Charleston Real Estate Market Update - May 22, 2020
Here's some good news to send you into the weekend. We are having some of the best weeks ever in the Charleston real estate market. This past week is one of the top three weeks EVER with 472 residential homes under contract. This is incredible. 360 were single family homes with a median sales prie of $300,000. Some of the hottest areas this past week include Goose Creek/Moncks Corner, and Summerville/Ladson.
We are also seeing projections that the housing market is positioned to be a driving force in the economy's recovery. See information from Keeping Current Matters below.
As Mark Fleming, Chief Economist of First American, recently explained:
“Many still bear scars from the Great Recession and may expect the housing market to follow a similar trajectory in response to the coronavirus outbreak. But, there are distinct differences that indicate the housing market may follow a much different path. While housing led the recession in 2008-2009, this time it may be poised to bring us out of it.”
Fleming is not the only economist who believes this. Last week, Dr. Frank Nothaft, Chief Economist for CoreLogic, (@DrFrankNothaft) tweeted:
“For the first 6 decades after WWII, the housing sector led the rest of the economy out of each recession. Expect it to do so this time as well.”
And, Robert Dietz, Chief Economist for the National Association of Home Builders, in an economic update last week explained:
“As the economy begins a recovery later in 2020, we expect housing to play a leading role. Housing enters this recession underbuilt, not overbuilt…Based on demographics and current vacancy rates, the U.S. may have a housing deficit of up to one million units.”
It's also important to note that experts anticipate we'll see a recovery starting this year. That is not to say that things will go back to normal immediately or even that it will be a smooth transition, but most agree that a turnaround will begin sooner rather than later.
Even though we are showing excellent numbers this Spring, there are still many potential buyers and sellers who have placed their real estate plans on hold during the Coronavirus outbreak and planned shutdown. Over the coming weeks and months as we look ahead at this economic recovery, and as we begin to head back out into our communities and return to a level of normalcy, perhaps it is time to think about putting your real estate plans back into play. Contact us today to see how we can assist you in selling, finding, or building your next home.
Contact the Barnette Ludlam Team Executive Administrator, Brock Hall for more information or to be directed to a licensed Barnette Ludlam Team Agent. Visit realestatesalescharleston.com to view all homes available in the beautiful Lowcountry of South Carolina. Southern Shores Real Estate Group and the Barnette Ludlam Team specialize in finding the perfect home for you and your family and/or selling your existing home. Can't find what you are looking for? We can build it through our affiliate, Rising Tide Homes. You'll find our quality new construction homes (and their happy homeowners) all over the Charleston area. Additional services include Property Management, Vacation Rental Management, Commercial Sales and Leasing, and Renovations and Repairs. If you have a real estate need, we can serve you. Search Charleston, N. Charleston, James Island, Johns Island, Folly Beach, Mt. Pleasant, Isle of Palms, Daniel Island, Summerville, Goose Creek, Hanahan, Ladson.