Author Archives: Meghan

Review CTAR’s Housing Study

Posted on by

As we have seen over the last decade, but especially in the last few years, home prices in the Charleston area have increased on a level that is out of reach for many residents.  From January to June 2021 alone, listing prices rose 12.5% and average rents increased approximately 14%. The cost of housing overall has risen 43% in the last decade.

Access the Housing Study
Read the One-Page Housing Study Summary
Review the Full Report

In 2019, it was estimated that over 76,000 households in our region are spending more than 30% of their budget on housing costs which classifies them as “housing cost burdened” and is not only a strain on those families that are impacted, it also hurts our economy by not providing disposable income for other wants and needs of the family.

For this reason, the Charleston Trident Association of Realtors® (CTAR) retained Anderson Economic Group to conduct a study of housing affordability and housing policy in the Charleston metro area.  The purpose of this report is to identify promising housing policy proposals based on both their feasibility and their capacity to have a meaningful impact on housing affordability in the Charleston region.

The study process:

  1. Conduct an analysis of the Charleston metro area housing market
  2. Review a wide range of housing policy proposals and case studies
  3. Evaluate policy proposals in terms of their feasibility and potential impact on the region’s housing supply

The study analyzes current market conditions and works to identify policy solutions that could potentially address the housing challenges our region faces.

These local remedies could help relieve the stress the market is feeling. If we are able to create a stable environment, with smart solutions, it will allow us to develop and rehabilitate more market friendly housing options. CTAR looks forward to working with our local governments to implement these policy recommendations.

AEG Presentation from the Residential Market Update
Click the image below to access the PDF of slides from Andrew’s presentation during the annual Residential Market Update.

Access the Housing Study
Read the One-Page Housing Study Summary
Review the Full Report

Additional Resources
NAR Housing Study by the Rosen Group

Realtor Party Broker Resources

Posted on by

In this section, you will find tools, resources and information that will help you communicate the value of RPAC and the Realtor Party to your agents.

Download the “Value of RPAC” presentation here.

Download talking points for the presentation here.

VIDEO RESOURCES

Legislative Division Overview

Why Invest in RPAC?

Commercial Education Week October 5-8

Posted on by

Ethics is a Code – commercial case studies (virtual)
October 5 | 10 – 2pm | Instructor: David Jaffee
CEE3000 | 4 Elective Hours | meets NAR Code of Ethics requirement (1/1/2019 – 12/31/2021)

This course clarifies the differences between requirements in the S.C. Code of Laws / Real Estate Practice Act and those of a Code of Ethics from a professional organization such as the National Association of REALTORS. Four commercial case studies highlight the course.

REGISTER HERE!

Big League Hardball: A Rental Property Workshop (virtual)
October 6 | 12pm-4pm | Instructor Tom Lundstedt
CEE3593 | 4 Elective Hours

This course is designed and will be presented in a manner to benefit the general public. The focus will be on how to reduce investment risk by being knowledgeable about issues such as rental income, operating expenses, depreciation, property management and valuation.

REGISTER HERE!


Exploring Commercial Finance (virtual)
October 7 | 9am-1pm | Instructor: Brian Woods
CEE3564 | 4 Elective Hours

In commercial and investment real estate, it’s vitally important the buyer either has the cash or a strong financing to have the ability to close the deal.  No money, no transaction.  The fundamentals for commercial lending are quite different than for owner-occupied residential properties.  In this course, we will explore the topics it is important you understand related to commercial and investor financing.  Learn what it takes to understand the financing aspect of your real estate deals, have good financing options for your clients and get your transactions to successfully close.

REGISTER HERE!


Exploring Commercial Real Estate (virtual)
October 8 | 9am-1pm | Instructor: Brian Woods
CEE3565 | 4 Elective Hours

While in many cases, your existing real estate license is what is required for you to practice commercial real estate, commercial is fundamentally different from residential real estate.  We will explore the differences and introduce you to key commercial concepts, terminology and resources designed to assist your success in commercial real estate.

REGISTER HERE!

 

August Market Update

Posted on by

RESIDENTIAL REAL ESTATE SALES INCREASE IN AUGUST, MEDIAN PRICE UP 17%

CHARLESTON, SC—(September 10, 2021) 2,113 homes sold in August in the Charleston region at a median price of $357,900 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).

