What does "the market is hot" really mean?

Good Morning from Myrtle Beach.  I'm sitting on a balcony admiring the ocean and hearing the waves and what better way to soak in this beauty than by reviewing real estate stats.  Yup - exciting stuff.  You know in school I really hated stats and said I'll never use this crap.  Yet, here I am writing about stats and they are an integral part of my business.  Honestly, if you ever talk to a real estate agent that cannot give you a few up to date, relevant statistics it's time to move on. Agents that don't know, or understand, the market honestly are dangerous and do you want to put your biggest investment in the hands of someone that is dangerous? Me neither. Check out our local stats from last week and let me know what you think.  Also, I just listed a house yesterday in Sangaree and we had at least a dozen showings in the first day. If you're home is for sale and you have not had at least 5 showings in the first day then reconsider your marketing efforts. Of course, just call me and I'm here to help you sell and buy.

www.Palmettodreamhomes.com

Jason Gregg, Realtor

ERA Wilder Realty

Jason.Gregg@era.com

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Real Estate during the week of 5/5/17-5/11/17

• 377 residential properties under contract past wk. Excellent week.
• 301 single family homes under contract past wk. Median LIST price $263k, $140/sqft.  
• Only 2% are short sales
• 47 island single family homes under contract past wk.
• 17 James Island single family homes under contract past week
• 16 Johns Island single family homes under contract past week
• 43 West Ashley single family homes under contract past week
• 25 North Chas single family homes under contract past wk LISTED from $29k-$283k.
• 50 Mt Pleasant single family homes under contract past wk LISTED from $244k-$1.9M. 5 Park West. Median $480k, $207/sqft.
• 5 Peninsula Charleston single family homes under contract past wk LISTED from $255k-$575k.(Low this week)
• 65 Summerville/Ladson single family homes under contract past wk LISTED from $84k-$550k. 6 Wescott, 6 Ashborough. Median $220k, $122/sqft.
• 63 Hanahan/Gs Creek/Moncks Cnr single family homes under contract past week LISTED from $75k-$389k. 6 Crowfield.  Median $190k,$111/sqft.
• 65 condo/townhomes under contract past wk. 4 LISTED under $100k. 38 from $100k-$199k. 13 from $200k-$299k. 7 from $300k-$425k. 3 from $500k-$1.5M. 15 Mt P.

May 2017 Newsletter

May is upon us and that brings flowers and Spoleto.  The Spoleto Festival USA is Charleston’s greatest cultural event of the year. 17 days of non-stop world class entertainment.  And the local talent shows off at the same time at Piccolo Spoleto.  This all starts on May 26.  Choose at least 5 events and make some memories. Below is your May calendar of events:

1,3: Stingrays playoff Hockey, N Chas Coliseum

1-7: Tall Ships, Charleston Harbor Marina

2: Christopher Cross, Chas Music Hall

3: Marty Stuart, Chas Music Hall

3-8: N Charleston Arts Festival

4: Gibbes Museum Street Party

5: Cinco de Mayo Royale Happy Hour Party, Royal American

6: 10th Annual Dragon Boat Festival, Brittlebank Park

6: 41st Annual Lowcountry Shrimp Festival and Blessing of the Fleet, McClellanville

6: Seersucker Saturday Kentucky Derby, Rooftop at Vendue

6: A Day at the Races(Kentucky Derby viewing), Belmond Charleston Place

11: Jimmy Buffet, Volvo Stadium

11: Rick Springfield, Chas Music Hall

12-14: 47th Annual Greek Festival, Greek Orthodox Church 30 Race St

13: David Crosby, Chas Music Hall

20: Charleston Beer Garden, The Grove at Patriots Point

21: 3rd Annual Bands, Burger, and Beer Throwdown, The Grove at Patriots Point

21: An Evening of Jazz Under the Stars, Magnolia Gardens

23: Bela Fleck and Chris Thile, Chas Music Hall

24: Jamey Johnson, Chas Music Hall

26-June 11: Spoleto and Piccolo Spoleto

For an online list view check out  http://www.journalscene.com/events/#!/

The economy in Charleston is terrific and is driving the real estate market.  Let’s just look at a couple of recent news items other than Boeing and Volvo and Silicon Harbor.  NCGS, a company that conducts clinical trials, will build their corporate headquarters here, investing $10M and adding 80 jobs.  The Port had its busiest month ever in March, up 13% from last year. Summerville based boat manufacturer, Scout Boats, announced an $11M, 120,000sqft expansion and the creation of 370 jobs.  Elsewhere in SC, BMW is reporting the best March ever and that sales of the Spartanburg-produced X5 have jumped 20.7%.  The NCAA has announced that SC will host 7 championships between 2019 and 2022.

