As the first quarter of 2014 comes to an end soon the Charleston South Carolina real estate market conditions have gone much like the rest of the country. It’s puttering along, not down, but not booming like it was through a lot of 2013. As most of the country has experienced things have more or less leveled off as compared to even a few months ago. As the cliche’ goes location location location still rules the day. If you are a seller and have a home in an area with limited inventory like Mount Pleasant, finding a home that is adequate and under $300,000 has become difficult.
If you question my opinion in there being a slow down, the proof is in the pudding as they say. According to Bloomberg News: Wells Fargo Bank, the biggest U.S. home lender, plans to eliminate 700 more jobs from its mortgage business as demand for buying has waned. The company reported applications fell 25 percent from the third quarter and un-closed loans dropped 29 percent to $25 billion.
Here locally, the Charleston SC tri-county real estate market absorption rate of home purchases is down year over year from 6.7% in Jan 2013 to 5.1% in Jan of 2014. However, the average sales price is up in the Charleston SC area 11.2% from last year, primarily due to a restricted available inventory.
New home construction in Charleston SC – housing report showed new home sales increased 9.6% to a higher-than-expected seasonally adjusted annual rate of 468,000 in January, from an upwardly revised 427,000 in December as an average nationally.