Charleston Real Estate

Summation of 2013 Charleston Real Estate Trends
February 2nd, 2014 10:11 AM
First of all, we saw some crazy weather in Charleston and the rest of the Southeast this past week. Bridges were shut down all over town and just about everyone took a couple snow day. Wow! That doesn’t happen often here. About as often as a northern college football team wins the national championship! Jim Cantore from the weather channel was here and a youtube video went viral.

February is upon us and there’s a lot to do in Charleston. The month starts off with Charleston Mardi Gras week with a Grand Masquerade Ball and a Fais do-do(a Cajun dance party.) Feb also includes the Southeastern Wildlife Expo from Feb 14-16, the Blue Oyster Bash, a disco party on Feb 7 at Gibbes for Studio 58, the Chocolate Affair on Daniel Island on Feb 8, and the 40th annual Snowstorm Chess Tournament. Musical acts this month include George Benson, Darius Rucker, Arlo Guthrie, Jake Shimabukuro, Dave Mason, Merle Haggard, Buddy Guy, Johnny Lang, the Temptations, the 4 Tops, and the Broadway musical Memphis. Wow! And then there’s the fifth annual Brewvival on Feb 22.

Real estate activity and prices are doing quite well in Charleston. There was a 22% increase in buying activity in 2013 and we saw median sales price rise about 8% for the year. We usually see a slowdown in January and February, but not so far this year. January 2014 was one of the best January’s ever. We are anticipating that we will have a very strong spring and a very strong year. Median sales prices in 2013 got back to the all time high for Charleston of almost $210k. Homes are going quickly and the prices are almost back to 2006/7 levels! Short sales are becoming extinct and new construction is popping up all over the place. Charleston has an incredible economy right now with the combination of Boeing, the software companies, the Digital Corridor, BenefitFocus, tourism, the restaurants, etc.

And as much as I dislike Peyton Manning (cuz I'm a New England fan), I will be rooting for him in the Super Bowl because of the great accomplishments he's had this year.

Feel free to contact me anytime to discuss real estate matters that are on your mind.

Posted in:General
Posted by Joe Kavanagh on February 2nd, 2014 10:11 AMPost a Comment

Subscribe to this blog