359 Jardinere Walk just reduced to $280,000...

288 Mossy Oak Way just reduced to $274,900...

Buyers: Have a look at this new listing in The Courtyard section of Belle Hall Plantation:

3 bedrooms, 2 baths, convenient location (walk to elementary school). Sought after school district, close to shopping, easy drive to Downtown, Charleston International Airport, Boeing, etc.

Contact me today to arrange a showing!

Inventory Decreases in Belle Hall Plantation

Good news for Belle Hall homeowners: Inventory of single family, detached homes (SFD) has been steadily decreasing since reaching 69 active listings on the market in July 0f 2007 (and again in April of 2008). As of January 30, 2010, we have 38 homes in "Active" status on the MLS, and 5 more appear under contract.

Sales have been averaging between 4 and 5 a month in the last 12 months. Although we are still in a "buyers' market" and sales and inventory are seasonal (lower sales AND inventory levels during the Winter months are the "norm"), the trend is favorable to returning to a "balanced" real estate market (defined as a market with 6 months' inventory).

The following chart illustrates the current inventory (and its trend) vs. monthly sales for the past three years. If sales continue at least at the same monthly level than last year, is very plausible that Belle Hall may become one of the first neighborhoods in the Charleston Area to turn around and start experiencing appreciation in home values in the near future (i.e. this year!).

The Charleston (SC) real estate market has experienced an important change in sales momentum. Fueled by low mortgage interest rates, improved housing affordability (lower home prices), the $8,000 Tax Credit for first-time home buyers and the prospect of increased employment with the future Boeing plant being built near the Charleston International Airport, year-over-year monthly sales (i.e. October 2009/October 2008) have shown increases for the past four months, for the first time since October of 2006!

As this chart shows, this "turn" in the market trend signals positive things to come for our real estate market. Higher monthly sales = accelerated inventory reduction = shorter time to market supply/demand stabilization.

What does this mean for any potential buyer or homeowner? While in the short term (Fall/Winter 09) the market may still look it is declining, this change of momentum means that next year there will be increased demand for homes in the area. As a buyer this means increased competition, which will prevent them from negotiating "incredible deals". As a seller, this is good news in the long term. The market will return to a "balanced" market once we hit 5-7 months' inventory, which will place sellers in a more balanced negotiating position (right now buyers have a notable advantage).

Of course, market momentum may shift again if any of the underlying variables shift. For example, the market may slow down again if interest rates shift upwards dramatically. However, at this point this seems unlikely, given that inflation is not yet on the Fed's radar screen. But you never know...

My advice for buyers: Don't wait! Take advantage of this window of opportunity now!
My advice for sellers: Can you hang in there for another 9-16 months? You may be able to get a better price for your home if you can wait...

Great buys in Belle Hall!

With the soft real estate market, there are some great buying opportunities in Belle Hall Plantation. Four years ago, there were no listings in Belle Hall under $300,000. Today there are SEVEN listings under $300K!
There are also great buying opportunities in Hibben and Evian for more modern and upmarket homes. Follow this link for a list of current Belle Hall listings...
For more information on Belle Hall Plantation visit MyBelleHall.com

Got $23 Million to Spare?

An incredibly expensive home just hit the Charleston MLS:

32 LEGARE ST. South of Broad (Downtown Charleston) was just listed for $23 Million! Maybe this is not a big deal in New York, San Francisco or Los Angeles, but for Charleston this is a huge price! More details here..