning. A community worth mentioning that is a little older, but on that side of Mt. Pleasant is Charleston National. These homes were built in the early 90’s whereas Dunes West, Park West and Rivertowne are around 10 years old or newer. My opinion on this side of Mt. Pleasant is; if you have children, can tolerate some annoying traffic at times, and like golf its a great place to buy a home.
Older Mt. Pleasant a.k.a the heart of Mt. Pleasant is located very close to the Isle of Palms connector and I’d say most think of the Mt. Pleasant town center. The benefits of living in the heart of Mount Pleasant are mostly its proximity to all that Mt Pleasant has to offer.. like shopping, dining, movies and convenience to the islands and downtown.
If you like older quaint communities one that is mention-able is the Old Village. The Old Village real estate for sale is comprised mostly of older homes built in the 50’s and up.. The lots are large, there are mature trees, and there are no restrictions to what you can do with your lot. This is a very desired neighborhood because of its charm and subsequently the prices reflect it. BUT, my favorite neighborhoods in all of Mt. Pleasant are Olde Park and I’On Village.
So what about new construction in Mt Pleasant SCyou ask? Although dirt is hard to come by and pretty darned expensive if you are a developer, don’t worry there are still new homes being built. For now, that is. However, most of them are in Mt Pleasant “north” as described earlier except for Scott’s Creek shown above and Watermark.
Currently there are NO ACTIVE Homes / Property Listings for sale on MLS.
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Mount Pleasant’s public schools are part of the Charleston County School District.
VA mortgages Charleston SC | Where to Get VA Loans in Charleston SC | Information About
There seems to be a little confusion to the fine men and women that serve and protect our great country. As a Charleston, SC area real estate agent whose father served in the Army, father-in-law who served 25+ years in Coast Guard and countless other friends who have also served. I want to help by trying to simplify the confusion that is getting a VA loan. The VA loans still offer 100% mortgage financing for veterans that qualify, however as a one time mortgage expert for over 14 years I do not suggest financing 100% if you can avoid it. (View OTHER type of NO money down mortgage). The 2018 VA loan limit increased to $453,100 in 2018 from $424,100 except in 220 high cost counties where they are higher. This represents a 6.8% increase this year. For comparison there are 3,234 counties and county equivalents.
First the VA does NOT lend the money, but in fact the VA guarantees the loan to the bank that agrees to lend the money to the Charleston, SC veteran that has been approved. When buying a house the service member must contact a Charleston, SC VA mortgage lender or bank that offers VA loans and apply. Make sure to find one that is experienced in doing VA loans as they are a little more detailed and stringent than conventional or FHA loans.
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With a Purchase Loan, VA can help you purchase a home at a competitive interest rate, and if you have found it difficult to find other financing. VA’s Cash-Out Refinance Loan is for homeowners who want to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. The Cash-Out Refinance Loan can also be used to refinance a non-VA loan into a VA loan. VA will guarantee loans up to 100% of the value of your home. Most VA Home Loans are handled entirely by private lenders and VA rarely gets involved in the loan approval process. VA “stands behind” the loan by guaranteeing a portion of it. If something goes wrong and you can’t make the payments anymore, the lending institution can come to veteran’s administration to cover any losses they might incur. The VA loan guaranty is the “insurance” that we provide the lender.
VA Home Loan Advantages
The guarantee VA provides to mortgage lenders allows them to provide you with more favorable terms, including:
NO down payment 100% financing as long as the sales price doesn’t exceed the appraised value.
NO private mortgage insurance premium requirement.
VA rules limit the amount you can be charged for closing costs.
Closing costs may be paid by the seller.
The lender can’t charge you a penalty fee if you pay the loan off early.
VA may be able to provide you some assistance if you run into difficulty making payments.
You should also know that:
You don’t have to be a first-time home buyer.
You can reuse the benefit.
VA-backed loans are assumable, as long as the person assuming the loan qualifies.
Eligibility – You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Service members and Veterans, spouses, and other eligible beneficiaries.
The spouse of a Veteran can also apply for home loan eligibility under one of the following conditions:
Un-remarried spouse of a Veteran who died while in service or from a service connected disability, or
Spouse of a Service member missing in action or a prisoner of war
Surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003 (Note: a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must have applied no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004.)
