Charleston's Home Port

Blog by Mike Terry
Mount Pleasant, South Carolina

Charleston, SC - Big City amenities with a small City feel. Life is laid back here. We discuss a little bit of everything - here you'll find some of our notes, musings, ideas, and recommendations by my partner Thea Riley and myself (Mike Terry) with particular emphasis on real estate and projects in the Charleston SC Metro Area. COMMENTS ARE WELCOME and ENCOURAGED. Please notice the Post A Comment link at the bottom of each posting.

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Local Housing Market Updates

Summerville, SC - Local Market Update

Mar. 19, 2007

Summerville, SC Local Market Update

Two words - GROWTH EXPLOSION! Summerville, SC is one of the fastest growing cities in the United States of America. Dorchester II school district is one of the best in the state. High school sports rule here Summerville High school has won many, many state titles in multi-sports. The Summerville High Football team is coached by the legendary "John McKissick" who in 2003 became the first football coach in America to win 500 games at any level(and he's still winning!). Summerville, SC is a very lovely town with lots of big southern oak trees with moss hanging down from the branches. There's plenty to do and see and within 30 minutes to downtown Charleston, SC.

Summerville, SC continues on a rapid growth rate. New neighborhood developments are springing up on all sides of town. 72 Houses sold in Jan. 2007 for 98.05% of list price with an average sales price of $204,875 with the average days on the market at 82 days.

Mount Pleasant, SC Housing Trends
Month Year Monthly Sales Avg ListPrice Avg Sale Price % Diff Sell/list Avg DOM Curr Inventory Months Inventory
March 2006 138 $204,675 $202,472 98.92% 53 423 3.07
April 2006 99 $208,794 $206,906 99.10% 37 479 4.84
May 2006 131 $198,466 $196,227 98.87% 49 423 3.23
June 2006 173 $224,205 $220,569 98.38% 42 467 2.7
July 2006 124 $200,364 $198,802 99.22% 40 494 3.98
August 2006 109 $204,215 $202,608 99.21% 50 571 5.24
September 2006 121 $211,391 $207,931 98.36% 49 588 4.86
October 2006 122 $221,849 $218,805 98.63% 61 581 4.76
November 2006 109 $221,229 $219,045 99.01% 58 579 5.31
December 2006 95 $207,567 $204,428 98.49% 72 571 6.01
  
January 2007 78 $218,904 $213,874 97.70% 78 560 7.18
February 2007 106 $212,626 $208,110 97.88% 91 556 5.25
Current 2007 29 $202,087 $200,068 99.00% 89 610 21.03

 

 

Mount Pleasant, SC - Local Market Update

Mar. 19, 2007

Mount Pleasant, SC Local Market Update

Mount Pleasant, SC is close to everything.  Our beaches (Isle of Palms & Sullivan's Island) are within a couple minutes, downtown Charleston is just over the new Cooper River bridge, shopping is convenient & plentiful, schools are some of the best in the area. The town recreation department has been voted the best in the State for many years running. There's always something to do around the area. The people are friendly and love the outdoors. There's plenty of top notch golf courses, and tennis courts. Boating & Fishing is also big in the area.  When it comes to QUALITY of life - Mount Pleasant, SC "HAS IT ALL".

The number of Homes in the Mount Pleasant, SC Real Estate market has continued to increased this year. Currently, homes are sitting on the market a little longer with prices equal to, to slightly more than last year. In my opinion by the end of spring to early summer this year (2007) - my forecast is for the prices and sales to rise slightly through the summer and steady in the fall before declining slightly around the holidays and end of the year. This year (2007) will be a good year for real estate in the area somewhere between the record year of 2005 and the third best year on record of 2006.

(100) Houses sold in Feb. 2007 for 95.42% of list price with an average sales price of $452,138 with the Average days on the Market at 130 days

Mount Pleasant's convenience, stability, overall charm and beauty help lead the way in attracting new home owners and business' to the area from all over the world. Mount Pleasant, SC is truly one of the premiere places to live in the USA.

