Old Village/Old Mt. Pleasant Real Estate Market Update

OLD VILLAGE/OLD MT. PLEASANT MARKET UPDATE:

The 2018 average sales price for single family homes in the Old Village/Old Mt. Pleasant was $816,000 compared to 2013’s average of $570,000.  That represents an approximate 7.5% appreciation rate per year over the past 5 years! Amazing!

So what is expected for 2019?  Local experts forecast another solid year, as there are plenty of buyers and inventory is still low.  Interest rates will prove to be the “wild card” as rising rates will limit some buyers’ ability to purchase, potentially creating longer market times.  But for today, according to “The Morning Brew” the 30-year fixed mortgage rates hit a 4 month low, which is welcome news! Full steam ahead!

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Data obtained from the Charleston MLS, deemed reliable but not guaranteed.  The  2013 sales average did NOT include 101 Venning St., which closed for $5,000,000.

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Open House! Sat. Feb. 2 from 1-3pm: 1331 Lonnie Circle, Old Mt. Pleasant

Here is your chance to tour 1331 Lonnie Circle in Old Mt. Pleasant!

Saturday, 2/2 from 1-3pm.  This charming home is now available for $674,000

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 Features include:

*4 bedrooms/3 baths

*Modern kitchen with stainless steel appliances, brand new Samsung Duo Flex oven, granite countertops and Travertine backsplash

*200 square foot front porch and pergola

*300 square foot screened back porch with vaulted ceiling, perfect for entertaining

*Fully fenced backyard, with side yard gate providing easy access for your boat and golf cart

*Backyard includes large deck and patio in addition to the screened porch

 

Open House brought to you by William Barnwell, Realtor, The Cassina Group. Contact William@TheCassinaGroup.com  for details.

Should I wait until Spring to Sell?

It’s December and with the whirl-wind of the holidays approaching, clients are asking me if they should list now or wait until the first of the year.  Obviously we do not have a crystal ball answer, but based on my experience, I am advising as follows:

Why wait?  True, there is a smaller pool of buyers during the colder months (think about those buyers who currently live in the North that cannot sell their homes because it is snowing) but even with fewer buyers, there is also fewer homes to chose from.  The big factor being that tons of new inventory will be hitting the market in the early spring, and the best path to ensure a quick sale is to beat the rush.

Below is an interesting article from RIS Media’s House Call.

“The holidays are fast approaching, and if you’re considering selling your home, now is the perfect time to reassess your strategy for getting your property sold. With the colder temperatures and many people heading on vacation, it may seem like an inopportune moment to list your house, but that couldn’t be further from the truth.

Although it’s true that there are fewer buyers looking for a home at this time of year, the pros far outweigh the cons. There are less, yet far more serious buyers searching for homes in your market, and there is less competition with less homes on the market, and transactions happen far more quickly as there are less being processed.

Click here to read more, and if I can help you in any way, please let me know.  Jackie@TheCassinaGroup.com

Just Sold – 517 Royall Avenue, Old Village

I am thankful to be part of this lovely community, and wishing a warm welcome to the new family who will live in this awesome home!  If I can help you buy or sell, let me know what you need, I am happy to help!

517 Royall Avenue closed on November 9 for $925,000.

 

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Just Sold – 813 Pitt Street

Happy Fall!  So happy to close 813 Pitt Street!  The sellers were a dream to work with and I am so grateful to have met them and to be a part of this time in their lives.  Happy sellers, indeed.  Oh, and happy buyers too!

A kind note from the sellers:  Our experience with Jackie Kelly and the Cassina Group could not have been better.  Our home was an older home in a market that was filled with competition from new homes and fresh renovations.  Jackie sensed the love we had for our home and knew that we wanted another family to have the experience we did in raising our children there.  She represented the home as if it were hers.  Through a lot of ups and downs, she guided us to the unique buyer we hoped we’d find.  She was always available and extremely prompt with everything and anything we needed.  She is a professional and full-time realtor who knows what she is doing.  We highly recommend her to anyone needing a realtor.  We loved our experience with her, her assistant, Melissa, and the entire Cassina Group.

Tom & Janet Utsey

813 Pitt Street closed on October 29 for $1,258,250.

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If I can help you sell your home, please contact me today.  I have been selling in the neighborhood for years, and happy to provide you with a clear, concise plan to get your home closed!  Jackie@TheCassinaGroup.com

 

 

Mt. Pleasant Real Estate Market update

The National Associate Of Realtors has released the sales numbers for the first half of 2018, and they paint a picture of a healthy and consistent market when compared to the same time frame in 2017 and 2016.