Surviving Spouses of certain totally disabled veterans whose disability may not have been the cause of death
CTAR reported today that 634 homes sold at a median price of $181,750 in the Charleston region in January. These figures represent the highest rate of January sales activity in the region since January 2008, when 648 homes sold. Activity and buyer interest were notably higher during the typically slow first month of the year as many REALTORS® reported a significant increase in calls from prospective buyers. Charleston SC real estate market statistics.As sales volume continues to make consistent, sustainable progress, prices remain stable, approaching the $200,000 range, where local REALTORS® and expert economists looking at our region expect them to stay for the short-term future. “As was the case in 2012, we expect to see nominal, but sustainable, growth in prices this year” said 2013 CTAR President Owen Tyler. “2012 closed out with a 4.4% increase in median price, which is an excellent rate of growth in a recovering market”. said Tyler. However, before we get too excited Charleston/North Charleston real estate ranked in the top 10 nationally at #8 for length of time homes sat on the market. Meaning; out of largest metro areas researched houses in our area sat on the market longer then most cities in the country.Comparing the beginning of 2012 to 2013, sales volume is up 16% and median price reflects 3% growth thus far in 2013. This rise in sales volume much like most of the country is likely due to a lack of inventory more so then dramatic change in the overall market. There were 5,520 homes actively for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of January 31, 2013. As the inventory for homes is low, Charleston, SC home builders will likely see higher demand for new construction. Futhermore, low mortgage rates continue to spur interest in buying vs renting around the country for the foreseeable future as the cost of owning has caught up with the affordability of renting.2012 Adjusted numbers (Adjusted numbers now show 10,588 homes sold at a median price of $190,145).Preliminary data reported for 2012 indicated that 10,574 homes sold at a median price of $190,065.Berkeley County125 homes sold at a median price of $157,000 in January in Berkeley County. The most activity in the County was reported in the areas bordered by Highway 17A and College Park, as well as Goose Creek/Moncks Corner, bordered by Highway 52 and the Cooper River. The activity in those areas accounted for nearly half of the county sales.Charleston County
Of the 363 homes sold at a median price of $228,726 in Charleston County in January, 108 of those sales took place in Mount Pleasant. Other notable areas of activity: 47 sales in North Charleston/Summerville (outside I-526) and West Ashley (outside I-526) where 37 homes sold.
Dorchester County
123 homes sold at a median price of $146,000 in Dorchester County in January. The areas of Summerville/Ridgeville and Summerville/Ladson were the most active, with 55 and 41 sales, respectively.
In the last few months most the nation is seeing a seller’s market, and all agents know the rules of supply and demand which can only be one thing. Lack of supply, but where has it gone? It’s not like the real estate market is booming, or the economy for that matter to justify this seller’s market. I am a real estate agent in Charleston, SC and I can attest that there is far fewer homes on the market here locally then has been the case of the last few years and buyers are finding it much harder to find the home they want.So let’s break down the most probable reasons why this is:1.) The government backed HAMP (Home Affordable Mortgage) Program is the likely culprit for most of the shortage. This program allows many borrowers that were struggling to modify their loans more easily thus resulting in far less foreclosures and REO properties available for purchase.2.) Upside down homes – Homes that are underwater where the borrower owes more than it’s worth. These home owners can afford their payments, butdue to the fact they owe more than the market allows them to sell their home for results in them just staying in the property.3.) Slow foreclosure processing time – The homes that are being foreclosed on have to go through a litany of rules, steps and procedures before the bank can legally take possession and this process takes a long time for municipalities, and the dept. handling the paperwork.4.) Investors – A lot of the homes that were and are coming on the market are being snapped up by cash investors that are planning on sitting on the homes as leases until the market rebounds which will likely be many years to come.So what’s this mean for buyers and lookers? The obvious answer is rising prices which has been the case for months now. Secondly, according to National Assoc. Realtors 60% of all sellers last year offered concessions to attract buyers. With it being and strengthening into a full on seller’s market you will likely see this incentives quickly disappear.New Home builders are seeing a much higher demand for new construction which makes them happy. So much so that many of them are getting back into the spec market instead of contract only builds.Here locally the Charleston SC real estate for sale has certainly shrank and buyers that have been looking are feeling the pinch of less inventory and increasing prices. So; to the sellers that have been sitting on the side lines, I suggest you revisit the idea, and to buyers..If you continue to wait, it will likely get worse so make a decision already.On the bright side these conditions make for a more balanced market then we have seen in the last few years. Barring any further restrictions and increasing in mortgage rates things are moving in the right direction.
