Market Trends for 2021

MARKET TRENDS FROM 2020 THAT WILL BE THE NORM IN 2021!

I am basing these predictions on what I see every day in this business.  As most of these new trends locked into place towards the middle of 2020, it is probable they will remain in 2021.   

LOW INVENTORY:  Inventory data shows 71% fewer homes for sale over the last 12-month period.  This is a new record low!  This means buyers need to put their best foot forward, as it is common to compete with multiple offers.  Successful buyers are pre-qualified and educated on market value.  They are teamed up with a licensed REALTOR® and ready to pounce!

PRICES ARE STILL ON THE RISE:  With low inventory and high buyer demand, prices are still on the rise making this a strong market for sellers.

INTEREST RATES ARE SUPER LOW:  With low rates, buyers are able to afford more house, a true advantage to buying in this market.

VIRTUAL SHOWINGS ARE A REAL THING:  Many homes are being purchased by buyers off of virtual videos and FaceTime calls.  For sellers, proper marketing is key in this market and although it is a good time to sell, it is not a good time to skimp on marketing.  This can make all of the difference for a quick turn-around from listing to going under contract.

IN SUMMARY:  The market is tough, and now more than ever, you will want your transaction managed by an experienced REALTOR®, who is trained to maneuver through multiple offers and works full-time.  Most importantly, you want someone who will abide by the  REALTOR® Code of Ethics, which requires protecting our client’s best interest at all times.  If I can assist, please contact                             Jackie@TheCassinaGroup.com.    

Meet Interior Designer Dara Rosenfeld!

As we are spending more time at home, I am often being asked if it is worth it to hire an interior designer.  My answer?  YES! 

For obvious reasons, investing in your home is always important!  Whether you are considering making changes to your living space, or buying a new home, teaming up with a trained professional is a great way to not only transform the way your home makes you ‘feel” but also “how you live!” 

Dara Rosenfeld has been helping her clients create functional, innovative and welcoming spaces for over twenty-five years. She provides comprehensive interior design and interior architecture services.  She will help implement your unique vision in a timeless and elegant style.   

Dara began her career at Christie’s New York where she was responsible for valuating interiors with distinguished histories. She went on to senior design positions at two AD 100 firms: Peter Marino in New York and The Wiseman Group in San Francisco. In 2007, Dara started her own firm Dara Rosenfeld Design.  Dara has designed city and vacation homes in Hawaii, France, England, Northern and Southern California, New York, Texas and now Charleston where she lives with her family and two toy fox terriers.

Feel free to check out her services and work by visiting her website at www.dararosenfelddesign.com or contact her at (415) 522-1616 or by email, dara@dararosenfelddesign.com

Market Activity Report- Charleston Trident Area

July 2020:

Strong buyer demand and low inventory equate to solid growth when compared to 2018.  And with such low inventory, buyer’s are experiencing a competitive market.

According to the Charleston Trident Association of Realtors: New Listings were up 17.6 percent to 2,562. Pending Sales increased 49.4 percent to 2,596. Inventory shrank 38.4 percent to 3,890 units.Prices moved higher as Median Sales Price was up 9.5 percent to $305,000. Days on Market decreased 1.9 percent to 51 days. Months Supply of Inventory was down 45.2 percent to 2.3 months, indicating that demand increased relative to supply.

Closed Sales were up (year to date) as of June 2020 close to 5% since 2018.

chas sales by mont

The average Days On Market is up in July of 2020 vs 2018, but not by much.  The average increased from 48 to 56, which is still relatively low.

days on mk

The key to selling at the highest price in the quickest time frame comes down to knowledge and experience.  If you are considering selling and would like a review of the market specific to your home, please let me know how I can help!

Please note:  Current as of August 7, 2020. All data from the Charleston Trident Multiple Listing Service. Report © 2020 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics.

2021 Color Trends from BEHR®

More than ever, homeowners are looking to change up their space with all kinds of DIY Projects!  But nothing makes your home feel more clean and new than a fresh coat of paint!  So why not check out the newest trends?  Behr Paint Company recently unveiled its BEHR® Color Trends 2021 Palette. This color palette consists of 21 versatile shades spanning from essential neutrals to lavish bolds, which enable people to create energizing yet comforting new focal points in the home. “This has been a year of unpredictability and 2020 has significantly changed our relationship with our home. When our color team began exploring a palette for the coming year, we knew it needed to be grounded in what we’ve been craving: comfort and personalization,” said Erika Woelfel, vice president of color at Behr. The BEHR® Color Trends 2021 Palette is organized into six color themes: Casual Comfort, Subtle Focus, Optimistic View, Quiet Haven, Calm Zone, and Outdoor Escape.

