Ann Evans - Market Talk
November 2010 - Finding the Right Price
Charleston Real Estate - News from the Field
In the past several years, the average number of total homes for sale listed in the Charleston MLS has been around 5,000. Currently, 8,100+ homes are on the market. What does this mean? Well, for starters, it certainly shifts to a buyer's market. My interpretation is that some investors are trying to cash out, which is not a big surprise. The real deal here is that pricing has finally leveled off. New listings this spring, however, have been priced assuming that prices were continuing to rise. In my opinion, properties will begin to sell as sellers adjust their listing prices to reflect more realistic levels of appreciation.
So are we on the brink of the bubble popping? Not yet. We're just seeing a cooling off period. With yearly appreciation humming along at record double digit rates, it was only a matter of time before we returned to more sustainable 4-10% appreciation rates. The Charleston real estate market remains healthy. Expect more leveling off as we keep an eye on our slowing economy
Park Circle Coming Full Circle?
Keep an eye on the North Charleston market. With several big players (Noisette, I'on Company) redeveloping significant chunks of the area, buying activity, and strong appreciation, is sure to follow.
It's been a few years since I lived in Atlanta, but I see this area of town as being similar to the Virginia Highland and Little Five Points areas, two in-town neighborhoods located close to downtown Atlanta. Those areas are thriving because of their proximity to downtown as well as their hip, funky cool look and feel. North Chuck, which has been on the rise the last five years, is looking better than ever!