Well according to USAToday.com latest article home prices rose 5.5% in the 12 months through November, providing more evidence of a recovering housing market, a closely-followed report showed Tuesday, and Charleston, SC home sales are no different. The Standard & Poor’s Case-Shiller index of 20 major cities showed prices rising in 19 of the 20 cities for the 12-month period. Prices fell only in New York — by 1.2%.Compared with October, the index showed a 0.1% decline.“Housing is clearly recovering,” said David Blitzer, chairman of the home price index committee.The November numbers were stronger than October with 10 cities posting gains month to month. Only seven cities showed monthly gains in October’s Case-Shiller report. Declines in 10 cities are not unexpected for November because of winter weather and normal seasonal slowdowns in housing markets.Case-Shiller’s data shows the Southwest — represented by Phoenix and Las Vegas — have the strongest home price gains while Southeastern cities Miami and Tampa are close behind. Year over year, Phoenix prices are up almost 23%. The Charleston SC market was less effected as compared to much of the U.S., and regularly stood as one of the more resilient markets. Even throughout the housing crash.Other home price data also show increases for last year that came in higher than most economists expected.Some other factors also boosted home prices.In December, the nation’s supply of homes for sale fell to a 4.4 months, based on that month’s sales pace. That was the lowest level since May 2005, the National Association of Realtors says.The supply situation, which has been tightening for six months, has led to multiple bids for houses in some markets.“Any new listings are getting eaten up right away,” says EJ Bowlds, managing broker for Coldwell Banker Bain in Mercer Island, Wash. Multiple offers of 6 to 10 per home are now common, he says. Local home builder in Mount Pleasant, SC says there has also been a large jump in interest for building new homes because of the declining inventory.A slowly improving economy and low interest rates, which ticked up slightly to 3.42% the week ended Jan. 24, are also fueling demand.Prices are expected to keep moving higher this year, many economists and market watchers say.Prices will rise an average of 3.1% in 2013, according to the most recent survey of more than 100 economists and real estate experts surveyed by market watcher Zillow.“We have probably hit bottom and we’ve probably come off the bottom a little,” says Lawrence White, economist at New York University Leonard N. Stern School of Business.
homes prices have gone up as well. Existing-home sales also rose slightly last month to reach their highest level since late 2009, while the supply of homes for sale took a big jump but still remains tight, the National Association of Realtors said Wednesday.April’s annual sales rate was the highest since November 2009, when sales hit an annual rate of 5.44 million. But sales are still at a relatively low level. From 2000 through 2005, before the housing bubble burst, the annual rate of sales averaged more than 6 million a month. Although to most agents things are almost booming it is a misleading because the boom for builder and sellers really has to do with lack of inventory in available Charleston, SC real estate listings. The inventory of homes for sale, meanwhile, expanded in April to a 5.2-month supply from 4.7 months in March. That means all the homes would sell in that time-frame if no new supply was added. Realtors consider a 6-month supply to be a balanced market between buyers and sellers.
“The robust housing market recovery is occurring in spite of tight access to credit and limited inventory,” says Lawrence Yun, NAR chief economist. “If not for those constraints, existing-home sales easily would be well above the 5 million-unit pace,” he said. New-home construction is needed to alleviate the inventory tightness, he says, and “tame” price growth to a healthy pace.While here locally – Charleston, SC new construction is up +8.6% from May of 2012 as seen on the left.
The Angel Oak Tree
As sales volume continues to make consistent, sustainable progress, prices remain stable, approaching the $200,000 range, where local REALTORS® and expert economists looking at our region expect them to stay for the short-term future. “As was the case in 2012, we expect to see nominal, but sustainable, growth in prices this year” said 2013 CTAR President Owen Tyler. “2012 closed out with a 4.4% increase in median price, which is an excellent rate of growth in a recovering market”. said Tyler. However, before we get too excited Charleston/North Charleston real estate ranked in the top 10 nationally at #8 for length of time homes sat on the market. Meaning; out of largest metro areas researched houses in our area sat on the market longer then most cities in the country.Comparing the beginning of 2012 to 2013, sales volume is up 16% and median price reflects 3% growth thus far in 2013. This rise in sales volume much like most of the country is likely due to a 
So what’s this mean for buyers and lookers? The obvious answer is rising prices which has been the case for months now. Secondly, according to National Assoc. Realtors 60% of all sellers last year offered concessions to attract buyers. With it being and strengthening into a full on seller’s market you will likely see this incentives quickly disappear.
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