Home Sales In The Old Village

Just sharing some of my sales in the Old Village, including the sales price and date of sale.  Thanks so much to my awesome clients!  Happy sellers and happy buyers.  Very blessed to be part of this community and help others do the same!

301 Center Street, sold on 6/29/18 for $1,385,000

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109 Friend Street, sold on 2/5/18 for $871,000

706 Simmons Street, sold on 2/23/2018 for $1,225,000

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522 Ruby Street, sold on 5/29/18 for $499,000

414 Rose Wilder, sold on 4/24/2018 for $600,000

308 McCormick Street, sold on 10/06/17 for $1,400,000

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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.

 

Shem Creek Inn – Check It Out!

Shem Creek Inn

Living in the Old Village/ Old Mt. Pleasant neighborhood poses one big challenge… where do my friends and family stay when visiting?  I recently had family visit, and we booked a room at the Shem Creek Inn. It was FABULOUS!  Completely renovated and only a bike ride away from home, they were thrilled with the accommodations!

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Lucky for you, Shem Creek Inn is offering a fun package deal right now ….

Pool, Beer, and Gear Package! What’s not to love about this?

With this deal, you receive a $30 credit for Shem Creek Inn merchandise and a $25 gift card to Water’s Edge restaurant which is located right next door! Not to mention the waterfront pool at the Inn and the fact it is within walking distance to many dining and nightlife spots and water activities. Shem Creek Inn really is a hidden gem!

For more information, check out their website:   Shem Creek Inn

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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

 

New Listing in the Old Village: 517 Royall Ave

Spacious Old Village 4 bedroom, 3.5 bath home with over 3500 square feet on a beautiful private lot with in-ground pool! Offered at $1,349,00.  Click here to see more, SearchOldVillage.com

Features include: *Large living room with many windows and fireplace *Spacious kitchen/ dining area, completely renovated with granite countertops, sea-glass tile back splash, stainless appliances, gas range and butler’s pantry *9+ foot ceilings, crown molding and beautiful hardwood floors throughout *Double doors lead to the private, fully-fenced back yard with pool *First floor bedroom with private bath *Second floor features include a large family room with hardwood floors and 9+ foot ceilings *Master suite with walk-in closets, huge bathroom with double sinks, soaking tub and stand-up shower *Two additional bedrooms with shared bath *Third floor offers a huge bonus room – perfect for home office, gym and/ or media room. *Detached garage.

 

For more information and/or to schedule a showing, contact Jackie Kelly at 843.991.9111 or jackie@thecassinagroup.com

JUST SOLD IN THE OLD VILLAGE/ OLD MT. PLEASANT

I have had the best time helping folks find their new homes in our neighborhood!  Whether you are a buyer or a seller, I am happy to help you find the perfect match.
1479 Seminole Street
4 beds, 2.5 baths  
$706,000
1470 Seminole Street
4 beds, 4 baths
$775,000
211 Haddrell Street
3 beds, 1 bath
$645,000
212 Freeman Street
3 beds, 2.5 baths
$784,000
845 Marsh Grove Avenue
4 beds, 2.5 baths
$1,071,250

 

Please let me know if I can help with your real estate needs!  To see all homes for sale in the neighborhood, visit www.SearchOldVillage.com and if you would like to receive a listing homes SOLD in the area, email me at Jackie@TheCassinaGrouop.com

~Jackie

 

 

16 Years of Solid Growth in The Old Village/ Old Mt. Pleasant

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AVERAGE SALES PRICE IN THE OLD VILLAGE/ OLD MT PLEASANT, FROM 2001-2016, PER THE CHARLESTON MULTIPLE LISTING SERVICE

The US housing market seems unstoppable, and our neighborhood is no exception.  Prices continue to rise, demand is strong, inventory is tight, interest rates are low and new construction is in full force.

Sales prices in the Old Village/ Old Mt. Pleasant are at an all time high, with the average sales price reaching $685,000 in 2015 and a staggering $743,000 in 2016.  That is a considerable jump from $455,000 in 2014.  Not to mention that price has more than doubled from the 2001 average of $370,000.  These stats show a solid investment market based on a steady increase over a long period of time.

So what does it all mean?

For sellers, it all sounds good, right?  But pricing your home accurately is still the key. The average “Days On Market” for homes sold in the OV/ Old Mt. P was 64 in 2016 and 65 in 2015.  When a home is priced under market value, multiple offers typically happen and can drive the sales price up.  And if priced over market value, the home will sit on the market with little to no activity after about 120 days.

For Buyers?  According to Chief Economist Jonathan Smoke, of Realtor.com, “Buyers who are able to land the home of their dreams can reassure themselves that their investment is likely to be a solid one—especially in our hottest markets, where homes are selling fastest and there’s the most demand.”

I always say it’s best to watch the market on a local level, and watch the prices over a long period of time.  And when you are ready to buy or sell, it’s imperative to team up with a savvy REALTOR® who understands your market.  If I can help you, please let me know.  To see all homes for sale, visit http://www.SearchOldVillage.