Living in Charleston stats January 2022

Lisa Richart Hernandez gives us her expert advice and knowledge of the area and where we are in today's market.  Take a few minutes and keep yourself updated on the Charleston market.

Transcript

Lisa RichartHernandez  
Welcome back to living in Charleston. This is this week's real estate quick it will break it down for you by neighborhood and let you know where everything's selling and what price points. So if you're interested in buying, selling or investing, stay tuned

intro  
Welcome to Living in Charleston podcast with your host, Lisa Richard Hernandez, a fun loving Charleston resident for over 25 years and a full time real estate agent with her poles on everything Charleston, from where to live, to where to eat, what to do, where to tour, and who is who about living life in the low country of Charleston, South Carolina.

Lisa RichartHernandez  
Hi, welcome back to living in Charleston. This is this week's quick hit on real estate information. I don't want to bore you every single podcast with all the statistics and information about real estate in the area. But it is what I do for a living and it's my passion. So I feel like I should share. If you're going to be living in Charleston, you should know what's happening in real estate. So each week, I get a newsletter from the stats guy, and he kind of gives us everything that's going on and breaks it down for us. And so I'm just going to go over these really quickly with you. And we'll be in and out. And you can take with whatever your information you're interested in. And you can always reach out to me on living and podcast living in Charleston podcast.com for more information. So our supply issues in the real estate industry are still a major concern. We normally have around 5000 active listings in our MLS very consistently from 2015 to 2019. And we saw this dip down to about 1300. And actually even 1200. This past week, during the worst of the pandemic and 2020. We went back up to about 2000 in 2021. But now we're back down under 1300. Charleston ended November with an 11.7 gain in transactions year to date, versus that same period in 2020. So we're still selling more even though there's such a lack of inventory, and the medium sales price has risen a robust 15.7% to over 352,000 is our average median price. That's a lot of raise in price in one year. These types of numbers are being seen all across the nation as well. Here's a quick look at Charleston's economy and then I'll go down into breaking it down into neighborhoods. And we just go over the economy and whence about one time a month and 2021 our unemployment is just 4% 2021 kicked off with mainstream pine product LLCs plan to build an estimated $90 million cruel tall oil bio refinery at the Charleston international manufacturing center in Berkeley County, Charleston, South Carolina life sciences and IT sectors continue to thrive and international companies are taking notice. evolt a digital body composition analytic company headquartered in Australia chose North Charleston for its North American operations. Health Information tech company X i FN XIFIN chose Berkeley County to establish its east coast operations creating 150 jobs in the next two years. The Charleston Tech Center opened the flagship in 2021, offering, quote, vibrant, energetic and flexible workspace to support Charleston's growing tech community. South Carolina's fastest growing industry is Life Sciences and 2021. The momentum of the sector's continued to build with Governor Henry McMasters initiative to expand recruitment of pharmaceutical companies, and SCB IO announcing a new CEO to lead economic development efforts. The Charleston International Airport is quote beating its best year ever, with record record travel coming into Charleston regularly. It's also added 16 new domestic flight since January 2021. says a lot about our area and people wanting to come here. I do a lot on relocating to South Carolina on Facebook. There's a group about that. And I've got people just in droves coming from north to either escape the weather or the politics. Tell us international customer experience innovator that designs builds and delivers digital solutions for global brands chose Charleston County for its new operations. The 3.4 million initial initial investment will create approximately 1200 new jobs by 2022. So I get a lot of questions about you know, Are there jobs here. And I would say that definitely Charleston is a growing area, especially if you're in the tech or medical field. Just we'll do an analysis of residential properties that went under contract every week. This week. It's for December 31 to January six, and a little bit behind here, but 222 residential properties went under contract in the past week. 175 single family homes under contract in the past week. The median list price was 375. hive as $203 a square foot zero, under 100 300 200,014 of those were over 1,000,005 of those were over 2,000,001 of those is over 3 million. The median continual days on market is only eight days, which is extremely low. That means in less than eight days, the average home is is being sold, many of them are being sold in the first couple of days with multiple offers. The median year built for those sold homes was 2000, which is a little bit newer home. So that kind of shows people are looking more towards the new homes or renovation. I'm seeing a lot of that one out of 175 single family homes was a foreclosure or short sale and another 15% were new construction. So very little bank owns or foreclosure activity going on yet in the market. We're still not seeing that bounce back from COVID. Yet, a lot of times I get the question, are we going to get a big flood of foreclosures once this happens? I think the answers to that is basically no. Don't be holding out for the slow foreclosures to hit the market for you to get great deals. We're still so far under inventory. It would take a lot of foreclosures to catch up to the normal five to 6000 listings that we normally help from the 1200 26 Islands single family homes when under the contract in the past week five on folly 11 on JOHN'S ISLAND one on Wadmalaw two on Edisto two on Sullivan's Wet and Wild Dunes. So John's Island is a little different than the beach areas like Edisto Sullivan's Wild Dunes are folly. So we're seeing a little more. There's a lot of new construction happening on JOHN'S ISLAND. Five James Island single homes one under contract in the past week, they were listed from 225 to 850 with a median price of 515,000. So a lot of people asked me when they are researching the areas like Where should I look for a home. And for me, the biggest thing is to listen to these median price ranges. And find out if that medium price range is in your price range. And if it is, then that's the area that you may want to target. And I can help you with that. If you're looking to move to the area, just you know, reach out to me on the website. 22 homes single family homes went on to contract in West Atia with a median median sales price of 464. So that's a little bit less expensive than James Island. On JOHN'S ISLAND, we had a 475 medium sales price at 210 a square foot 70 north of Charleston family homes went under contract, a median sales price in North Charleston, was 252 50 is much much lower than the other areas as you can tell. North Charleston is kind of in the middle between JOHN'S ISLAND West Ashley North Charleston, Summerville areas. So there are still some relatively affordable homes in that area. You just have to watch out about the school districts there 13 Mount Pleasant family homes went under contract with a median sales price of 592. Or almost up to 600,000 as a medium price in in Mount Pleasant. On the peninsula of Charleston, that's downtown 768,000 was the median price with the $368 per square foot. Many of those homes are well over the million dollars, depending on which part of the peninsula you're looking at 38 homes in the summer of a lead scenario with a median price of 323,000. That's $163 a square foot. So some new construction going on up in that area. A lot of people are looking at Somerville, they have Dorchester two schools, which is highly rated schools. There's a lot of commercial development up there, new restaurants, new shopping, you can kind of get everything you need up in Somerville now. Whereas maybe 15 years ago, Somerville was a little bit more of a small, small suburb of Charleston. And now it's really grown into its own own area, in my opinion. 52 homes in the Hanahan, Goose Creek and moncks corner area went under contract that we that's one of the biggest sales areas, it's really thriving up there because there's tons of new construction. So the average median price there is 334,014 of those are new construction. So kind of gives perspective of where people are going that want new construction, although it's a good ways out. If you want to get down to downtown Charleston or some other places. moncks corner is probably about an hour away. 45 condos and townhomes went under contract in the past week. 13 of those were from 300 to 425,003 of them were from 550 to 685. One was one point 4,000,002 are new construction. So there's condos and townhomes all over the place depending on what you're looking for and

