Year-To-Date Stats Show Average Sales Price Up 41% in 2022 vs. 2021

Stats provided by The Charleston Association of Realtors

Here are the latest stats for single family homes in Lower Mt. Pleasant (South of the IOP Connector):

*Home Sales were down 29% with a total of 229 homes sold in 2022 vs. 324 sold in 2021

*Average Sales Price went up 41% with the average price being $1,170,500 in 2022 vs $826,000 in 2021

*Average Days On Market went down 63% with 12 days being the average in 2022 vs 33 days in 2021

​I’ve been selling homes for over 22 years and have helped clients navigate through all types of markets. The challenge of today’s market comes down to the pace, things are moving quickly and it has never been more important to team up with a full-time professional. If you are thinking of buying or selling, please reach out to me at Jackie@TheCassinaGroup.com.

Looking for an Old Village Home For Sale!!!

I have a lovely buyer who really wants to live in the Historic District of The Old Village. We’ve seen everything currently on the market, so I am reaching out to my community for your help! If you hear of anyone who would consider selling in this area, please reach out to me at Jackie@TheCassinaGroup.com. Thanks!

CTAR Real Estate Market Recap for January 2022

Quote from 2022 CTAR President Jon Stroud regarding January, 2022

Information provided by Charleston Trident Association of Realtors
Median Home Price Continues to Climb, Sales Slowed by Lack of Inventory

1,398 homes sold in January in the Charleston region at a median price of $360,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).

Sales volume declined slightly, by 3% when compared to last January’s sales of 1,447 homes. Median price increased by 14% from the January 2021 figure of 315,000.

Inventory data shows 53% fewer homes, with 1,203 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month—representing just under one month’s worth of available inventory.

If you are interested in learning more details about your specific market, please contact me at Jackie@TheCassinaGroup.com

108 Live Oak, Old Village

Available for $2,349,000. Located in the historic district of the Old Village and steps from Shem Creek, this beautifully designed home has it all. Quality detail and sophisticated efficiency make this home a must see. Features include: *3900 square feet, 4 bedrooms, 3.5 baths *Beautiful wide-planked heart pine flooring and exquisite woodwork throughout *Wrap around porch with tongue and groove ceiling, floor to ceiling solid mahogany french doors and gas lanterns *Foyer with elaborate mouldings *Living room with gas fireplace and built-in book shelves *Gourmet kitchen with decorative wood beams, butcher block island, farm sink, 6-burner gas stove with pot filler and double ovens *Eat-in area connecting the living room with the kitchen *Dining room with tons of natural light *Lovely screened porch with marsh and creek peeks and steps leading to the private yard with low-maintenance landscaping *Charming powder room with custom vanity *Primary suite on 2nd floor includes a spacious bathroom with soaking tub, double sink vanity, private water closet with bidet, tiled steam-shower, and dual walk-in closets *Two additional large bedrooms, both with walk-in closets and shared bath *Functional laundry room with wash sink, storage closet and shelving *Adorable built-in office nook *Top floor bonus/media room flanked with a wood-lined vaulted ceiling *Fourth bedroom with private bath *Ample attic storage *Uniquely crafted arch-top mahogany interior doors with etched glass and plantation shutters throughout *Energy efficient features such as tankless water heater and cement plank exterior *Elevator shaft closet *This home is ICF (insulated concrete form) built offering significant energy savings, reduced noise transmission, and does not support the growth of mold or mildew. It is built to any seismic or hurricane-storm standard and offers up to a four-hour Fire Resistive Rating. Enjoy all that makes this area so special: Walk, bike or golf cart to Alhambra Hall, Pitt Street Pharmacy, or the Farmer’s Market. Go fishing at the Old Pitt St. Bridge or kayak from the public launch site at Shem Creek. Visit the dog park or play tennis and pickleball on the neighborhood courts. Close to many of the local shops and restaurants, including Shem Creek. Award winning Mt. Pleasant Academy and Moultrie Middle Schools are an added bonus! Located just minutes from downtown Charleston and Sullivan’s Island, making this an ideal spot to live! Don’t miss your opportunity to find your special Old Village Lifestyle home! Please reach out for more, Jackie@TheCassinaGroup.com

WSJ Report: 2005 Housing Boom vs Today’s Market

Interesting article from The WSJ…

WSJ Report Contrasts 2 Housing Booms, Industry Broker Looks Back Then and Now

Article Examines the 2005 Housing Boom Versus Market Dynamics That Have Emerged From the 2020 Pandemic

Wall Street Journal report contrasting the 2005 housing boom with the record-breaking market that has emerged out of the 2020 coronavirus pandemic, made front-page news of its print publication this week, quoting industry broker Anthony Lamacchia, who talked about the vast differences between the market dynamics 15 years ago that led to the housing crisis and those of today, where buyers are in a much healthier place, financially.

In the WSJ article, Lamacchia, broker/owner of Boston-area-based Lamacchia Realty, recalls that not long after he entered the industry in 2004, homebuyers began trading up to bigger and more expensive homes, often with a low or no down payment. After the market collapsed, Lamacchia was helping those same buyers to dump their homes in 2009, according to the article.

Now, he says, the market is dynamically different. Housing demand in the Boston suburbs is stronger than he has ever seen, buyers have better credit scores and more money to put down on a home than in years past, he explained to the WSJ.

“On $1 million purchases, people are putting down $500,000,” he told the Journal. “You didn’t see that before.”

He expanded on that in a follow-up interview with RISMedia.

“We are seeing rapid price gains, particularly in single-family homes, and I expect to see them being even more substantial this year,” he says, adding, “[Buyers’] debt-to-income ratios are much lower and buyer demand is significant.”

The challenge of course is inventory. Lamacchia’s company, which reached $1 billion in sales last year for the first time, covers markets in Massachusetts, Connecticut, Rhode Island, New Hampshire and in Southern Florida, and, he says, he’s seeing these same trends in all these locations, especially with demand for single-family homes.

“We are seeing the lowest inventory that we have ever seen before,” he says. “Inventory of single-family homes is down 60% from where it was last winter prior to the pandemic, and it was low then.”

Condo sales across markets are starting to recover as well, he says. “Whereas last year, when the pandemic first started, in the first six months people were somewhat avoiding condos and running to single families. We do think this will help even out the market.”

As a result of the change for many to working from home because of the virus, he sees that trend of buyers wanting homes in suburban locations with access to more recreational activities continuing, at least for the next two years.

“I’m seeing a similarity with New Hampshire up in ski country in the Lakes Region and South Florida,” he says. “People either want the slopes or they want the shores, and we saw a race to those areas last year after the pandemic started.  We saw it let up a bit after the holidays when COVID-19 had a second wave, and we are seeing that happen all over again right now, particularly in Florida.”

As for the long-term outlook, he added, “There is no way that buyer demand could go down enough, and supply go up enough to tip the market into any sort of housing slump, at least in the next 24 months,” he says. “It’s hard to see beyond that.”

To read the Wall Street Journal’s piece interviewing Lamacchia and other industry perspectives from Zillow, Redfin, NAR, The Urban Institute and more, click here. The article also examines the upswing in the lending and new home construction sectors as well. Note: To read the full article requires a subscription.

Beth McGuire is RISMedia’s online managing editor. Email her your real estate news ideas at beth@rismedia.com.

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!

quiet_haven1

(photo credit:  BEHR® Color Trends 2021)