As a coastal community, Charleston has a strong housing market, which is getting better due to its business opportunities, cultural opportunities and charm, say local Realtors.

"Surrounded by the Ashley and Cooper Rivers and the Atlantic Ocean," says Realtor Cheryl L. Woods, "Charleston is a beautiful, historic city -- rich with history, culture, and business opportunities.

"The real estate market in Charleston, SC, like most coastal communities, continues to be exceptionally strong with an increasing demand," says Woods. "Prices have stabilized somewhat since September, 2003, but will likely edge up as we get closer to spring. Fortunately, interest rates continue to remain substantially under six percent, giving more people the opportunity to become homeowners and homeowners the opportunity to move up."

Says Realtor Ron Henderson, "The beautiful Charleston area is the drawing card of the south. With its seaport, growing industry and warm climate, it's a people place."

About the market, Henderson counsels, "It's time to buy! Local move-up demand has helped to maintain a steady housing market in the Charleston tri-county area. Interest rates are still down and I'm seeing better offerings for the homebuyer. A recent study showed that resale price gains actually outpaced that of new construction. New construction fresh starts remain five to six months out from the contract date. I've noticed that in some areas new construction has peaked, and price increases have slowed or stopped. Builders are now offering a few incentives for standing inventory. In the high-compete areas, they are offering closing costs, if you use their preferred lender. Condos and townhomes are becoming very popular."

He continues, "Overall prices have increased in Dorchester and Berkeley counties while Charleston county has actually had a slight drop in overall prices. Berkeley lead the way with a 18 percent gain over 2002. Dorchester is up 11 percent and Charleston is off 3 percent. That off figure is not reflected in the more popular areas of Charleston county. The $100,000 - $200,000 range remains tight in all areas with the better properties snapped up fast. The sellers in the $200 - $500,000 ranges for resales have become more competitive. Considering the overall offerings and the very low interest rates, I would continue to classify the tri-county area as being a buyer's market. In some areas and price ranges the shortage of inventory shifts it to a seller's market."

That's partially because, says Henderson, Charleston has been ranked as the 12th best spot in the nation for manufacturers considering an expansion or relocation. The main communities of Charleston, Mt. Pleasant, Goose Creek and Summerville remain a hotbed of activity and I forecast an exciting market for buyers in 2004. With the interest rates at a record low and prices on a steady increase why would any qualified buyer wait?"

"The market in Charleston, SC has slowed down a bit due to the winter months," says Realtor Foster Smith, "but January sales picked up. On the Charleston Peninsula, there have been 21 houses sold at a median price of $445, 000. Sellers have been receiving 95.56 percent of their listing price indicating a strong seller's market on the Peninsula."

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Published: March 8, 2004

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