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June is here and it’s time to hit the pool or ocean! Spoleto and Piccolo Spoleto have started and will be around Charleston until June 12 with an amazing array of events at more venues than you can imagine. Music on the Green is each Friday evening at Freshfields at Kiawah. The Charleston County Parks have released their waterpark schedules. Jump on in!! Reggae Nights are at James Island County Park on June 3 and June 24. Starlight Yoga is at the Folly Beach County Park on June 2 and 30. It’s time to get out and enjoy our great city.
Looking To Buy In The Summerville SC Area
June calendar of events around the Charleston, SC area:
2: Coffee House Variety Show, Alhambra Hall Mt P
2: Live Concert Under the Oaks, Mt P Towne Centre
2: Robert Earl Keen, Chas Music Hall
4: Youth Charleston Art Festival, Mary Martin Gallery of Fine Art
5: Ray LaMontagne, N Chas PAC
8: Happy Together, Chas Music Hall
10: Ann Wilson of Heart, Riviera Theater
11: Mandy Moore, Chas Music Hall
11: Pride Bar Crawl
12: 2nd Sunday on King Street
13-19: Lowcountry Juneteenth Week
16: Yoga Fest and Mystic Vibrations, James Island County Park
17: Colbie Caillat, Riviera Theater
18-19: Paw Patrol Live, N Chas PAC
19: Marc Maron, Chas Music Hall
22: Art of Jazz, Gibbes Museum of Art
23: Dwight Yoakam, Chas Music Hall
23: Women for Women Summit, Francis Marion Hotel
24: Amos Lee, Chas Music Hall
25: High Tide Music and Arts Festival, Riverfront Park N Chas
25: Masked Singer National Tour, N Chas PAC
25: Joe Jackson, Chas Music Hall
25: Pop-up Market at Firefly, Firefly Distillery
A look at Charleston’s economy:
The Charleston economy is doing great. Trident Technical College took the lead on a grant to form a consortium that its members hope will create the next generation of innovation and talent for the electric vehicle industry. The consortium will receive $2.83M from the National Science Foundation to fund the project. Ladson’s Mercedes Benz plant and a vegetable cannery in Effingham have struck up a partnership that will make the plant the first renewable natural gas project in the state. Frampton Construction Company has completed work on a 431k sq ft distribution center at the Charleston Trade Center in Summerville. This marks the completion of the Charleston Trade Center. Venture fund group Good Growth Capital announced it has closed its oversubscribed third fund at $102M. The new fund is the largest in state history.
Looking To Buy In The Summerville SC Area
Of course, our real estate market is doing fantastic. However, we are beginning to sense a possible change in the housing market. Mortgage rates have risen to around 5% and the forecast seems to show that will continue. Remember that a 1% increase in mortgage rates reduces a buyer’s buying power by around 10% in order to keep the same monthly payment. In Charleston, we have seen active inventory rise from about 1000 active listings just 7 weeks ago to a current level of around 1600. That’s a quick 60% rise. Our sales are good, but we are not keeping up with the records of the last couple of years. We are actually currently on a pace with 2015 or 2016. One reason has been the low inventory. But now we think mortgage rates may also be having a dampening effect. Sales prices are still very strong, but this will bear watching. Those that need to get a loan have had a big change, around 20%, in their buying power. Homes that were bought 3 years ago for $500k at 3% are now trying to sell for $800k or more at a 5-6% rate. That’s about a $2k/month difference in monthly mortgage payments if both put 20% down. And an extra $60k down payment. All this will bear watching. I will make sure to keep you aware of what we are seeing.
If You’re Looking To Buy, Sell Or Invest In Real Estate,
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Keller Williams Charleston/West Ashley