Charter One Realty Blog

Home Values in the Lowcountry

As temperatures move into the '70s and leaves begin to drop, it's clear that Fall has arrived in the Lowcountry. Don't tell the housing market, though. COVID-19 likely shifted some of the buying into later months, but in many ways, the market is still performing like it's the height of the spring and summer home buying season.

 

Real Estate Transactions Through Mid October

In terms of real estate transactions, 2019 was a banner year for real estate in Southern Beaufort County. Fast forward to October 2020, and the Lowcountry real estate market has already exceeded the 2019 total number of transactions by over 6%. With two months left in the year 2020 is on track to be a record-breaking year for real estate transactions in the Lowcountry.

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Anne Wilson Charter One RealtyFor Charter One Realty agent, Anne Wilson, real estate isn’t merely a line of work — it’s a calling. This top-performing agent has been representing buyers and sellers in the Lowcountry for more than 20 years, and she's established quite a track record. As a longtime resident of the Lowcountry, Anne offers her clients an insider’s perspective on the area. 

Anne tells Charter One Realty about her affinity for real estate and her deep connection to the Lowcountry and shares some advice for buyers.

 

Charter One Realty: When did you know that you wanted to pursue a career in real estate?

Anne Wilson: When I began working for a developer in Albuquerque, New Mexico, my job was to meet and greet customers in the developer's Open Houses and I

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Housing Market

Back in March, as the nation’s economy was shut down because of the coronavirus, many were predicting the real estate market would face a major collapse. Some forecasts called for a 15-20% decline in transactions. However, six months later, it seems as though the housing market has fully recovered.

Mark Fleming, Chief Economist at First American, announced last week:

“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”

The Economic & Strategic Research Group at Fannie Mae upgraded its forecast for home sales last week:

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Home Values on the Rise

As we enter the final months of 2020 and continue to work through the challenges this year has brought, some of us wonder what impact continued economic uncertainty could have on home prices. Looking at the big picture, the rules of supply and demand will give us the clearest idea of what is to come.

Due to the undersupply of homes on the market in the Hilton Head Region and the Beaufort Region, there’s upward pressure on prices. Consider simple economics: when there is a high demand for an item and a low supply of it, consumers are willing to pay more for that item. That’s what’s happening in today’s real estate market. The housing supply shortage is also resulting in steep competition, which will also drive price points higher in the home sale

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As the year slowly winds to a close, we come upon some of our favorite holidays. For lots of you, Halloween is the best time of year - between the costumes, the candy, and the community activities.

Parties in 2020 may not be what we’re used to, but that’s not an excuse for missing out on holiday fun. That’s right - it’s finally time to share our Halloween party ideas. 

How can you host a Halloween party during a pandemic? Your home is a safe and relaxing place; hosting friends and family should be enjoyable. In this article, we rounded up our ideas for making the most of Halloween while always keeping in mind the safety precautions. 

With the entire world experiencing unprecedented times, we are all looking for any chance to celebrate the

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Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.

New Listings were up 48.9 percent to 277. Pending Sales increased 59.3 percent to 290. Inventory shrank 31.7 percent to 657 units.

Prices moved higher as Median Sales Price was up 26.6 percent to $293,758. Days on Market increased 5.5 percent to 96 days. Months Supply of Inventory was down 44.9 percent to 2.7 months, indicating that demand increased relative to supply.

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Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.

New Listings were up 40.5 percent to 669. Pending Sales increased 59.2 percent to 672. Inventory shrank 33.8 percent to 1,464 units.

Prices moved higher as Median Sales Price was up 19.6 percent to $388,675. Days on Market increased 7.0 percent to 152 days. Months Supply of Inventory was down 43.8 percent to 2.7 months, indicating that demand increased relative to supply.

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Luxury Real Estate Market 2020

A year ago, additional space and extra amenities had a very different feel for homebuyers. Today, the health crisis has brought to light how valuable more square footage and carefully designed floorplans can be. Home offices, multi-purpose rooms, gyms, and theaters are becoming more popular, and some families are finding the space they need for these upgrades in the luxury market.

The Institute for Luxury Home Marketing (ILHM) explains:

“With quarantine concerns still top of mind for many luxury buyers, we see large, sprawling estates making their comeback.

For instance, the last six months have seen a resurgence in the buying of mega-mansions and estate-size homes – specifically, properties that offer space (both inside and outside),

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Home Inventory Levels September 2020

While many industries have been devastated by the economic shutdown caused by the COVID-19 virus. Real estate is not one of them.

Mark Fleming, Chief Economist for First American, just reported:

“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”

Buyer demand is still strong heading into the fall. ShowingTime, which tracks the average number of buyer showings on residential properties, just announced that buyer showings are up 61.9% compared to the same time last year. They went on to say:

“Normally, real estate

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Hilton Head Area Real Estate Market Report

Housing Supply Outlook - September 2020

According to the September Housing Supply Overview from the Hilton Head Area Association of Realtors, for the 12- month period spanning October 2019 through September 2020, pending sales in the Hilton Head region were up 18.7 percent overall. Market-wide, inventory levels were down 33.8 percent, amounting to 2.8 months supply for single-family homes and 2.3 months supply for condos.

Regarding the luxury real estate market, the pandemic's effect on this segment of the market has been contrary to all initial predictions of an impending global recession. The last 6 months have seen a resurgence in buying luxury properties, especially if they offer established indoor

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