Tag Archives: Market

Real Estate Market Improves and Prices Rising

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. Charleston SC Homes For Sale MarketThe 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.

Charleston South Carolina Housing Improves Faster then National Average

If you live in Charleston S.C and are considering selling your home, now is as good time as ever. According to USA Today the Charleston SC area is performing better than the national average.“Inventories also shrank faster than the national average in Minneapolis; Charleston, S.C.; Seattle; Washington, D.C.; Miami; and parts of Southern California, Zillow says”.
Change from a year ago in the number of homes for sale in May by price tier in 100 top markets:
Market
Bottom third
Middle third
Top third
Average
Charleston, SC
-41%
-22%
2%
-20%
United States
      -12%
-17%
-17%
-15%
It now costs more to rent than to own a home in 98 of the top 100 U.S. metropolitan areas, says real estate website Trulia, which tracks rents and home prices. In some of those markets, however, the inventory of homes for sale has shrunk.But low interest rates are luring more buyers, as are home prices that are down 35% from their 2006 peak.Nationwide, 35% of existing single-family home buyers in April were first-timers, according to the National Association of Realtors. In healthier times, first timers account for 40% to 45% of the market, says NAR chief economist Lawrence Yun. Tight credit and a still-shaky economy have kept many first-timers out of the housing market, he says.Rising prices could boost supplyHome inventories have shrunk because fewer foreclosures are coming to market. Many homeowners don’t want to sell, because they don’t have enough equity in their homes. Others are waiting for higher prices.“They’ve waited out five years of declining prices and don’t want to sell at the bottom,” says Stan Humphries, a Zillow economist. As home prices increase, more sellers will likely emerge, he says, which will add inventory. Or, buyers might back off if the economy softens.If you are in need of Charleston area real estate advice please feel free to contact me.James Schiller – Realtor in Charleston, Mount Pleasant, Isle of Palms.