Some Charleston market statistics for you!
The current Charleston housing market conditions so far, which is pretty much the end of the year, have been, well, so-so...Let's see the stats.
There are about TWO TIMES as many homes up for sale than have been sold in the past 6 months. There are more homes that were either withdrawn or expired & probable the more obvious - unsold than sold. Out of all the homes that are under contract, about 1,200 are contingent & about 500 are pending. most of the pending sales should go through and close, however not all of the contingents will.
So, a good question to ask: How many more homes are going to be added to the list of inventory that is already far exceeding the number of houses that are selling? Don't get me wrong, there were a more than decent amount of houses that DID sell over this 2010 year, but certainly nowhere near the amount that there were to be sold. Of course there's always people moving here and obviously those who move out, but I'd say more than not, the numbers are a little higher for those moving in. I mean, we just had Boeing arrive here, which brought in alot of people, which not only benefits the employment status, but helped out the real estate industry because all these people meed a place to live. Also, let's face it, up in the Northeast and parts of the midwest, the weather certainly isn't the reason keeping most people there. There's a very good chance that these ready-to-retire baby boomers are wanting to find a warmer climate, which would also bring more people down south and obviously, beautiful & charming Charleston is always an option.
Bottom line though, until all the house that are up for sale, and this inventory lessens, appreciation on your house isn't likely, even though they have been pretty stable over the past year.
You'd be in good shape if you plan on selling and then buying fairly quickly because even though you're not going to be super ecstatic about having to sell for less. But on the same token, you;re going to buy for even less...Good idea for the investor, of course. And also for really anyone who plans on just selling or buying here. And with another cold snowy winter on tap for the Northeast and Midwest, it might influence more aging baby boomers to decide to retire to the nicer weather and quality of life available in Charleston area.
All in all, I think 2011 is going to be better than this year was, with the forecast sitting the way it is..more people coming in, the economy starting to look up, and businesses (large ones at that) coming into Charleston. Of course, you can never really know what's going to happen, but it's looking like a good year for the real estate market!