Here is a quick snapshot to compare sales from Jan 1 to July 31, 2016-2018, for single family homes, located in Mt. Pleasant, South of the Isle of Palms Connector:

Although the number of homes sold is down slightly (from 757 sold in 2016 to 723 in 2018), the average sales price continues to be on the rise (from $602,000 in 2016 to $674,000 in 2018).

In 2018, homes are averaging 51 Days on the Market, which is relatively a short time frame.  But beware… homes that are sitting on the market over the average may need to reassess their strategy, whether it be by making changes to the home’s condition or reviewing price.  This is where a trusted professional can come in handy.

If you are thinking about buying or selling, it always makes sense to connect with a Realtor who specializes in your target market.  I have been selling homes in the area for years, and happy to help you achieve success.  Please feel free to contact me at Jackie@TheCassinaGroup.com for a consultation today.

 

MKT UPDATE

 

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To see all homes for sale or sold in the neighborhood, visit www.SearchOldVillage.com.

 

2018 Real Estate Mkt: The Year of the Seller

Interesting article by Jotham Sederstrom, who has written about politics, finance, real estate, criminal justice and advertising for publications including The New York Times, Adweek, Spin, The New York Observer and The New York Daily News. A native Nebraskan, he now lives with his wife and son in Brooklyn.  Below is his forecast for the 2018 Real Estate Market.
Will 2018 be a buyer’s market or a seller’s market?

Real estate experts and economists agree sellers will continue to hold the cards

 

BYJOTHAM SEDERSTROM Staff Writer

DEC 26 

With inventory at historically low levels and demand for housing skyrocketing in most markets, economic analysts and real estate experts believe 2018 will be the Year of the Seller.

 With few exceptions, analysts contacted by Inman News forecasted yet another year in which a scarcity of homes in the real estate market will allow private and institutional sellers to keep prices high, especially as a growing segment of first-time millennial buyers take the homeownership plunge.

 “Clearly, 2018 appears to be another seller’s market,” said Mark Fleming, chief economist at First American Financial Corporation. “The shortage of supply relative to increasing millennial demand will not change next year. In fact, it may be exacerbated as more millennials decide to become homeowners and more sellers become prisoners in their own homes, as mortgage rates rise and fear of not being able to find something to buy increases.”

Low inventory, perhaps more than any other economic driver, will be a major hurdle for buyers in the coming year. Indeed, even as overall housing starts spiked to 1.297 million units in November, most experts believe bouncing back to a 50-year average of 1.5 million new units will be no easy task — and until then, the listings shortage will dramatically affect pricing, for better or for worse.

“Builders have been ramping up somewhat over the past year, and that should continue going forward,” said Svenja Gudell, chief economist at Zillow. “But in order to satisfy demand from entry-level buyers in particular, builders will need to find more affordable sites farther from job centers — and it’s unclear if buyers will be willing to sacrifice their commutes for affordable homes as they did in years past. And in general, it will take many years of above-average building activity to help erase the housing deficit we’ve created after years of under-building.”

According to Redfin’s 2018 housing market forecast, a whopping 25 percent of homes sold within two weeks or less during the peak of the buying season in 2017, and nearly one in five homes, or 19 percent, left the market in less than a week.

But mortgage rates, which are expected to rise, on average, to just 4.5 percent by the end of 2018 — and changes to the tax code that may deincentivize homeownership, could tip the balance of power to buyers and give them more room to negotiate, especially in luxury markets.

“I think you’re going to see sellers have less pricing power than they did this year, particularly in states like New York and California,” said Nela Richardson, chief economist at Redfin. “Buyers are going to be ready to play hardball because they’re not getting as much from buying the house as they did this year. And maybe less pricing power in other places, too, because consumers can only pay so much and prices have gone up so strongly.”

Lawrence Yun, chief economist at the National Association of Realtors, echoed a similar sentiment: “The housing shortage will still persist in many markets due to the legacy of slow rate of homebuilding over the past decade,” Yun said. “But due to the tax reform providing less financial benefit to be a homeowner, the overall price increase will be much softer in 2018, by 2-4 percent.”

Added Steve Cook, a real estate communications consultant at commsconsulting.com:

“The inventory drought will continue to be enough of a factor to keep supplies below normal. Most markets will continue to be sellers’ markets, especially for entry-level homes, hotter markets and markets where prices are high and new construction is costly, like the Pacific Coast. Luxury and premium markets will be more evenly split between buyers and sellers.”

Email Jotham Sederstrom