Year-to-date, sales volume has increased 20% with 16,399 homes sold thus far in 2021 compared to 13,717 at this point last year. Median price is $344,411, a 17% increase from this point in 2020, when the median price was $295,000.

Inventory data shows 49% fewer homes for sale over the last 12-month period, with 2,062 homes listed as “active” for sale in the CHS Regional MLS database at the end of August—representing one month’s worth of available inventory.

“The August sales increases are consistent with what we expected and serve as a good baseline for where we expect to see in terms of sales activity for the remainder of the year” said 2021 CTAR President Rusty Hughes. “We have not seen a decline in demand and don’t expect to any time soon—the appeal of the Charleston region is holding strong” said Hughes. Earlier this week, Travel + Leisure magazine announced that for the 9th year in a row, Charleston was named the ”Best US City”.

July Adjustment
Preliminary data showed 2,112 homes sold in July in the Charleston region at a median price of $350,000. Updated data now shows 2,132 sales at a median price of $350,000.

Berkeley County
697 homes sold at a median price of $326,516 in Berkeley County in August, 598 single-family homes and 99 condos/townhomes.

Year-to-date, 4,176 single-family homes have sold at a median price of $329,500. Today’s report shows a 33% increase in sales and a 17% increase in median sale price. 568 condos/townhomes have sold at a median price of $226,990 so far this year—a 19% increase in sales and 17% increase in price.

There are currently 553 residential properties for sale in Berkeley County; 503 single-family homes and 50 condos/townhomes.

Charleston County
902 homes sold at a median price of $415,173 in Charleston County in August, 654 single-family homes and 248 condos/townhomes.

Year-to-date, 5,618 single-family homes have sold at a median price of $500,000. Today’s report shows an 11% increase in sales and a 21% increase in median sale price. 2,125 condos/townhomes have sold at a median price of $290,000 so far this year—a 25% increase in sales and 16% increase in pricing.

There are currently 988 residential properties for sale in Charleston County; 691 single-family homes and 297 condos/townhomes.

Colleton County
39 homes sold at a median price of $246,950 in Colleton County in August, 35 single-family homes and 4 condos/townhomes.

Year-to-date, 247 single-family homes have sold at a median price of $279,900. Today’s report shows a 13% increase in sales and a 44% increase in median sale price. 33 condos/townhomes have sold at a median price of $237,500 so far this year—an 8% decline in sales and 6% decline in pricing.

There are currently 65 residential properties for sale in Colleton County; 59 single-family homes and 6 condo/townhome.

Dorchester County
399 homes sold at a median price of $282,225 in Dorchester County in August, 341 single-family homes and 58 condos/townhomes.

Year-to-date, 2,553 single-family homes have sold at a median price of $306,135. Today’s report shows a 13% increase in sales and 15% increase in median sale price. 428 condos/townhomes have sold at a median price of $221,900 so far this year—a 29% increase in sales and 20% increase in pricing.

There are currently 262 residential properties for sale in Dorchester County; 228 single-family homes and 34 condos/townhomes.

July Market Update

Posted on by

RESIDENTIAL REAL ESTATE SALES DOWN SLIGHTLY COMPARED TO LAST JULY’S RECORD-BREAKING SALES
Year-to-Date Sales Up 23% and Median Price Increases Again

CHARLESTON, SC—(August 10, 2021) 2,112 homes sold in July in the Charleston region at a median price of $350,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).

Year-to-date, sales volume has increased 23% with 14,252 homes sold thus far in 2021 compared to 11,636 at this point last year. Median price is $340,000, a 17% increase from this point in 2020, when the median price was $291,000.

Inventory data shows 63% fewer homes for sale over the last 12-month period, with 1,965 homes listed as “active” for sale in the CHS Regional MLS database at the end of July—representing one month’s worth of available inventory.

“As we anticipated, the year-over-year sales comparisons show a slightly lower volume of transactions in July” said 2021 CTAR President Rusty Hughes. “Last July had the highest number of sales for any month in 2020, by a margin of several hundred homes—so the sales figures we’re looking at for July 2021 actually reflect a normal pace of growth in comparison to historical data” said Hughes. “At this time last year, the market was really taking off after post-lockdown restrictions and many were reevaluating their housing needs, which led to a higher level of sales than normal” he said.

June Adjustment
Preliminary data showed 2,458 homes sold in June in the Charleston region at a median price of $353,544. Updated data now shows 2,470 sales at a median price of $353,544.

Berkeley County
600 homes sold at a median price of $291,950 in Berkeley County in July, 526 single-family homes and 74 condos/townhomes.

Year-to-date, 3,565 single-family homes have sold at a median price of $325,922. Today’s report shows a 34% increase in sales and a 16% increase in median sale price. 468 condos/townhomes have sold at a median price of $224,001 so far this year—a 13% increase in sales and 17% increase in price.

There are currently 497 residential properties for sale in Berkeley County; 546 single-family homes and 41 condos/townhomes.

Charleston County
974 homes sold at a median price of $404,556 in Charleston County in July, 695 single-family homes and 279 condos/townhomes.

Year-to-date, 4,955 single-family homes have sold at a median price of $495,500. Today’s report shows a 15% increase in sales and 22% increase in median sale price. 1,873 condos/townhomes have sold at a median price of $286,290 so far this year—a 33% increase in sales and 15% increase in pricing.

There are currently 958 residential properties for sale in Charleston County; 678 single-family homes and 280 condos/townhomes.

Colleton County
36 homes sold at a median price of $296,088 in Colleton County in July, 34 single-family homes and 2 condos/townhomes.

Year-to-date, 212 single-family homes have sold at a median price of $288,750 Today’s report shows a 13% increase in sales and a 49% increase in median sale price. 29 condos/townhomes have sold at a median price of $237,500 so far this year—a 3% decline in sales and 6% decline in pricing.

There are currently 64 residential properties for sale in Colleton County; 63 single-family homes and 1 condo/townhome.

Dorchester County
407 homes sold at a median price of $269,975 in Dorchester County in July, 344 single-family homes and 63 condos/townhomes.

Year-to-date, 2,206 single-family homes have sold at a median price of $305,000. Today’s report shows a 14% increase in sales and 15% increase in median sale price. 369 condos/townhomes have sold at a median price of $220,000 so far this year—a 31% increase in sales and 19% increase in pricing.

There are currently 263 residential properties for sale in Dorchester County; 223 single-family homes and 40 condos/townhomes.

New CE Course: Cyber + Legal Threats

Posted on by

Protect RE Consumers from Cyber & Legal Threats
Course # CEE3467
Taught by national instructor Craig Grant

With the increased susceptibility in the real estate industry to Cybercrimes, wire fraud, and many other scams targeting the business, it is critical that BICS and company owners learn the best methods and set a new standard of practice when caring for their clients’ sensitive information that is revealed in a real estate transaction.

With the increased activity, communications, and sharing that occur on the internet and through social media, REALTORS® must educate their clients on safety precautions. This course is designed to elevate awareness, assist BICS in establishing policies and procedures, and raise the level of care offered to the consumers when we promise to protect and promote a client’s best interests.

This course will be taught via a live Zoom session; click on a date below to register.

This new, 3 hour CE elective is offered free of charge to all CTAR BICs thanks to funding from a recent NAR Safety Grant!

November 2 | 2-5pm
* This date is for BICs ONLY

June Market Report: Inventory Increases For The First Time In 15 Months

Posted on by

Inventory Of Homes For Sale Increases For The First Time In 15 Months
Sales and Prices Continue to Increase in a Competitive Market

CHARLESTON, SC—(July 12, 2021) 2,458 homes sold in June in the Charleston region at a median price of $353,544 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).

Year-to-date, sales volume has increased 32% with 12,123 homes sold thus far in 2021 compared to 9,201 at this point last year. Median price is $339,990 a nearly 18% increase from this point in 2020, when the median price was $289,000.

Inventory data shows 72% fewer homes for sale over the last 12-month period, with 1,607 homes listed as “active” for sale in the CHS Regional MLS database at the end of June—representing the first increase in available inventory since April 2020.

 

May Adjustment
Preliminary data showed 2,173 homes sold in May in the Charleston region at a median price of $349,000. Updated data now shows 2,185 sales at a median price of $348,795.

Berkeley County
690 homes sold at a median price of $287,500 in Berkeley County in June, 609 single-family homes and 81 condos/townhomes.

Year-to-date, 3,037 single-family homes have sold at a median price of $325,000. Today’s report shows a 41% increase in sales and a 17% increase in median sale price. 394 condos/townhomes have sold at a median price of $216,995 so far this year—a 21% increase in sales and 14% increase in price.

There are currently 308 residential properties for sale in Berkeley County; 279 single-family homes and 29 condos/townhomes.

Charleston County
1,189 homes sold at a median price of $399,200 in Charleston County in June, 873 single-family homes and 316 condos/townhomes.

Year-to-date, 4,252 single-family homes have sold at a median price of $492,000. Today’s report shows a 26% increase in sales and 25% increase in median sale price. 1,592 condos/townhomes have sold at a median price of $280,000 so far this year—a 45% increase in sales and 12% increase in pricing.

There are currently 836 residential properties for sale in Charleston County; 586 single-family homes and 250 condos/townhomes.

Colleton County
33 homes sold at a median price of $236,900 in Colleton County in June, 30 single-family homes and 3 condos/townhomes.

Year-to-date, 178 single-family homes have sold at a median price of $295,000. Today’s report shows a 13% increase in sales and 56% increase in median sale price. 27 condos/townhomes have sold at a median price of $228,000 so far this year—a 17% increase in sales and 10% decline in pricing.

There are currently 48 residential properties for sale in Colleton County; 48 single-family homes and no condos/townhomes.

Dorchester County
446 homes sold at a median price of $271,988 in Dorchester County in June, 368 single-family homes and 78 condos/townhomes.

Year-to-date, 1,858 single-family homes have sold at a median price of $303,000. Today’s report shows a 21% increase in sales and 14% increase in median sale price. 305 condos/townhomes have sold at a median price of $217,900 so far this year—a 46% increase in sales and 15% increase in pricing.

There are currently 214 residential properties for sale in Dorchester County; 178 single-family homes and 36 condos/townhomes.

CTAR Building to Fully Re-Open July 1

Posted on by

CTAR | CHS MLS | SCCMLS Offices to Fully Re-Open July 1 

ASSOCIATION AND MLS OFFICE OPERATIONS

On July 1, 2021, we will reopen our doors at the CTAR building (Monday-Friday, 9am-5pm) in addition to continuing the popular appointment and after-hours pickup services in order to serve all of our members in a way that feels safe and comfortable for all of you.

Over the last 15 months, we’ve learned to work more efficiently—streamlining offerings and in many ways, increasing our availability to you through virtual or appointment-based services. We are incredibly proud of the flexibility and professionalism of our employees, who have remained focused on increasing support and delivering superior Realtor® services to you throughout the pandemic.

We have enjoyed having members back in the building for in-person CE courses over the last few months, and look forward to seeing more of you in the months to come at classes, events and our 2021 Summer Conference!

For those of you who do not yet feel comfortable coming back into the building, we understand that as well and will continue to offer contactless appointment services and online education.

We ask that those of you who are not vaccinated continue to wear masks in the building, for the safety of other members and our staff. If you are fully vaccinated, masks are to be worn at your own discretion.

Please, no mask shaming! Some will continue to wear masks for any variety of reasons—unvaccinated children in their home, personal health issues or just because they feel more comfortable doing so.

Our main focus remains the health and safety of our members and staff. We will maintain additional cleaning practices and safety measures throughout the building.

We are thrilled to be able to welcome you back to your Realtor® headquarters, and look forward to seeing your smiling faces here or at an event soon!

APPOINTMENTS FOR SERVICES

Members may make appointments for services including store purchases, lockbox pickup and limited repair drop-off*. We will employ a curbside pickup approach for the safety of all parties. Products and services will be available for pick up at your designated time in front of the building.

Make an appointment today!

EDUCATION OPERATIONS

We have shifted our class schedule to include limited-attendance live courses with covid protocols being strictly followed, live virtual classes through zoom, and online opportunities.

For more information, visit the License Renewal Resource Center or review our CE options.

CTAR Summer Conference is Back!

Posted on by

 

Come together with CTAR for our first full membership event in over a year! We have an exciting lineup of speakers and updates to share with you. This event is free for CTAR members as a benefit of your annual membership dues.

