Charleston SC Real Estate Blog

In 36 months, there has not been a significant drop in inventory. But the Charleston Trident Multiple Listing Service shows that a 2.5% SHARP drop in inventory has ocurred in the last 45 days. That's awesome news which points to a rapidly changing Charleston Real Estate Market. This drop is likely to be because of three factors:

1. The Holidays.
2. An increasing number of buyers.
3. And a real estate market that has bottomed and starting to upswing.

Thinking of buying? Your window of opportunity is closing for a super deal!

Question: We have had our home on the market since mid-July. We've dropped the price once and have many showings (40+) but no bites. Our broker is telling us to drop the price another $25,000 since homes in our price range ($500,000) don't seem to be selling.

We don't have to sell and are considering:


Taking it off the market completely and putting it back on this Spring.

Waiting until after Christmas to drop the price or not at all and letting the listing run out.

Answer: Given that the property has been shown more than 40 times the problem is unlikely to be with the broker.

Since you don't have to sell would it make any sense to rent the property for a year or two? Be careful that you do not lose the residential capital gains exclusion that comes from living in the property for two of the past five years.

I'd stick with your broker -- and also speak with a tax professional.

Question: If monies are escrowed by a lender to pay real estate taxes and they're not paid in a timely manner, resulting in late penalties or tax penalties, who is responsible?

Answer: If the escrow account had adequate funding to pay the bill, the lender is responsible.

Lender escrow accounts are typically allowed to retain enough money to pay taxes and insurance bills as well as the equivalent of two additional monthly escrow payments plus $50.

Given that a home can be foreclosed if local tax bills are not paid, lenders have a strong duty to assure that such payments are made. For details, speak with a local attorney.

AREA SECTION,NUMBER LISTED, AVERAGE PRICE, MEDIAN PRICE
[47] AWENDAW/MCCLELLANVILLE 158 $602,723 $360,000
[63] BACONS BRIDGE RD TO FOUR HOLE SWAMP 745 $259,226 $213,990
[74] BERKELEY TRIANGLE(17A/C PK RD/CNTY LN) 240 $209,528 $168,757
[78] CAINHOY/WANDO 332 $493,845 $238,750
[82] COLLETON COUNTY 401 $164,463 $99,999
[77] DANIEL ISLAND 334 $675,801 $495,000
[46] DEWEES ISLAND 33 $787,936 $495,000
[62] DOR CNTY-LADSON TO BACONS BRIDG&RURAL SW 355 $221,992 $192,748
[64] DORCHESTER CNTY ABOVE FOUR HOLE SWAMP 132 $371,580 $109,950
[61] DORCHESTER RD CORRIDOR BELOW LADSON RD 468 $253,258 $221,210
[27] EDISTO BEACH 184 $538,101 $449,500
[26] EDISTO ISLAND 107 $588,378 $265,000
[22] FOLLY BEACH AND OUTER JAMES IS. 254 $826,200 $699,000
[71] HANAHAN 168 $270,875 $218,950
[44] ISLE OF PALMS 238 $1,517,082 $1,210,000
[21] JAMES ISLAND 563 $359,921 $279,000
[23] JOHNS ISLAND 449 $529,405 $294,900
[25] KIAWAH AND SEABROOK ISLANDS 255 $1,088,198 $675,000
[76] MONCKS CORNER AND PINOPOLIS 151 $219,960 $159,000
[41] MT. PLEASANT BEYOND 41 645 $475,992 $365,000
[42] MT. PLEASANT OUT TO HWY 41 1284 $507,111 $375,000
[31] N. CHARLESTON INSIDE MARK CLARK 216 $136,619 $92,450
[32] N. CHARLESTON OUTSIDE MARK CLARK 375 $240,605 $169,000
[73] NORTHWESTERN GOOSE CREEK 158 $210,475 $189,900
[83] ORANGEBURG COUNTY 79 $270,902 $161,900
[81] OUT OF TRI-COUNTY AREA 237 $669,735 $290,000
[52] PENINSULA CHAS. ABOVE CROSSTOWN 214 $369,856 $300,000
[51] PENINSULA CHAS. BELOW CROSSTOWN 502 $931,351 $638,500
[75] RURAL BERKELEY COUNTY 465 $231,271 $156,700
[13] RURAL WEST ASHLEY 249 $476,970 $299,000
[72] SOUTHEASTERN GOOSE CREEK 131 $190,218 $171,641
[43] SULLIVAN'S ISLAND 46 $2,073,302 $1,912,500
[11] W. ASHLEY INSIDE MARK CLARK 332 $386,414 $284,750
[12] W. ASHLEY OUTSIDE MARK CLARK 477 $285,042 $234,900
[24] WADMALAW ISLAND 54 $866,533 $650,000
[45] WILD DUNES 220 $1,183,593 $950,000