Mount Pleasant, SC Housing Trends
Month Year Monthly Sales Avg ListPrice Avg Sale Price % Diff Sell/list Avg DOM Curr Inventory Months Inventory
March 2006 171 $419,477 $411,340 98.06% 66 1218 7.12
April 2006 157 $411,040 $402,168 97.84% 70 1275 8.12
May 2006 217 $407,788 $399,105 97.87% 62 1392 6.41
June 2006 178 $418,432 $408,487 97.62% 65 1434 8.06
July 2006 225 $407,385 $397,516 97.58% 59 1525 6.78
August 2006 187 $411,445 $399,909 97.20% 71 1519 8.12
September 2006 192 $407,432 $395,648 97.11% 75 1537 8.01
October 2006 164 $461,447 $439,516 95.25% 97 1574 9.6
November 2006 127 $414,923 $397,004 95.68% 98 1522 11.98
December 2006 149 $372,146 $354,561 95.27% 132 1402 9.41
  
January 2007 112 $438,453 $422,157 96.28% 88 1337 11.94
February 2007 100 $473,820 $452,138 95.42% 129 1389 13.89
Current 2007 47 $655,476 $633,283 96.61% 88 1560 33.19

 

 

Moncks Corner, SC Local Market Update

Mar. 19, 2007

Moncks Corner, SC Local Market Update

Moncks Corner, SC - IS small town America. The population in July 2002: was 6,057 but is quickly growing. The are many new neighnorhoods (Moss Grove Plantation, Oak Hill, Foxbank Plantation, Spring Grove Plantation, Stoney Creek, Oakley Pointe, Cypress Ridge, Inglewood, and Stoney Creek to name a few) springing up all over the outskrits of town. Downtown Charleston is about a 30 minute drive. Summerville is about 15 minutes away. Lake Moultrie is located here, as well as the tailrace canal which leads to the Cooper river and out to the Charleston Habour. You can take a boat from Charleston, SC through Moncks Corner, SC all the way to Columbia, SC in the middle of the state. Needless to say boating and fishing are big here. Fishing in the area is some of the best in the country have yielded some world records.

Moncks Corner, SC continues on a rapid growth rate.  Houses sold in Feb. 2007 for 98.93% of list price with an average sales price of $196,660 with the average days on the market at 137 days.

Life here is laid back and full of southern charm and hospitality.  Everyone knows their neighbors and their neighbors family.  High school football is big in town.   Moncks Corner, SC is poised for big growth in the future with its short distance to the Charleston, SC Metro area, laid back life style and lower than average prices for the area.  There are more than 8 new neighborhood developments in Phase I (or soon to be) construction in the area.

 

Moncks Corner, SC Housing Trends
Month Year Monthly Sales Avg ListPrice Avg Sale Price % Diff Sell/list Avg DOM Curr Inventory Months Inventory
March 2006 20 $160,896 $159,050 98.85% 52 65 3.25
April 2006 9 $170,696 $168,485 98.70% 64 56 6.22
May 2006 18 $190,423 $187,411 98.42% 70 50 2.78
June 2006 16 $177,413 $172,980 97.50% 69 57 3.56
July 2006 5 $192,998 $190,478 98.69% 56 90 18
August 2006 11 $155,458 $155,115 99.78% 66 94 8.55
September 2006 16 $199,350 $201,136 100.90% 26 91 5.69
October 2006 14 $186,881 $184,064 98.49% 69 90 6.43
November 2006 9 $164,641 $161,633 98.17% 49 88 9.78
December 2006 12 $183,314 $175,569 95.78% 88 80 6.67
  
January 2007 7 $174,886 $168,629 96.42% 75 75 10.71
February 2007 10 $198,790 $196,660 98.93% 0 76 7.6
Current 2007 3 $166,357 $164,670 98.99% 188 93 31

 

 

Isle of Palms, SC - Local Market Update

Mar. 19, 2007

Isle of Palms, SC - Local Market Update - March 19, 2007

Isle of Palms, SC 29451 - A Mix of Family homes, 2nd homes, rental homes and vacation homes nestled in Palm trees and sand dunes all come together here by the Atlantic Ocean.  The Isle of Palms has one of the best beaches along the Atlantic Coast.  Once tourist come to the Island they tend to come back year after year (most eventually buy an island home here).  The Isle of Palms area has much to offer - a short drive to Mount Pleasant (5-minutes), and about 20 minutes to downtown Charleston, SC.  The average home price is above 1-million dollars and rising.

