Current Real Estate Trends & News

Thanks for visiting our blog. We hope you find helpful information here. We will cover our local market statistics and home values, relocation advice, new home happenings and advice on subjects such as mortgage forbearance, short sales and foreclosures.  We care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We look forward to meeting you!

Jerry Brightbill REALTOR

The Brightbill Group/Coldwell Banker|Realty

July 22, 2021

Greater Charleston Market Update - June '21


Here is the latest market update from the Charleston Trident Association of Realtors.

2,458 homes sold in June 2021 in the Charleston region at a median price of $353,544 according to preliminary data released today by the Charleston Trident Association of Realtors®️ (CTAR).

Year-to-date, sales volume has increased 32% with 12,123 homes sold thus far in 2021 compared to 9,201 at this point last year. Median price is $339,990 a nearly 18% increase from this point in 2020, when the median price was $289,000. 
 
Inventory data shows 72% fewer homes for sale over the last 12-month period, with 1,607 homes listed as “active” for sale in the CHS Regional MLS database at the end of June—representing the first increase in available inventory since April 2020.

Let us know if we can help you in your search for a new home, the sale of your existing home, or both!

Posted in Market Updates
July 22, 2021

Greater Charleston Market Update - May '21

Here is the latest market update from the Charleston Trident Association of Realtors.

2,173 homes sold in May 2021 in the Charleston region at a median price of $349,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).

Year-to-date, sales volume has increased 35% with 9,642 homes sold thus far in 2021 compared to 7,136 at this point last year. Median price is $335,000 a 16% increase from this point in 2020, when the median price was $289,245. 
 
Inventory data shows 72% fewer homes for sale over the last 12-month period, with 1,466 homes listed as “active” for sale in the CHS Regional MLS database at the end of May—representing less than one month of available inventory.

Let us know if we can help you in your search for a new home, the sale of your existing home, or both!

Posted in Market Updates
July 22, 2021

Greater Charleston Market Update - April '21

Here is the latest market update from the Charleston Trident Association of Realtors.

New Listings were up 37.7 percent to 2,495. Pending Sales increased 67.4 percent to 2,522. Inventory shrank 72.8 percent to 1,490 units.

Prices moved higher as Median Sales Price was up 18.6 percent to $343,796. Days on Market decreased 47.2 percent to 28 days.

Months Supply of Inventory was down 80.0 percent to 0.7 months, indicating that demand increased relative to supply.

Let us know if we can help you in your search for a new home, the sale of your existing home, or both!

Posted in Market Updates
July 22, 2021

Greater Charleston Market Update - March '21

Here is the latest market update from the Charleston Trident Association of Realtors.

New Listings were up 6.9 percent to 2,449. Pending Sales increased 56.2 percent to 2,556. Inventory shrank 71.7 percent to 1,587 units.

Prices moved higher as Median Sales Price was up 17.4 percent to $337,073. Days on Market decreased 49.2 percent to 31 days.

Months Supply of Inventory was down 77.1 percent to 0.8 months, indicating that demand increased relative to supply.

Let us know if we can help you in your search for a new home, the sale of your existing home, or both!

Posted in Market Updates
July 22, 2021

Greater Charleston Market Update - February '21

Here is the latest market update from the Charleston Trident Association of Realtors.

1,654 homes sold in February 2021 in the Charleston region at a median price of $329,334 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).

Year-to-date, sales have increased 24% with 3,090 homes sold thus far in 2021 compared to 2,487 at this point last year. Median price has increased $324,180, a 12% increase from this point in 2020, when the median price was $290,000. Homes are selling nearly 35% faster than last year, due to the increased demand and lack of supply, the average time a property stays on market is 41 days. 
 
Inventory data shows 74% fewer homes for sale over the last 12-month period, with 1,739 homes listed as “active” for sale in the CHS Regional MLS database at the end of February—representing less than one month of available inventory, a new record low. For comparison, in February 2020, our region had just over 3 months of inventory. 

Let us know if we can help you in your search for a new home, the sale of your existing home, or both!

Posted in Market Updates
July 22, 2021

Greater Charleston Market Update - January '21

Here is the latest market update from the Charleston Trident Association of Realtors.

1,421 homes sold in January 2021 in the Charleston region at a median price of $314,900 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).

Last January, 1,165 homes sold at a median price of $287,545—today’s report reflects a 22% increase in sales and nearly 10% growth in median price over 2020 figures. 

Inventory data shows 71% fewer homes for sale over the last 12-month period, with 2,062 homes listed as “active” for sale in the CHS Regional MLS database at the end of January—representing just 1 months of available inventory, a new record low. 

Let us know if we can help you in your search for a new home, the sale of your existing home, or both!

Posted in Market Updates
July 22, 2021

In Forbearance? What's Next??

The maturity date for most forbearance extensions to The CARES Act are coming to an end. Homeowners have numerous options available to them, but they need to act before the forbearance maturity date.

The CFPB (Consumer Financial Protection Bureau) has outlined 4 options for homeowner's wishing to retain their homes at the maturity date of their forbearance. Earlier in '21 the Acting Director of the CFPB Dave Uejio encouraged mortgage servicers to get prepared for the "tidal wave of distressed homeowners over the coming months" when forbearance matures.

The CFPB's website offers the following recommendations to borrowers... "Generally, there are a few ways borrowers can make up their missed payments. However, the method of repayment can vary depending on your loan. Not all borrowers will be eligible for all options. Ask your servicer about what options are available to you." Their recommendations are below:

1) Repayment Plan - A portion of the amount you owe will be added to the amount you pay each month.

2) Deferral or Partial Claim - This option will either move your missed payments to the end of your loan or put them into a subordinate lien repayable only when you refinance, sell, or terminate your mortgage.

3) Modification - Your payment can be reduced to an affordable about in your missed payments will be added to the amount you owe. Your monthly payments could also be lower, but it could take longer to pay off your loan.

4) Reinstatement (Lump Sum) - For most loans, servicers cannot require you to pay a lump sum. So, if you only hear about a lump sum repayment, ask about other options.

These options may not work for all borrowers, so considering the current housing market, with home prices at all time highs, a homeowner's best option may be to sell their house, use the equity to cover their forbearance deficiency, salvage their credit and move on.

If you have questions about your specific situation, please reach out to Jerry Brightbill for a confidential consultation at (843) 609-1200.

For more information on forbearance check out our upcoming blogs.

https://www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/help-for-homeowners/repay-forbearance/

 

July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates