All Blog Entries by Lee and Katherine Keadle

The MLS stats are in for November 16-30, 2012. When comparing YTD (Year to Date) numbers for 2011 and 2012, here are the findings:

• 5,213 Active listings in 2012 compared to 6,488 in 2011 (that’s a decrease of 1,275, or 20% fewer homes for sale than this time last year)
• the number of closed homes for 2012 was 9,325 (remember that this was a few weeks ago) compared to 8,227; this is an increase of 1,098, or 13% listings that have closed

These numbers show that the Charleston real estate market as a whole is recovering well. If we focus on specific areas, here’s what we find:

• areas with the highest number of closed homes include West Ashley (with 40 closed homes in this two week period), James Island (24 closed), North Charleston (60), Mt.

We’ve gotten a lot of mortgage questions recently, so I wanted to take a minute to explain the hype about the very low interest rates we’re seeing right now (rates are holding steady around the 3.5 to 4% range). A 1% change in interest rate produces a 10% change in purchasing power. So, for example, let’s say that you can afford a $300K home at a 4% interest rate. If interest rates go up to 5%, you’ll only be able to afford a $270K home. In other words, you’ll be making the same monthly payment, but more of that money will be spent paying interest rather than the house itself.

Although interest rates are expected to remain low over the next year, home prices are not in the Charleston real estate market. In fact, Charleston’s prices have risen 6% so far

The Charleston real estate market has continued its trends of lower inventories and rising prices. The inventory of homes for sale is down 21% from last year causing the number of days on the market to drop significantly. Right now, the homes that are priced well and show well are selling within a week or two of being listed, often with multiple offers.

What does this mean for you as a buyer? When you find a home you want to see, let us know so that we can make an appointment! Acting quickly will boost your chances of being able to purchase that top pick among the homes that are your favorites. Prices are no longer going down, but rather trending up, so right now we are seeing many buyers ready to purchase who had previously waited for the bottom of the

Here are a few enlightening holiday events coming up in the Charleston area:

• Mt. Pleasant Christmas Parade and Tree Lighting: On Sunday, Dec. 9 at 5:30 PM, gather at Moultrie Middle School in Mt. Pleasant for the tree lighting and a fireworks display. Then stay for the parade down Coleman Blvd.
• Grand Illumination: From 6-8 PM on Thursday, Dec. 13 and also Friday, Dec. 14, you can step back in time to a Christmas of 1782. Wander through candlelit and torchlit gardens and hear costumed interpreters tell stories of the holiday season when the British evacuated Charleston at the end of the Revolutionary War. Afterward, enjoy a fire and a Southern buffet dinner in the Pavilion. Located in West Ashley at Middleton Place, 4300 Ashley River Rd. $45/adults,