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Carolina One

Dave Sansom, COO, Carolina One Real Estate provided updated real estate statistics for the last week of May 2021. “Business remains stable at a very high level,” Sansom said. Below is a snapshot from that week:

• 423 properties were contracted in the Charleston area last week, up 10% from last year’s post-lockdown spike and + 8% from the same (very strong) week of May / June 2019.

• Inventory is at 1391 active lists (excluding Active Conditional and Pending Review). This is mostly flat compared to last week and two weeks ago.



Dave Sansom

Sansom


“We think if we had a few thousand more listings to work with, we would be much closer to the 2020 sales levels,” Sansom said. “Weak demand is not the reason why we have lagged somewhat in the last two exceptional years over the past few weeks … The reason is lack of inventory. In fact, it’s great that the sales levels are as high as they are given where stocks are now. ”

According to Sansom, the number of new listings posted is growing from year to year. “Inventories come to the market in large quantities – they are simply snatched out before they have time to accumulate.”

This time of year – the spring / summer market – is strong and should remain strong, according to Sansom, for at least the next 8-12 weeks. It remains to be seen if Lowcountry is aware of the “seasonal slowdown” in the fall.

Nexton

Nexton recently surpassed 100 home sales in its new Midtown area. In March, Midtown welcomed its first resident and celebrated the opening of the Midtown Club, an expansive entertainment center available to Nexton’s Residential Association members in the spring of 2022.



Nexton midtown club

Rendering of the interior of the Nexton’s Midtown Club and Community Center. Photo / Nexton.


Inspired by traditional city and village planning, Midtown’s master plan is split into five separate villages covering 1,000 acres. Midtown’s initial phase, Bluway, has about 700 homes and is named after the network of canals and waterways that run throughout the area. The names pay homage to the vast Blueway system located in Berkeley County.

When fully developed, Midtown will offer 2,700 homes of various types, sizes and price ranges, surrounding a downtown area with shops, office space, restaurants and the Midtown Club.

Nexton was recently voted the best community in the United States by the National Association of Home Builders (NAHB). For more information and an overview of the available selection of floor plans in Midtown, visit https://bit.ly/3k9pnwW

Carolina Park

Carolina Park’s announces that there are “weeks” left before the opening of Riverside’s new establishment, The Lake Club. The communal center, which took years of planning and months of site preparation and construction, will be open just during the summer season.



Brian Keels

Keely


Brian KeelsThe COO of Carolina Park Development said: “We have chosen very carefully the location for the club. We wanted guests to enjoy lake views and cool water breezes all summer long. We also wanted it to be close to the boardwalk and walking trail so it was easily accessible and integrated into the area. “



Carolina Park Sawyer Island

Aerial view of the site of Sawyer Island in Carolina Park. Residents will have access to their own private island. Given that.


Carolina Park continues to attract buyers. The anticipation for Sawyer Island was better than expected – contracts for 25 custom homes were awarded just weeks after their release. With the addition of stores and retailers such as Costco, CVS, Park West Veterinary, Sweetgrass Pharmacy and others within walking distance, the community’s appeal is growing. Revel is the newest community of active adults over 55 that attracts an even wider population. For more information visit CarolinaPark.com

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Real estate on the island of Kiawa (KIRE)

KIRE reported that momentum was maintained in 2021 and the island as a whole had the best first quarter of sales in the history of the island. KIRE, which specializes exclusively in real estate on the island of Kiawah, reported the best first-quarter sales in its history.



Kiawah Island_3

Kiawah Island has one of the most expensive properties in the state and sales are skyrocketing. Photo / KIRE.


Across the island, Kiawah raised $ 205 million in 177 transactions. This represents an 181% increase in transactions and a 176% increase in volume over the first quarter of 2020; and a 250% increase in transactions and a 297% increase in volume over the first quarter of 2019. Of this number, KIRE generated island-wide sales of USD 152 million on a total of 118 transactions, a 237% increase in sales this quarter over the same period. last year and 337% more than the same period in 2019.

The island’s stocks are the lowest ever recorded and only 2.7% of the island’s properties are available for sale. The inventory of villas and cottages is the most surprisingly low: there are only 13 properties for sale on the island (0.8% of the total volume of villas and cottages), compared to 98 properties available this time last year. The most expensive Kiawah deal in the first quarter came from KIRE to sell a four-bedroom, four-bathroom home with ocean and swamp views at 4 Ocean Course Drive, which sold for $ 7.3 million. For more information visit kiawahisland.com

In search of luxury

According to the National Association of Realtors (NAR), the group of buyers between the ages of 22 and 30, who are called millennials, account for the largest share of home buyers at 37 percent. Demographic groups were trapped in 2014.



Getty_1037451462

Millennials are becoming one of the largest buyer groups in the luxury home market. Photo / Getty Images.


According to a May 2021 report from the Luxury Homes Marketing Institute, this subset of buyers also has a broader presence in the luxury real estate market. Low interest rates and “a new generation of wealthy people who have benefited from the COVID-driven industry” are starting to move away from apartment units or smaller houses. Instead, wealthy millennials choose to buy single-family homes as their first home. Children and the ability to work from home were two driving factors for them.

Nationally, the median list price for a luxury home in April 2020 was $ 1,586,500. In April 2021, this figure increased to $ 1,767,500. Average home size in square feet decreased from 3,675 in April 2020 to 3,416 in April 2021. According to the report, luxury homes are selling at an average of 100% of the list price.

Charleston and North Charleston were included in the list of 10 largest markets during and after COVID-19 NAR. NAR also said that sales in the over $ 1 million segment were up 37.5 percent from last year and that “sales in the upper segment are growing quite rapidly at the highest level.”



Lawrence Yoon

Yun


Lawrence YoonNAR’s chief economist was quoted as saying in an NPR article: “On average, homes receive 5.1 bids; some get much more – 20 or 30 applications. “I really didn’t see it, even during the housing bubble.”

This phenomenon is seen in most markets, including luxury real estate.

Rental Report May 2021

The latest apartment guide rental report shows that nationwide, “all apartment types have grown year over year, except for studio apartments.” The highest percentage of growth was for the two-bedroom apartment, with an increase of 5+ percent year over year. In South Carolina, the average rent for a two-bedroom apartment was $ 1,436 last year and $ 1,491 this year, a 3.86 percent increase. The top five states with the largest rent increases were Nevada, New York, Arizona, Michigan and Texas.



Doug Bibby

Bibby


According to the National Apartment Building Council’s (NMHC) Rent Tracking System, 95 percent of apartment households paid rent. Doug BibbyNMHC President said: “This month’s (April) results are part of what appears to be an increasingly clear pattern of economic recovery and strong demand for multi-unit housing. With more and more vaccines being introduced, jobs being created, and tens of billions of dollars in rental assistance being distributed to residents and housing providers in need, the outlook for the industry is positive. ”

Bibby said some of the reasons for this, especially during and after the pandemic, are that “federal lawmakers have done their job by providing nearly $ 50 billion in rental aid …”

To read the entire report, visit https://www.apartmentguide.com/blog/apartment-guide-annual-rent-report/



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