Kappi Widener- Carolina One Real Estate

09/27/2022

What's the market doing?

1) Last week saw 305 properties go under contract, a strong surge for this late in the year.
The first week and second week of September were each the fourth best Week 1 and fourth best week 2 of September on record in terms of ratified contracts
The two best first and second weeks of September all time were in 2021 and 2020, the pandemic related "artificially low interest rates and printed money bonanza" years
It seems to be fashionable in real estate to compare 2022 sales data to 2019 sales data as the last "normal" year without the above referenced artificially low interest rates or printed money
Week One of September 2022 was +70% (!!!) versus 2019 in terms of ratified contracts
Week Two of September 2022 was +25% (!) versus 2019 in terms of ratified contracts
The orange line represents ratified contracts by week last year...the green line is this year...and the blue line is the 15 year average for each week.

Follow the green line below.

(2) Active Inventory stands at 2,877 listings.

While this is a significant increase over the 1,035 listing "floor" that we set in February:
Inventory growth has slowed dramatically over the last twelve weeks.
Standing inventory has moved up to 2,877 active listings (excluding under contract listings), a historically low number
Inventory growth is slowing...inventory increased from a low of 1,035 listings 29 weeks ago to almost 2,500 twelve weeks ago (an average of +88 listings per week) and now inventory has only grown by about 377 listings over the last twelve weeks (+31 per week)
We need roughly 7,000 additional listings market wide to achieve a balanced market (6 months of inventory)
The gap between the number of listings available for sale and the number of listings needed to maintain a balanced market is substantial.

07/14/2022

There is a lot of misunderstanding regarding the housing market and how it relates to a recession

07/08/2022

What’s the current market doing in Charleston?

334 Properties went under contract market wide last week, down significantly versus the same week last year, but still a robust level of activity. The average number of properties under contract for the last week of June since 2004 is 307...last week saw 334...this means that last week was better than the typical last week of June in terms of the number of sales, +10% to the 15 year average.

Follow the green line below - and note that the orange line is last year (2021) and the blue line is the 15 year average.

06/13/2022

This update from our President explains why NOW is the time to buy and sell in this market 🏠

06/09/2022

Our office collected supplies to distribute to Lowcountry Blessing Boxes across Charleston. I brought Ellis along so he could see how good it feels to give to others in need 💙

04/30/2022

BY WARREN L. WISE
[email protected]

Charleston 11th in US for inbound rental moves
Rental rates are higher in Charleston than Charlotte or Atlanta, but that hasn't stopped apartment residents from moving to the Lowcountry.

A new study by online firm StorageCafe ranks the Holy City 11th for net inbound rental moves among 100 U.S. cities with populations of more than 100,000.

The company analyzed 3.4 million rental applications. North Charleston came in 84th and Columbia 87th.

The report showed Charleston has 2.4 people moving in for every renter who left in 2021. Two-thirds of apartment hunters in Charleston are from elsewhere with the biggest out-of-state sources for new residents as Charlotte, New York and Atlanta.
The report also found people leaving New York can expect 29 percent more living space.

Most of the new arrivals are young professionals. Forty-four percent were millennials.

Of course, those moving to the Charleston area can expect to pay some of the highest rental rates in South Carolina. Rents have increased 19 percent in the Lowcountry over the past year.
Median rents in Charleston in April stood at $1,459 for a one-bedroom apartment and $1,752 for a two-bedroom unit, according to online rental firm Apartment List.

Mount Pleasant has the state's highest rental rates of $2,300 for a two-bedroom unit. Renters in North Charleston pay a median rate of $1,450 for a similar apartment while those in Summerville pay $1,520.
All of those are above the national average of $1,319 for a two-bedroom unit.

03/22/2022

A dishwasher with a drawer 🤯

If you need a new fridge, range or other appliance, consider these products featured at the Kitchen & Bath Industry Show

01/07/2022

Thinking about selling? Here are some helpful tips

10/06/2021

After a decade of being the number 1 travel destination, Charleston is beat by Aspen, Co this year

Charleston is no longer the darling of 'Conde Nast Traveler' readers, falling from the top spot it held for 10 years.

08/21/2020

Lots of real estate action! 💃

07/29/2020

07/27/2020

Today was a special day for my clients—DESIGN DAY!! In most cases, when you buy a semi custom home, you get to choose EVERYTHING! We spent the day picking out cabinets, flooring, tiles, backsplash, kitchen finishes, interior/ exterior paint and lighting. I had just as much fun as they did and it was another reminder of how much I love what I do!