The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your Charleston SC Real Estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:
May 2011 Charleston Metro Monthly Housing Indicators
Homeownership is about painting a room fluorescent fuchsia without asking anyone's permission. The recent market challenges have forced some homeowners to become begrudging renters or unintentional landlords. For the nation as a whole, the National Association of REALTORS® reports that the homeownership rate has shifted from 69.0 percent in 2005 to 66.5 percent so far in 2011. While that's not a tectonic shift, let's see what other indicators reveal since that first fateful month after the 2010 tax credit.
New Listings in the Charleston region decreased 73.3 percent to 449. Pending Sales were down 45.8 percent to 362. Inventory levels shrank 15.3 percent to 8,764 units, but there are still plenty of great choices out there.
Prices gained some traction. The Median Sales Price increased 2.7 percent to $189,950. Days on Market increased 15.2 percent to 126 days. Consumers were absorbing homes more quickly as Months Supply of Inventory was down 6.7 percent to 11.8 months. Affordability also improved.
Nationally, the interest rate dropped to 4.88 percent on a 30-year fixed conventional while the unemployment rate snuck up to 9.1 percent in May. The economy added 54,000 jobs, which was far less than April and insufficient to curb unemployment. As recovery goes, so goes positive trends. Some metrics should continue to show favorable movement, but stronger job growth is needed to fuel housing demand and reinforce consumer confidence.
See additional information here.
As always, your thoughts, questions, or comments are greatly appreciated.
Let me know if I can help with any of your Charleston SC Real Estate needs or questions.
See Charleston SC Real Estate Blog for local attractions and current Charleston events.
Look at Charleston SC Real Estate homes anywhere in the tri-county area.
View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210
Sincerely,
"Carolina Joe" Idleman
http://www.charlestonscrealestateforsale.com
