Check out the latest April Events and Real Estate News in Charleston SC. Our market is undergoing some pretty crazy changes these days and the news you hear on TV doesn’t help! In this news letter we hope we can shed some light on what’s happening locally and give you some entertainment ideas along the way.
APRIL 2023 | ISSUE 12
Happy April!
There’s truly no sweeter time in Charleston than Spring! The weather is mild, flowers in bloom and there are so many festivals and events taking place this month. We’ve got those covered below plus our Spring Housing Market information, our top Spring streets in Charleston, how mortgage rates affect your buying power (don’t miss this!) and more.
Have a sweet April!
Sincerely,
Bill, Millie, Waverly, Jeff, & Chester
Byrd Property Group
OUR SURPRISING MARKET
If you’ve been listening to the talking heads on the national news you may not believe what I’m about to tell you! But…I’ve got the stats to prove it below.
For home sellers, the headline should read, “Sell Now, Before The Market Changes”! And for home buyers the headline should read, “Buy Now, before rates and prices go up”!
Impossible you say? I just “read the tea leaves”!
The Numbers from March 31, 2023
First let’s look at the number of single family homes for sale in our MLS. The inventory of homes for sale is up 53% since this time last year!
That’s a good thing for buyers. More homes to choose from. More competition for sellers. Still at 1,200+ homes for sale, our inventory is about 5,000 homes short of a balanced market. So, it’s not so bad for sellers! Still a sellers market and trending down!
Next let’s look at SOLD Prices. Home prices are actually up 5% since the same time last year. The Medium sale price is now $420k, up from $400k last year. Good for sellers and trending higher, not so good for buyers!
So, many folks assume that sellers should be willing to drop their prices and dump their homes in this stressed market? Well, if you listen to CNBC and others, you certainly would think so! Not so fast…home sellers in Charleston on average last month got 98% of their asking price. A 2% reduction is not really giving it away, is it! Good for sellers and trending up, not so good for buyers!
Now it certainly must take longer to sell a home now…right? Not so fast! Last month in Charleston the medium Days on the Market was 13! Good for sellers and trending down, not so good for buyers.
And the last statistic from March I’d like to share, is that the Supply of Homes on the market is decreasing again. We now have slightly less than a 1.5 month supply of homes on the market as of the end of March. As a frame reference, a 4-6 month supply of homes on the market is a more balanced market. Any number under 4 is considered a sellers market.
Now let’s talk about rates! I think this is were we have to get real about the market and inflation and all of the things that go with the current environment.
We’ve been high on government stimulas for so long, many are in denial. In my opinion, we probably won’t see rates in the 3’s or 4’s again in our lifetimes! It took us 40 years to come down off the high rates in 1981 and we have been climbing since this time last year. I believe, as do many experts this is the start of an upward trend that will last many years.
If I’m right, and you buy now, and lock in a great rate, you’ll be glad you did!
If I’m wrong, and rates come down, you refinance, and you’ll be glad you bought before prices get higher.
So you see both senerios are good! “Sell Now, Before The Market Changes”! And, “Buy Now, before rates and prices go up”! Either way you win!
WHY IS CHARESTON DIFFERENT?
Charleston is still one of the most popular desinations for folks that are relocationg in the US and their is plenty of evidence that it will continue.
If you like to know what your home is worth in this changing market let us know. Please reach out we will be happy to help!
YOUR HOME’S WORTH
The Spring market has been in full swing with March showing 📉 under 2 months of inventory, 💵 multiple offers in specific areas and 💨 shorter days on market.
If you’re interested in what your home is worth today, click on the link below to request a free valuation report evaluated by US (not an algorithm).
TOP 3 SPRING STREETS IN CHARLESTON
LOCAL EVENTS
Lowcountry Strawberry Festival
April 7th-8th
Boone Hall Plantation
1235 Long Point Rd, Mount Pleasant
The Fighting Lady Turns 80
April 15th 10AM-3PM
Patriots Point
40 Patriots Point Rd, Mount Pleasant
Lowcountry Cajun Festival
April 22nd 12PM-6PM
James Island County Park
Blessing of the Fleet
April 30th 11AM-5PM
Memorial Waterfront Park
Mount Pleasant
Charleston Jazz Festival
April 20th-23rd
Charleston Music Hall
37 John St, Charleston
OUR FAVORITE LISTINGS
1524 N Relyea Ave, Charleston (James Island)
$1,800,000
Listing C/O Carolina One
893 Randall Dr, Mount Pleasant
$999,000
Listing C/O The Cassina Group
108 Lowndes Ln, Summerville
$698,000
Listing C/O Realty One Group Coastal
550 Huger St, Charleston
$1,825,000
Listing C/O William Means
3169 Hugh Bennett Dr, Johns Island
$724,865
Listing C/O Pulte
MORTGAGE RATES AND YOUR BUYING POWER
The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.
The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment.
You may be tempted to put your homebuying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go from here, and trying to time them for your benefit is tough. There are ways to decrease your interest rate NOT on your dime. Send us a reply if you’re interested in learning more!
Looking to Buy a Home?
See every Charleston area home for sale
Full MLS search with virtual tours, lots of pictures
tons of detail, interactive maps and more!
Looking to Sell Your Home?
What’s your Charleston area home worth?
Are you considering taking advantage of our market? Or, simply curious about your home’s potential value?
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