The housing market on the Isle of Palms remains  strong. Prices have continued to rise even through homes are staying on the market a little longer. Sellers over the last year have on average been willing to negoitate a little but are still realizing a heathly gain on their investment. 1031 Tax exchanges are a popular way to purchase homes on the Isle of Palms. (9) Houses sold in Feb. 2007 for 94.87% of list price with an average sales price of $709,433 with the Average days on the Market at 140 days.

Isle of Palms, SC Housing Trends
Month Year Monthly Sales Avg ListPrice Avg Sale Price % Diff Sell/list Avg DOM Curr Inventory Months Inventory
March 2006 34 $1,196,491 $1,156,821 96.68% 94 223 6.56
April 2006 36 $1,084,519 $1,055,615 97.33% 108 262 7.28
May 2006 35 $980,766 $938,903 95.73% 47 303 8.66
June 2006 30 $1,151,843 $1,087,058 94.38% 97 343 11.43
July 2006 17 $817,053 $774,126 94.75% 100 389 22.88
August 2006 12 $1,089,033 $1,030,200 94.60% 94 411 34.25
September 2006 17 $1,158,288 $1,078,700 93.13% 130 413 24.29
October 2006 13 $1,631,600 $1,536,069 94.14% 86 410 31.54
November 2006 8 $974,662 $948,438 97.31% 138 408 51
December 2006 10 $1,462,480 $1,311,190 89.66% 186 398 39.8
  
January 2007 19 $1,237,274 $1,127,068 91.09% 162 386 20.32
February 2007 9 $747,822 $709,433 94.87% 150 409 45.44
Current 2007 7 $1,145,986 $1,072,429 93.58% 121 442 63.14

 

Huger, SC - Local Market Update

Mar. 19, 2007

Huger, SC - Local Market Update - March 19, 2007

Only a few minutes to Mount Pleasant, SC and around ~15 minutes to the beaches of the Isle of Palms, SC. This rural community is poised for big growth in the future with its short distance to the Charleston, SC Metro Area and lower than average prices for the area. If you are into Horses this is the PLACE for you with several Horse Farms, Stables, and riding trails in the area. Take a look at M&M Farms that we currently have listed for sale http://www.RealEstateCharlestonArea.com/MMFARMS. The Francis Marion National Forest is at the very heart of this community - Lots of Nature trails, Hiking, Camping, Fishing, Horseback Riding / Trails.

Huger, SC 29450 - Houses sold in the last 12 months for 92.10% of list price with an average sales price of $190.682 with an average of 52 days on the market.  This area is in the beginning stages of growth explosion. There are plans to replace the bridge over the Wando River on Hwy-41. When this happens it should open the area to much more development.

Huger, SC Housing Trends
Month Year Monthly Sales Avg ListPrice Avg Sale Price % Diff Sell/list Avg DOM Curr Inventory Months Inventory
March 2006 N/A $0 $0 0% 0 16 0
April 2006 2 $227,450 $192,500 84.63% 14 10 5
May 2006 N/A $0 $0 0% 0 9 0
June 2006 2 $277,500 $266,500 96.04% 51 9 4.5
July 2006 1 $129,000 $95,000 73.64% 90 10 10
August 2006 1 $259,000 $240,000 92.66% 174 11 11
September 2006 N/A $0 $0 0% 0 11 0
October 2006 3 $135,167 $132,333 97.90% 37 11 3.67
November 2006 N/A $0 $0 0% 0 11 0
December 2006 1 $245,000 $220,000 89.80% 4 13 13
  
January 2007 N/A $0 $0 0% 0 11 0
February 2007 1 $229,000 $227,500 99.34% 132 16 16
Current 2007 N/A $0 $0 0% 0 23 0