Why are there so many houses for sale in the Charleston area?

[lizardspock]

Originally Posted by coastalbum

The realtors here are conveinently leaving out all the foreclosures here in Charleston when they are talking about a seller's market. I sure don't believe it is a seller's market.

I think that depends a lot upon where you are looking. If you are trying to buy a house in a development that is chock full of foreclosures, then no way is it a seller's market. If you are looking to buy a house in an established area that has few if any foreclosures, then sellers clearly have the advantage.

From my perspective in Mt. Pleasant, it is mostly a seller's market, though. The demand for quality housing in good locations exceeds the supply. If you can find a house here in Mt. P for around $300k that isn't in one of the few problem areas, you'd better jump on it.

For example - Last week I posted in a thread about a place off Rifle Range that was listed for around $300k but it was in a high risk flood area and in the wind pool, consequently it would have somewhere in the region of $500 - $700 per month for insurance. That seems crazy to me, but it was a beautiful house in a fantastic location. If it weren't for the insurance, I'd have made an offer that day. I found out the next day that it went under contract three hours after it went on the market.

I can't speak for other areas, but here in Mt. P the good stuff is flying off the market.

[mrpeatie]

Actually- the area I was describing from firsthand veiweing of listing and recent comps was West Ashley. We have rich people here too- dammmitt!!! (j/k- we have them but its no skin off my back.)

I've also talked to some subs and the main bean counter at one of the local printing shops who have all said any new construction coming in under 225-250k is really strong which in my experience would mean GC, Summerville or Clements Ferry. I think outer West Ashley and Johns Island are about to see a bump from the announcement that 526 will be completed. Anyone who bought in Carolina Bay at the start will probably look like a financial genius on they day they open the West Ashley to James Island portion of 526. I bet Edgewater Park also regains some of its cache on that same day.

The point I tried to make in my previous post (apparently not well as I eat a burrito and count down the minutes to a 4 day weekend) was only that the locations/neighborhoods/housing types-sizes-styles that are desireable appear to have come back. I do not think this is the mid 00s where anything & everything will see appreciations. Neighborhoods that are not seen as safe/attractive/in good school districts and houses that are not nice or current enough attract buyers will probably linger for a while regardless of what happens to the hotter areas.

[MikeCiucci]

Originally Posted by coastalbum

The realtors here are conveinently leaving out all the foreclosures here in Charleston when they are talking about a seller's market. I sure don't believe it is a seller's market. Take a look at the economy and what is happening with the fiscal cliff??!!!!
Take a look at charlestoncounty.org and look at all the foresclosures here OP, there are thousands of them. There is no way it is a seller's market, and there is great uncertainty with what will happen with housing next year 2013!
I would be careful about trusting a realtor, they of course will paint a rosy picture, but that is simply not true now in the U.S. There is much uncertainty until 2013.

The stats I provided on page 4 of this thread included short sales and foreclosures sold. I also mentioned that some areas and neighborhoods all over the Charleston area are experiencing a seller's market (which they are)- not the entire area as a whole.

I understand that you feel some realtors will only give you a jaded view of actual facts, and that is why I supplied numbers without much 'opinion'. I don't believe everything I hear either, so I commend you on that. I would say to take in all of the information that you can accumulate- and make your own assumptions based upon your own research and findings. But I'm telling you, this is the first time in 5 years we are experiencing a seller's market in certain areas and price ranges surrounding Charleston.

The current inventory of homes for sale on the market is down 20% or more vs. 2011. Read more here at the P&C:
Charleston home sales trends hint at shift to a seller’s market – The Post and Courier