Updated: Apr 23, 2019
Here’s a new segment I'm calling our One-Minute Market Update. The goal is to be short, sweet, and informative, and under 60 seconds. (Actually, this first one is a bit longer as I explain it.) 😉
We’re often asked about the Charleston real estate market — “How are things going?" But most people just want a simple answer. Unless you’re actually looking to buy or sell in the next few months — the actual stats can be a bit long and boring.
So I’ve decided to put together a regular series I am going to call our:
One-Minute Market Update
The goal is simple. To periodically give you a real estate market update in under one minute. This is a quick and easy way to keep your finger on the pulse of the Charleston Real Estate Market.
Of course, we’re always available to provide you with a detailed market analysis. Just hit up Jon or I and we’ll be happy to put it together for you.
Let’s get started! Here is our Recap through March 2019:
The Charleston real estate market got off to a rocky start in January. We saw a 16% decrease in activity compared to January, 2018.
This was largely attributed to the Government Shutdown at the beginning of the year. But honestly, the market had been a bit slower beforehand. There are a number of reasons for this, but the uncertainty of higher interest rates didn’t help.
In February we bounced back a bit. In the end, home sales were only down about 3% year-to-date from 2018. BUT we were up 32% from January of this year.
The end of February saw an overall increase of 10% for home sales in February, 2018. And median sales price is up 3.8% to $272K year-to-date.
The outlook is good moving into Spring, though it still feels as if things are moving a bit slower. Interest rates have dropped a bit and the Fed have indicated they’ll be very cautious with additional rate increases in 2019.
The economy is still booming here. Tourism, Boeing, Volvo, and Mercedes Sprinter Vans contribute heavily. Not to mention the breweries, distillers and great restaurants popping up everywhere!
Speaking of tourism, this last weekend was a big Spring weekend for the Low Country -- the Bridge Run, Flowertown Festival, Cajun Festival, and Volvo Car Open -- all prime examples of our booming tourism industry.
And many people don’t realize the IT boom -- known as Silicon Harbor -- are also contributing to the economy and real estate market.
The weather is pleasant most of the year and we are getting a lot of recognition. We are regularly voted the #1 City in the US by Travel and Leisure Magazine. And South Carolina continues to get a lot of good press. Clemson has won a couple of national football championships, and Coastal Carolina won a national baseball championship.
Overall, it’s a great time to be in Charleston!
See you on the next one!