If you’ve been weighing whether now is the right time to enter the local housing market as a home buyer, we have some news to share with you that will help you decide. According to a recent report from real estate data provider CoreLogic, U.S. home price gains are slowing down, despite an increase during the month of August. This is great news for home buyers because it means that you have a fantastic opportunity to get a reasonable price on your next home before prices continue to rise!
What Every Home Buyer Should Know
CoreLogic reported that home prices increased 6.4 percent in August when compared to last year. Still, that figure is actually down slightly from the annual gain of 6.8 percent in July.
Here’s what else the recent housing market report revealed:
- The increase in home prices is also down when compared to how much they had been rising toward the end of last year. During that time, prices were rising as much as 12 percent.
- Home sales have been mostly stable throughout 2014, as have price gains.
- All states showed home price gains during the month of August, save for Arkansas where prices were stagnate.
- Home prices nationwide remain about 12.1 percent below their peak average in April 2006.
- Home purchases decreased 1.8 percent to a seasonally adjusted annual rate of 5.05 million in August.
- Home sales decreased from a July rate of 5.14 million.
- Meanwhile, the pace of home sales dropped 5.3 percent year-over-year.
- Experts say that an annual sales rate of 5.5 million is considered a healthy market.
- Meanwhile, the median sales price has increased 4.8 percent over the last 12 months to $219,800, although that average dropped slightly during the month of August when compared to July and June.
1502 Kathryn Street
Old Mount Pleasant
Beautifully renovated home in Old Mt. Pleasant located on a large corner lot with easy access to the beaches and downtown Charleston. An updated and open floor plan welcomes you and your family to the heart of Mt. Pleasant. The eat-in kitchen, complete with granite counter-tops and stainless appliances, also has a breakfast bar and leads into the family room that opens to the backyard. A new screened porch is the perfect place to relax in this quiet neighborhood. The bedrooms and bathrooms have been renovated as have the floors throughout the home.
Call The Avera Group today with any questions or to schedule a showing!
We are always asked….How is the real estate market in Mt. Pleasant? And the answer is always the same…..”it’s great”. So what does that mean exactly?
The Mt. Pleasant Real Estate Market is Always Great…Or is it?
Every real estate market is always good for some, but not all. For example, if you are a buyer and the inventory is quite low, it’s likely a great market for sellers. But if there is a high supply of inventory, then it’s likely a better market for you, the buyer. It’s all about supply and demand. So what is currently going on in Mt. Pleasant real estate? Let’s add some perspective to this question… Continue reading
Since my last report to you on August 22nd, the I’On real estate market has continued to thrive!! During this period, we have had 7 additional I’On homes close, bringing the total to 59 for 2014. These homes are listed below along with their selling price and price per square foot… Continue reading
The sluggish housing market over the last several years did not have an impact on Americans’ desire for bigger and fancier homes, according to a recent report from USA Today.
Evidently, demand continues to grow for these large estates, especially as the housing market across the nation improves. This is a fascinating trend on the national housing market and one that is sure to impact both home buyers and sellers.
Americans Love to Own Large, Luxury Homes
The American Dream of owning a bigger and better home is still very much alive across the country. In fact, as the recent USA Today article noted, many of today’s buyers still want a house that includes as many luxury amenities and features as they can think of – or at least afford. This may include gourmet kitchens, deluxe bathrooms, spacious decks or screened-in porches.
While this is occurring, experts also note that homeownership rates have remained mostly stagnant. And income growth appears to be lagging behind the rising price of homes. Continue reading
Real estate prices are up all over the metro area in 2014, but the Mt. Pleasant real estate market is leading the way!! During the last 12 months, the median selling price in Mt. Pleasant is up 17.8% to $371,000. The chart below reflects how our market compares to other key geographic areas in Charleston:
The I’On real estate market continues to be very strong in 2014. Prices are up and the average number of days it takes to sell an I’On home is down. Very good news if you are selling your home! Here are some key data points from this year and the percentage change from the same period last year:
- I’On Homes Sold – 52 – Up 6%
- Median Price for Homes Sold – $883,450 – up 18%
- Average Selling Price/Square Foot – $293 – up 7%
- Average Days on Market – 89 – down 26% Continue reading
Not all home remodeling projects are created equal – especially when you’re trying to get the biggest bang for your buck when it comes time to sell your property.
So before you spend thousands of dollars on that home remodeling project you’ve been dreaming about, make sure that you’re armed with the facts first.
Today, we’re going to tell you which of the most common home renovation projects are worth the investment, and which ones you’re better off doing without. The answers may surprise you. Continue reading
Paige Avera Earns Luxury Designation
Recognized as the mark of accomplishment in luxury markets around the world, the Certified Luxury Home Marketing Specialist (CLHMS) designation assures affluent buyers and sellers that the agents who have earned it have the knowledge, experience, competence, and confidence they require. Members of The Institute who hold the CLHMS designation have documented performance in the TOP 10% of their markets, and have successfully demonstrated their expertise in the luxury home and estate market. Continue reading
One month of positive real estate sales is encouraging, but sometimes it can be a fluke. That’s why we’re always so thrilled when positive numbers one month carry over into the next month. And that’s just what we saw with the recent release of May sales numbers. According to a recent USA Today article, existing home sales increased for the second straight month in May, increasing to their strongest rate since the fall.
Current State of the Housing Market
Here’s what the most recent data from the National Association of Realtors revealed: Sales of existing single-family homes, townhomes, condos and co-ops reached a seasonally adjusted annual rate of 4.89 million, which marks a 4.9 percent increase from April’s rate of 4.66 million. This was the highest monthly percentage gain since August 2011! Continue reading