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I watch the market a lot, I love to dig into the metrics of things and here's one that's concerning or at least making me raise an eyebrow.
August 2018 Months supply for the Charleston Trident MLS is 3.5 months, this is all homes, new and used, condos, multi-family, etc.
The last time we hit 3.5 months was in December 2005. The lowest this market has seen historically is 2.9 months the summer before the bubble burst in June of 2005.
We are seeing a slight cooling of pricing as we get into the slow season with Price and Price per square foot falling off a bit, but days on market is still really strong at 15 days. With pricing near record highs and low supply, I expect that even while interest rates continue to climb, this is a really strong market, at least for the near future.
I'm just wondering how high we can climb before the eventual cool down happens?
One way to look at it is that the market never really stopped growing. The housing market crash in retrospect seems more like a temporary blip than a long term trend, possibly due to the subprime mortgage defaults as opposed to an actual drop in demand. So as soon as the subprime mortgage lending market collapsed and economy recovered, prices eventually headed back to where they left off but without the riskier mortgages.
That’s my theory anyway. As to why prices were increasing in the first place I have no clue.
One way to look at it is that the market never really stopped growing. The housing market crash in retrospect seems more like a temporary blip than a long term trend, possibly due to the subprime mortgage defaults as opposed to an actual drop in demand. So as soon as the subprime mortgage lending market collapsed and economy recovered, prices eventually headed back to where they left off but without the riskier mortgages.
That’s my theory anyway. As to why prices were increasing in the first place I have no clue.
As usual … demand is the culprit.... A bit ago someone posted a study in part covering housing availability in the metro … population grew by 11% … housing starts only grew by 6% … hence the price of housing... purchase and rentals … feel the pinch.
In the back of Tanner Plantation in Hanahan, back on the Goose Creek Reservoir, Lennar homes is getting ready to open a new sub-section called Scenic Point, prices in the 300's. Here's a link to their page: https://www.lennar.com/New-Homes/Sou...SAAEgK1JfD_BwE
IMO the Crosstown needs raised express lanes that connect to the James Island Expressway and Savanna Highway with exits that drop into the medical district and Lockwood.
IMO the Crosstown needs raised express lanes that connect to the James Island Expressway and Savanna Highway with exits that drop into the medical district and Lockwood.
To late for that now. Should have been built like that in the first place.
S. C. Highway Dept. always short sighted and always looking for the cheapest way out.
They need a planning dept.
I remember planning on the James Island bridge at the end of Calhoun Street they were advised to use concrete beams, but they argued that they would prefer steel because it was cheaper. They were finally convinced that concrete would look better, last longer and require less maintence, so in the long run be cheaper.
I have long bemoaned having to descend into downtown from JIC and take congested Courtenay through MUSC to rejoin the Xtown. But we are long past the point of having an elevated exit- less straight shot to the Rav or 26. Oh what could have been.....
I have long bemoaned having to descend into downtown from JIC and take congested Courtenay through MUSC to rejoin the Xtown. But we are long past the point of having an elevated exit- less straight shot to the Rav or 26. Oh what could have been.....
I usually hang a left on Ashley and a right on the Crosstown. Lockwood's usually a bottleneck.
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