So, as for real estate, through the first quarter compared to the first quarter of 2016, sales were up 13.6% and median sales price was up to $245k, up 4.5%.  It’s becoming very difficult to find a single-family home in Mt Pleasant or James Island for under $300k. Mt Pleasant median sales price is now over $200/sqft.  James Island is around $185/sqft.  West Ashley is over $150/sqft. The Summerville/Goose Creek areas are the least expensive, but are now over $100/sqft.  New construction is rampant all over.  They are building a new exit on I-26 to accommodate all the new growth in that area because of the new Volvo plant being built there.  This past week saw almost 100 condo/townhome sales.  Around 50-60 is more customary.   And the rental market is just as good as the sales market.  It’s a great time for Charleston.

Who do you know looking to buy or sell? Allow us to represent you, friends or colleagues in the buying or selling process and we'll get you a win-win.  We accept nothing less than a 10+ experience so let us show you how we achieve that. Call us today or go to www.Palmettodreamhomes.com

 

Jason

ERA Wilder Realty

843.696.8627

Jason.Gregg@ERA.com

Charleston in May is gorgeous

April in Charleston

I apologize for the lateness of this post but it's been a busy April so far. 

April is here and the azaleas are in bloom! The Masters is in Augusta and the Volvo WTA tennis tournament is here in Charleston the first week in April.  The Tennis Channel is having full coverage all week and they are making a big deal out of this.  It’s come to be a very respected tournament and the start of the clay season.  Of course, the Cooper River Bridge Run is also April 1 and the Summerville Flowertown Festival is also the first weekend.  What a great month to be in Charleston.  Here is your April calendar of events:

1: 40th Cooper River Bridge Run

1: Harlem Globetrotters, N Chas Coliseum

1: Nitty Gritty Dirt Band, Music Hall

1,2: Flowertown Festival, Summerville

2: Earth, Wind, & Fire, N Chas PAC

3-9: Volvo WTA Tennis Tournament, Daniel Island

4: Buddy Guy, Gaillard

6: Pippen Gaillard

7-9: World Grits Festival, St George

8: Marion Square Farmers Market Re-Opens

7,8: Charleston Bluegrass Festival, Middleton

8: 27th Folly Beach Sea and Sand Festival

8: Loretta Lynn, Gaillard

8: Keller Williams and Leo Kottke, Music Hall

8: Steeplechase of Charleston, Stono Ferry

9: Bruce Hornsby, Music Hall

9: Blues by the Sea, FreshFields

13: Hops and Vines, MacLeod Plantation

18: Chicago Musical, Gaillard

20-23: Lowcountry Strawberry Festival, Boone Hall

20: Jonny Lang, Music Hall

20: Tim McGraw and Faith Hill, N Chas Coliseum

21: R Kelly, N Chas Coliseum

21-23: Outdoor Festival at James Island County Park

24,25: Big Brothers and Big Sisters Golf Tournament, Bulls Bay

26: Blink-182, N Chas Coliseum

26,27: Mama Mia!, N Chas PAC

29: Cirque de la Symphonie, N Chas PAC

30: 30th Annual Blessing of the Fleet and Seafood Festival, Mt Pleasant Waterfront Park

Real estate in Charleston had its 2nd busiest year ever in 2016 and it looks like 2017 is setting up to be the even better.  Buying activity has been the strongest ever during the first 3 months of the year.  Though February, we are up 12.4% in transactions over the same time from 2016.  And we are up about 4% in median sales price to $244k.  We are getting a ton of good publicity.  Top Chef just finished airing the season that was filmed here.  The Tennis Channel is making a huge deal out of their first ever full week coverage of the WTA tournament here next week on Daniel Island.  They are calling it the premier clay tournament in America. Of course, Volvo is the sponsor and they are busy getting their new plant built in the Summerville/Goose Creek area.  Apartments are being built all over town to house all the new people moving here.  Housing inventory is low and prices are starting to ratchet upward.  We are seeing a boom in the 2nd home market here as well.  We have many more homes each week going under contract for over $1M than we have ever seen in the past.  What a tremendous time for Charleston.