May 23, 2012
Lowcountry Real Estate Update for Spring!
According to Local real estate stats for the
Lowcountry, indications are that conditions are ripe for price increases from 2%-30% in
the following areas:
W Ashley,
James Island, N Charleston, Mt Pleasant,
Hanahan/Goose Creek/Moncks Corner!
(James Island and N Charleston indicate the
highest probable increases.)
Peninsular Charleston, Daniel Island, and Summerville/Ladson still
show probable declines in prices for the immediate future.
This information is derived from comparing
recent months of sales to what is currently under contract. After years of declining prices, price
increases are occurring, or are about to occur, in the areas referenced above.
There are currently 6600 active listings available. Inventory continues to decline. Buyers are attracted to prices of Summerville
and Goose Creek areas and they prefer
new construction over re-sale houses.
Statistics are showing that buyers typically will not negotiate an offer
on a house unless it is priced within 5% of what their market data shows it’s
worth. Buyers and their agents are doing
their homework well!
Of note: Charleston real estate from
2000-2010 averaged a gain of 34% in value even after adjusting for the average
30% loss of value since 2006. For that
same period the Dow Jones Industrial Average boasts a 6.4% appreciation.
Lowcountry real estate is still a great
investment!
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