The conference will be presented in a hybrid format, in-person and virtually. In-person attendance is limited, please register early if you prefer that option.

Register to Attend In-Person

Register to Attend via Zoom

Conference Agenda

8:30 am   Networking and Sponsor Expo

9:30 am   Conference Welcome with CTAR CEO Wil Riley and 2021 President Rusty Hughes

9:40 am   SCR Update with 2021 SCR President Morris Lyles

10:00 am  “Why You?: Maximizing Your Best Asset” with Realtor Holly Mabery

10:50 am  Break

11:00 am  CTAR Update with President Rusty Hughes, Past President Bobette Fisher and RHOF Chair Jackie Moore

11:30 am  Affordable Housing Discussion with FA Johnson II, esq.

12:00 pm Lunch

12:30 pm Keynote Address with Anton Gunn

1:30 pm  SC Market Update with Dr. Joey Von Nessen [bonus session]

NEW! May Market Update

Posted on by

RESIDENTIAL REAL ESTATE SALES AND PRICES INCREASE AGAIN IN MAY
The Already Competitive Market Poised to Tighten as Summer Buying Season Kicks Off

CHARLESTON, SC—(June 10, 2021) 2,173 homes sold in May in the Charleston region at a median price of $349,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).

Year-to-date, sales volume has increased 35% with 9,642 homes sold thus far in 2021 compared to 7,136 at this point last year. Median price is $335,000 a 16% increase from this point in 2020, when the median price was $289,245.

Inventory data shows 72% fewer homes for sale over the last 12-month period, with 1,466 homes listed as “active” for sale in the CHS Regional MLS database at the end of May—representing less than one month of available inventory.

“Sales and pricing continue to increase as we move into the Summer buying season, which is generally when we see the highest levels of demand in our region” said 2021 CTAR President Rusty Hughes. “We’re already in a very competitive market, with most listings receiving multiple offers and moving off the market in hours, not days” he said. “Additional demand, competition and the ongoing challenge of limited inventory will create additional competition among buyers” said Hughes.

April Adjustment
Preliminary data showed 2,148 homes sold in April in the Charleston region at a median price of $343,796. Updated data now shows 2,166 sales at a median price of $340,628.
 
Berkeley County
642 homes sold at a median price of $270,200 in Berkeley County in May, 557 single-family homes and 85 condos/townhomes.

Year-to-date, 2,423 single-family homes have sold at a median price of $321,500. Today’s report shows a 46% increase in sales and a 15% increase in median sale price. 313 condos/townhomes have sold at a median price of $215,000 so far this year—a 23% increase in sales and 13% increase in price.
There are currently 308 residential properties for sale in Berkeley County; 279 single-family homes and 29 condos/townhomes.

Charleston County
985 homes sold at a median price of $49,050 in Charleston County in May, 720 single-family homes and 265 condos/townhomes.

Year-to-date, 3,368 single-family homes have sold at a median price of $485,000. Today’s report shows a 29% increase in sales and 23% increase in median sale price. 1,276 condos/townhomes have sold at a median price of $280,470 so far this year—a 50% increase in sales and 12% increase in pricing.
There are currently 762 residential properties for sale in Charleston County; 531 single-family homes and 231 condos/townhomes.

Colleton County
34 homes sold at a median price of $226,000 in Colleton County in May, 29 single-family homes and 5 condos/townhomes.

Year-to-date, 148 single-family homes have sold at a median price of $301,250. Today’s report shows a 13% increase in sales and 67% increase in median sale price. 24 condos/townhomes have sold at a median price of $232,750 so far this year—a 50% increase in sales and 8% decline in pricing.
There are currently 59 residential properties for sale in Colleton County; 59 single-family homes and no condos/townhomes.

Dorchester County
427 homes sold at a median price of $275,400 in Dorchester County in May, 351 single-family homes and 76 condos/townhomes.

Year-to-date, 1,490 single-family homes have sold at a median price of $299,450. Today’s report shows a 25% increase in sales and 13% increase in median sale price. 225 condos/townhomes have sold at a median price of $213,900 so far this year—a 42% increase in sales and 14% increase in pricing.
There are currently 180 residential properties for sale in Dorchester County; 148 single-family homes and 32 condos/townhomes.