2023 is here!! Oysters on the Point will be Jan 7 and 21 at the Charleston Harbor Resort. The Stingrays will be back on the ice on Jan 4,614,15,21,22!! Here is your January calendar of events:
- 1: Polar Plunge Party, BLU Beach Bar and Grill Folly Beach
- 2,3: Shen Yun, N Chas PAC
- 6: Tim Allen, N Chas PAC
- 8: 2nd Sunday, King Street
- 12-14: 250th Anniversary Commemoration of Charleston Museum
- 13: Taylor Tomlinson, N Chas PAC
- 14: Candle Light Tour, Drayton Hall
- 14,15: Indigo Girls, Chas Music Hall
- 14: MLK Tribute, St Matthew Baptist Church N Chas
- 15: Chamber Music Charleston Ovation Concert, Sottille Theatre
- 21: Cars and Coffee, Freshfields Kiawah
- 21: Giggly Squad Live, Riviera Theatre
- 21,22,28,29: The Very Hungry Caterpillar Show, Dock Street Theatre
- 21: Dave Mason, Chas Music Hall
- 22: Firefly Distillery Oyster Roast and Live Music, N Chas
- 22: James Gregory, Chas Music Hall
- 25: Noel Miller, Chas Music Hall
- 26: Jim Gaffigan, N Chas Coliseum
- 27: Complexions Contemporary Ballet, Gaillard
- 28,29: Heather McMahan Gaillard
- 28: Trevor Wallace, Chas Music Hall
- 29: Lowcountry Oyster Festival, Boone Hall Plantation
- 31: Secrets of the Whales, Gaillard
West Ashley Charleston Below The Crosstown Summerville
Wando Daniel Island Charleston Mount Pleasant
YEAR IN REVIEW
A quick review of 2022 versus 2021 and what we expect in the future.
2022 resulted in 19410 residential homes being listed and sold in the MLS in the Charleston, Summerville area. This number was down 19.5% from the all-time unit sales record in 2021 when 23767 homes sold. As the year wore on it was quite evident that a trend was developing. Increased inventory, lower units sold, yet holding value for the most part.
Pre-owned residential homes, condos & Townhouses continue to be scarce. Presently there are 1697 units listed in the local Multiple Listing Service (MLS). The average Days on Market (DOM) is about 37 days market wide. Your particular neighborhood could be more or less depending on demand. If you need to know your DOM contact us we’ll be happy to provide you the data you need.
A deeper dive in the numbers shows the core of our market, the tri-county of Charleston, Dorchester and Berkeley counties, presently have 1478 pre-owned homes available. New homes, which the numbers are very subjective due to builders not reporting sales in an effort to keep prices high, (call us we’ll explain that one) have 925 homes available.
There’s no crystal ball on my desk,(I’d be a millionaire if there was), my thoughts on this year are simple for those looking to buy or sell a home this year, do it early this year. We never know what will propel the values downward or the rates upward. Markets can change overnight.
If you’re in the habit of thinking “I’ll wait until rates are low or values increase “ you’ll more than likely get caught with your pants down.
The market is tight, Inventory is still extremely low keeping values relatively high for the season. There is some consternation whether the present seasonal decline also holds recessionary decreases within an 8.5% decrease in value during the past 3 months. Many new home builders have cut prices by 10% in an attempt to sell existing inventory. These reductions impact the pre-owned market as well.
We know what the variables are today. Lower rates in line with the economy, values that are staying consistent with economic growth and employment within our area. In my book, I like to make decisions based on current conditions rather than projected conditions.
Interest rates remain steady as we enter 2023. Most buyers will qualify for mortgages in the 6% range for a 30 year loan period. Adjustable Rate Mortgages (ARM’s) are becoming popular again. Matt Mieras of CMG Financial shares that 10 year ARM’s, for those qualified, range in the 5% interest rate for the life of the loan period.
Contact us to discuss your real estate needs.
The SCSold.com Team
Just a few of our Raving Fans. See more here
“We should thank Greg so much for selling our home. We really felt like we were getting good advice from him and never felt that he had anything but our best interests at heart. Greg has a great personality – a true professional, thorough, responsive, and a total problem solver. He has the experience and knowledge, so no need to look for any other agent. He found solutions and gave us sound advice every step of the way. Greg courteously and patiently responded to our questions as he went through the entire process of the house sale and time frame. From beginning to end all went smoothly. He did a beautiful job presenting our house inside and out. From the top-notch quality of the listing photos and the overall advertising in the promotion of our home to the day of closing, we could not have asked for more. We were very pleased with the listing, sale time, and fast closing. Any potential problems and suggestions for solutions were promptly communicated. We appreciated him keeping in touch through the entire process and follow-up. He stayed on top of every detail due to having great real estate and construction knowledge, he even helped organize tradesmen for the repairs and communicated very well overall. He also counseled us about a few details we had missed. The result was a perfectly smooth no hassle transaction. We were very impressed with his professionalism and would not hesitate for a moment to refer anyone we know to him in both selling and buying capacities.” – Lily Madani, Sold a Home in Mount Pleasant
“We used Greg Flanagan again when it was time to sell our house that he had helped us buy. He’s amazing! He kept us updated and gave fantastic feedback on our property prior to listing it, the photos for the listing were very well done, always punctual, so responsive to all communication, and very enjoyable to be around. We will always have a great friend in Greg and can’t recommend him highly enough!” – Ann Gillet, Sold a Home in North Charleston, SC
If You’re Looking To Buy, Sell Or Invest In Real Estate,
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