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Charleston-area home showings plunge for 10th consecutive month
The up-and-down year for Charleston’s residential real estate market continued in May.
Though home sales ticked up 3 percent after two months of declines, thanks to lower interest rates, home showings plunged again for the tenth consecutive month.
The ShowingTime Showing Index for the Charleston region reported the number of doors being opened for prospective buyers dropped 8.8 percent in May. Showings have been down every month since last August and are off an average 8.7 percent over 12 months through May.
Sales are down for the year about 2.4 percent, but it’s important to note that residential transactions are still healthy since the region and state are coming off a couple of years with record or near-record home sales. What’s hurting sales the most in the Charleston region, according to Edward Oswald, the president of the Charleston Trident Association of Realtors, is a lack of inventory of homes at different price points and the rising cost of housing.
Nationally, showings dipped 2.3 percent and an official with the Showing Index believes May could have been the month that turned the corner to a more stable market.
“Year over year, the situation is stabilizing with May 2019 roughly in line with May 2018 and with the Northeast region crossing into positive territory,” said ShowingTime chief analytics officer Daniil Cherkasskiy. “Activity in the Midwest and South are also in line with last year as we continue to see stronger traffic in the lower price quartiles of the market, with more expensive homes still seeing less traffic compared to the same time last year.”
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Lowcountry home sales slipped 1.3 percent last month and are down 2 percent for the year.
By the numbers
3: Number of restaurants adding new locations throughout the Charleston region.
604: Number of acres the nation's largest homebuilder, D.R. Horton, bought recently in the Wildcat Tract next to Cane Bay Plantation in Berkeley County for what could be about 1,700 new homes.
17,000: Number of acres Ikea parent firm recently bought in three counties north of the Charleston metro area.
This week in real estate
+Upper peninsula project: A $35 million office and parking deck project called Belvidere is set to break ground soon off upper Meeting Street on the Charleston peninsula.
+Next in Nexton: Three different projects - retail, apartments and an office building - are slated to begin construction soon on a new part of the Nexton community near Summerville.
+Short-term rentals: Mount Pleasant moves to restrict and limit non-long-term overnight stays with new regulations set to take effect in August.
The newly built 5,000-square-foot home at 2619 Bayonne St. on Sullivan's Island sold recently for $7.35 million, setting an MLS record for the seaside residential community.
Home ownership workshops: OriginSC offers free workshops on home ownership, credit and budgeting at different times, dates and place through July 25.
Xplode Charleston: Real estate professionals can learn about technology and digital marketing in the all-day event Tuesday, July 16, at Trident Technical College in North Charleston. Cost: $199.
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