Click here to see the 2021 color themes!  Enjoy!

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(photo credit:  BEHR® Color Trends 2021)

Mortgage Rate Update- low rates = $ saved

mort rates

This chart is helpful to see how a lower mortgage rate can equate to dollars saved.   So while inventory is low, sellers are benefiting by being able to command a higher sales price, but buyers are benefiting with historically low interest rates.  Give this some thought if you are considering the pros of selling and buying in today’s market!   And feel free to contact me if I can provide any additional information.  I’m confident I can help!

530 Speights St- Old Village

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Charming Old Village cottage on a rare, half acre lot! This light-filled home has been fully renovated with a coastal feel, and features ample outdoor space for entertainment. You will love embracing the Lowcountry lifestyle and all that makes this fabulous neighborhood so special! Home features include: *Tabby Shell circular driveway with adorable wooden picket fence and brick pillars *Full front porch flanked with lush landscaping *Open living/ kitchen with tons of natural light and beautiful heart pine flooring *Granite island and counter tops, with white and glass-front cabinetry, subway tile, and stainless appliances *Gas range with pot filler *Separate family room with wet bar and access to the fantastic covered outdoor entertainment area  *Large Laundry room *Custom mahogany doors, high-impact windows, new roof *Detached 2-car garage *Fully fenced back yard *No flood insurance required

Available for $1,199,000.  Contact me for more information, or visit www.SearchOldVillage.com

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Old Village/ Old Mt. P Market Update

The real estate market looks pretty solid in Mt. Pleasant as a whole, so I thought I would drill down on our neighborhood and take a look at how Quarter 1 of 2020 is faring compared to the past few years.  Here are some interesting stats, according to the Charleston Trident Association of REALTORS and reflect single family homes in the Old Village/ Old Mt. Pleasant Neighborhood.

sng fam homes sold

No real surprise that sales were down in Quarter 1, but homes in the Old Village/ Old Mt. Pleasant Neighborhood are still selling!  In Quarter 1 of 2020, 24 homes closed, compared to 41 sales in Q1 of 2019 (wow), 37 sales in 2018, 32 sales in 2017, and 30 sales in 2016.  So, although the 2020 number is off compared to last year, it is with in the zone of previous years…. and that’s not too bad considering most buyers are shopping primarily online through virtual tours.

ave pr per sq ft

Sales prices are holding steady and this is some really good news.  For homes sold in the Old Village/ Old Mt. Pleasant Neighborhood in Q1 of 2020, the average price per square foot was $385, compared to $395 in 2019, $365 in 2018, $371 in 2017 and $329 in 2016.

days on mkt

What about the length of time it takes to sell?  Q1 of 2020 stats do indicate that, although homes are selling for a solid price per square foot, it is taking a bit longer than usual.  Homes in Q1 of 2020 averaged 133 days on the market, compared to 88 days in 2019, 58 days in 2018, 93 days in 2017, and 76 days in 2016.

In summary, things are selling, prices are holding steady, but it may take a bit more time to find your buyer making it more important than ever to chose a full time, professional Realtor who has the experience to help you achieve your goal!  f you are thinking of buying or selling, I specialize in this area, and I have been selling here for over 17 years.  If I can help, please let me know.

Stats are provided by the Charleston Trident Association of Realtors, and reflect the time frame of Jan 1- Apr 30, for single family homes in the Old Village/ Old Mt. Pleasant Neighborhood.

 

 

 

 

Mt. Pleasant Real Estate Market Review

The stats for the month of March look pretty impressive when comparing 2020 to 2019.

According to the Charleston Trident Association Of REALTORS, home sales in Lower Mt. Pleasant (South of the IOP Connector) held steady in March of 2020 with 70 single family homes sold vs 73 homes sold in March of 2019.  The median sales price was $592,000, up about 10% from 2019.  Home sales took slightly longer, with the days on the market averaging 75 days in 2020, vs. 59 days in 2019.