Lisa RichartHernandez  
what price range and that's all I've got for you today guys. It's really quick and short. I just wanted to give you the updates so you can have just sort of a feel for what the markets doing in our area. Each week, and the different locations, I'm going to upload these documents also to living in Charleston podcast.com. So you can go back in each week, look at what the sales are going and you can start to see trends. If you want to be one of those kind of persons that people are one of those people that researches all of the statistics and stuff. We do have some good events coming up in the Charleston area, which I'll just quickly go over which is restaurant Charleston Restaurant Week is next week, we always look forward to that January 13, through the 23rd. A lot of restaurants will give you a deal like it'll be like one price, for example 65 or $70 or something like that. And it's a three course meal all inclusive, and it helps you to get to try out new restaurants in the Charleston area. And if you're interested in doing that, you should look it up and definitely make reservations because we get booked up on the 15th There's a snowboard rail jam at max one because the coastal Katina and Cantina in West Ashley so that should be interesting. On the 15th is also a Charleston marathon that begins at Burke High School repticon is Expo is at the ledson fairgrounds the 15th and 16th. Michael Bolton's at the gill yard on the 16th on dog green barn jam series starts on the 19th on the 20th little feet at the Charleston Music Hall on the 22nd carpenters remembered at the North Charleston PAC. That's the Performing Arts Center. Dog man the musical is at the Gilliard on the 22nd on the 23rd comedian, Ginger Billy is going to be at the Charleston Music Hall on the 26th Tig Notaro at the Charleston Music Hall. And the 27th Pelley Oh furniture drag spectacular at the Charleston Music Hall. Ashley McBride at the Charleston Music Hall on the 29th and on the 30th darners. Dinosaur World live is at the Hilliard, so all kinds of different events and cultural things going on in the area. If you're interested in planning a trip, check out some of those dates. I'm sure you can look them up on on Google. So have a great day. Thanks for listening, and we'll be back next week with more real estate tips.

Outro  
Thanks for listening to another episode of living in Charleston podcast. We hope you're inspired to come back. Grab yourself a pool iced tea and listen to the next episode. Don't forget to share this with your friends like comment and feel free to reach out directly to Lisa at living in Charleston podcast.com. If you have any questions about the area, looking to move or wants to be in our next episode

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