Baby Boomers Setting New Trend in Retirement

As more Baby Boomers retire, real estate experts all across the United States are seeing more cash deals, according to a recent report from Bloomberg.  Evidently, these Baby Boomers (defined as anyone born between 1946 and 1964) are opting to purchase their homes with all cash instead of taking out a mortgage.
[youtube]https://www.youtube.com/watch?v=l8JmuOK0tgI[/youtube]
Experts credit this in part to the fact that US home price gains have restored $3.8 trillion in value to home owners since 2012. This means that a record number of Americans (including Baby Boomers) are using that equity to help them pay cash for properties, avoiding a home loan altogether. Another factor is that these Baby Boomers have more money in savings, allowing them the option to pay with cash.

This is an important trend that is sure to have an effect on all home buyers, not just those who fall in the Baby Boomer cohort. Continue reading

I’On Real Estate Update – May 21, 2014

The I’On Real Estate Market Continues to Strengthen…

The I’On real estate market continues to be strong in 2014!  So far this year, the number of I’On homes sold is up 22% over the same period in 2013.  Below are the details:

2014 Activity Through May 21:

  • I’On homes sold – 28
  • Average Selling Price/Square foot – $286
  • Median Selling Price – $847,500
  • Average Selling Price – $892,407
  • Average Days on Market – 101

To see details on all of the I’On home sales in 2014, click here.

I’On Home Pricing Continues Upward Trend…

I’On home pricing continues to strengthen as well.  YTD, the median price of all homes sold in I’On is $847,500.  This is a 19% increase from the same period last year.  In addition, the average selling price/square foot is up over 6% from the same period last year.  The big jump in median price is due to a 38% increase in the number of $1M+ I’On homes sold YTD.

As selling price/square foot is always a popular measure for I’On homeowners and buyers, I am including a chart showing the trends for this metric for the last several years:

Price Per SQFT

I’On is a Sellers Market, For the Most Part…

With just 20 I’On homes currently on the market, we have only 4 months supply of inventory available in the neighborhood.  This is based on the last 6 months of sales history.  This indicates a strong sellers market, but this number does vary by price range.

Months of Inventory in I’On by Price Range:

  • Below $750K – 1.8 months
  • $750K to $1M – 3.3 months
  • Above $1M – 7.3 months

While demand for homes above $1M in I’On has improved dramatically in the last couple of years, we still have over 7 months supply of inventory available.  This represents a very stable market, but not one that favors the buyer or seller in any significant way.

Thinking of Selling, or Have Questions?  Call Me!

Please give me a call if you have any questions about this post.  If you are thinking of selling, please contact me to learn more about my marketing program for your home.  I have sold dozens of homes in I’On over the years and have an intimate knowledge of this community, what buyers are looking for, and how to get your home sold.  Have a great Memorial Day weekend and I hope that you continue to take advantage of all the special activities and events that I’On has to offer!

Home Prices On The Rise

House sold signFrankly, it’s hard not to feel encouraged and optimistic about the real estate market these days.

Everywhere you look, positive real estate trends are popping up, further emphasizing that the worst days of the economic recession are in the rear view mirror now.

And here’s another recent nugget of good news: Home prices all across the country increased 11.1 percent in March 2014 when compared to the same time last year. And that’s including distressed sales. According to the latest published data, the 11 percent home price increase in March represents 25 months of consecutive year-over-year increases in national home prices.

That’s incredible. That means that the housing market has been in the process of recovering for more than two years. Continue reading

Expect to See an Exceptionally Busy Spring Home Buying Season

Spring home buyingIf you’re currently trying to sell your home on the local housing market, great news: it’s about to get very, very busy for you.

That’s because national real estate experts are projecting that this spring will see even more home buying activity than is already expected for this time of year.

Why? Because of pent-up home buyer demand from the unusually cold winter we had.  Home buyers who might have navigated the market in late 2013 and early 2014 ended up holding off because of the bad winter weather.  Can you blame them?  House hunting in frigid temperatures while trudging around in the snow and bad weather is no fun at all. Continue reading

Mt. Pleasant Real Estate Update – 2/11/14

The Mt. Pleasant real estate market is off to a blistering start to the new year!!  All measurable categories are outpacing the start we had during the same period last year such, including the most important one…PRICING!!  Here are some highlights:

2014 – January 1st Thru February 11th:

  • Median Price – $350,717 – up 18.9%
  • Homes Sold – 156 – Up 10.6%
  • Selling Price per Square Foot – $183 – up 10.9%

Mt. Pleasant Condo/Townhome Sales Surging…

While the numbers above represent the overall Mt. Pleasant real estate market, there are some significant stories to highlight in various segments of our market.  For example, the number of multi-family units sold (condos and townhomes) is up 39% over the same period last year, but the median price has remained relatively flat.  In contrast, the median price of single family homes sold YTD is up 21.3%, yet the number of homes sold is only up 2.7%.