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And home sales in Upper Mt. Pleasant looked even stronger!  In March of 2020, there were 100 single family homes sold vs 79 homes sold in March of 2019.  The median sales price was $545,000, up about 7% from 2019.  Days on the market averaged 69 days in 2020, vs. 75 days in 2019.

Annotation upper mt

People are still buying and inventory is still low.  If you would like to explore the real estate market, please let me know.  I am happy to help!

What’s up with the real estate mkt? Today’s New Normal!

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Today’s new normal seems oddly familiar… In between doing laundry and making breakfast for my boys, I am here… like normal…WATCHING THE REAL ESTATE MARKET… staying laser focused on what’s happening.

And you know what? It’s not new to me! I watched the market climb in 2008 and correct itself in 2010. Experience tells me that we will make it through this! Let’s face it, folks still want to call Charleston their home! If I can help you navigate through, please let me know. i am happy to talk in detail and answer any questions you may have.

And end the meantime, hoping you are well and surrounded by the love of family.

The Cassina Group ends 2019 as the No. 1 boutique firm for home sales over $1 million

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Fabulous article on The Cassina Group from LowCountryBizSC

The Cassina Group, Charleston’s innovation-driven real estate firm, had a successful 2019, closing the year as the No. 1 boutique firm for home sales more than $1 million*. The firm also is ranked as the No. 1 boutique firm for home sales more than $500,000. The Cassina Group participated in 439.5 transactions in 2019 for a total sales volume of more than $284 million, placing the company in the top 1% of all companies in the Charleston Trident Association of Realtors MLS.

“We are extremely pleased with our production over the past year,” said Owen Tyler, partner and managing broker of The Cassina Group. “Our knowledgeable, professional and committed Realtors are among the best in Charleston, and we are so thankful for our loyal clients who continue to use Cassina for all of their real estate needs.”

The company participated in several note-worthy sales. Laura Rembert represented the buyers on the purchase of 2619 Bayonne St. on Sullivan’s Island, a record-breaking sale for the island selling for $7,350,000. The company also participated in the sale of five additional properties over $3 million, including 358 Ralston Creek St. on Daniel Island (Robertson Allen represented the sellers), 2319 Atlantic Ave. on Sullivan’s Island (Garrett Rust represented the buyers), 4915 Retriever Road on Wadmalaw Island (Jimmy Dye represented the buyers), 202 McCants Drive in Mount Pleasant’s Old Village (Charles McIntosh represented the buyers) and 517 King St. #14 in downtown Charleston (Stephanie Wilson-Hartzog represented the buyers).

Other notable sales for the year include:

  • 9 Johnson Road, The Crescent (Robertson Allen represented the sellers)
  • 5 Broughton Road, The Crescent (Laura Rembert represented the sellers)
  • 110 Ashley Ave., Downtown Charleston (Charles McIntosh represented the buyers)
  • 11 King St., Downtown Charleston (Robertson Allen represented the sellers)
  • 313 Station 30th St., Sullivan’s Island (Greg Boger represented the buyers)
  • 2302 Atlantic Ave., Sullivan’s Island (Garrett Rust represented the buyers)
  • 735 Olde Central Way, I’On (Meghan Webster represented the sellers)
  • 621 Pitt St., Old Village (Robertson Allen represented the sellers)
  • 112 Freeman St., Old Village (Jimmy Dye represented both the buyers and sellers)
  • 4020 Betsy Kerrison Parkway, Johns Island (Garrett Rust represented the buyers)
  • 422 Tanner Trail, James Island (Chip Eiserhardt & Heath Verner represented the sellers)
  • 720 Jim Isle Drive, James Island (Robertson Allen represented the sellers)

The company, founded in 2006 by Jimmy Dye and Robertson Allen, has offices in downtown Charleston and Mount Pleasant and consistently ranks as one of the highest-producing companies in the MLS. The Cassina Group is known as Charleston’s innovation-driven real estate firm with a proven reputation for delivering stronger results through leading-edge technology and building lasting relationships.

For more information on the company, visit www.TheCassinaGroup.com.

*Statistics pulled from CATR MLS on 2.1.2020

 

To read the entire article and learn more about The Cassina Group, click here.