Demand for Mt. Pleasant homes is Catching Up With Supply…

Pricing for single family homes is up because demand has caught up with supply.  And in some cases, the demand is exceeding the supply.  The Mt. Pleasant condo/townhome market has been playing a bit of “catch up” with demand over the last year and a half, but that market is now primed to see some significant price growth if the current sales trend continues.

MTP MOI Feb 2014The chart above shows the months of available inventory by price range for the Mt. Pleasant real estate market.  As you can see, virtually every price range is in a rather strong “seller’s market” (below 6 months of inventory).  Once you go above $750K in asking price, the market is still favoring the buyers.  But it is trending in the right direction (if you’re a seller!!) and I expect the inventory in that price range to continue coming down this spring.

If you are a buyer looking for a home above $750,000….HURRY!!  Now is the time!!  Prices have yet to take off and interest rates continue to be low!!

Thinking of Selling or Just Have Questions About Real Estate? Call Us!

Please give us a call if you have any questions about this post or need other specifics about the Mount Pleasant real estate market.  And if you are thinking of selling, please contact us to get a market analysis for your home and to learn more about our marketing programs.

Paige and I have been two of the top realtors in Mt. Pleasant during the past 12 years.  We have an intimate knowledge of this community, what buyers are looking for, and how to get your home sold.  Also, check out our web site….We have lots of great information on the Mount Pleasant market, including some great info on many of our neighborhoods.

 

I’On Real Estate Market Update – 2/7/14

In spite of the cold weather, the I’On real estate market is off to a very fast start in 2014.  We have had 8 I’On homes sell since January 1st, with prices ranging from $629,000 to $1,049,000.  The median price for these I’On home sales was $816,500 and the average selling price/square foot was $290.  This is a 21% increase in average selling price/square foot over the same period last year.  If you would like to see details on each of these I’On home sales, just click here.

Many I’On Homes Going “Under Contract”…

In addition, there have been 6 I’On homes go under contract since the first of the year that are currently pending.  Below is a list of those homes with their most recent asking price.

  • 301 North Shelmore – $819,000
  • 23 McDaniel Lane – $849,000
  • 117 Jakes Lane – $919,000
  • 19 McDaniel Lane – $985,000
  • 18 Frogmore Road – $1,399,000
  • 52 Jane Jacobs Street – $1,649,000

I’On Homes for Sale at 10 Year Low…

Currently, there are only 24 I’On homes for sale.  This is lowest level of available inventory that I have seen in I’On at any time during the last 12 years.  Based on the last 12 months of sales activity, the current number of I’On homes for sale represents only 4 months of available inventory in the neighborhood.  By any real estate standard, this represents a “seller’s market”.  A seller’s market is typically defined by less than 6 months of available inventory.

Keep in mind that these numbers represent the “overall” I’On real estate market.  Depending on the price point for your home, the months of available inventory may be higher or even lower.   For example, for homes priced over $1M, there are 10 months of available inventory.  While this does not represent a “seller’s market” in this price segment, the trend is certainly in that direction.

I’On Home Pricing Should Continue to Rise in 2014…

As we move into the spring, there will be additional I’On homes that come on the market.  However, if the sales activity continues to be brisk (and I predict that it will), the inventory levels may not rise that much during the spring.  If that is the case, we will continue to see additional price stability and even price increases in certain segments.  Stay tuned!!  It should be an exciting year in the I’On real estate market!!

Thinking of Selling, or Just Have Questions?  Call Me…

Now is a great time to put your I’On home on the market!!  If you are thinking of selling, please contact me to learn more about my marketing program for your home.  I have sold dozens of homes in I’On over the years and have an intimate knowledge of this community, what buyers are looking for, and how to get your home sold.  Have a great week and I hope that you continue to take advantage of all the special activities and events that I’On has to offer!!

 

 

More Gains Expected in 2014

Experts recently emphasized what we’ve been expecting: The US and South Carolina housing market will show even better gains in 2014. Evidently, experts believe that it will be a strong year for housing, despite the fact that sales are likely to level off slightly.

Those interested in buying and selling real estate in South Carolina in 2014 will surely find the following information helpful as they navigate the market! And the Chuck Avera Group would be happy to assist you as you do so!

Good News for Real Estate

  • 2013 represented the best year for housing since the financial crisis.
  • When all was said and done, home prices increased about 11.5 percent in 2013, which was the biggest gain since 2005.
  • And sales of existing homes reached 5.1 million in 2013, the National Association of Realtors said.  That’s an increase of 10 percent from the previous year.
  • That figure is also the highest it’s been since 2006.
  • Home prices are expected to increase 5 to 6 percent in 2014, which is about half of what it was in 2013.
  • The number of foreclosed homes has dropped significantly in the last several months, suggesting that the foreclosure crisis is nearing an end.
  • In South Carolina, 2013 foreclosures dropped 19% from the previous year.

Locally, in Charleston, economists believe the housing market will continue to put up high sales numbers in 2014, but not at the 21% growth that was set in 2013. And who wouldn’t want to live here! Watch the following video for a great reminder of Charleston’s beauty!

Continue reading