12 Sep Lazar Cartu Stated Post-lockdown home showings, sales keep rising; N….
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Post-lockdown home showings keep climbing
Charleston-area home showings surged again in July, nearly matching the double-digit gains made in June to counter the crushing losses suffered during the height of the coronavirus lockdown during the spring.
The region saw a 24.3 percent spike in people looking at homes for sale, either in person or online, after a 29 percent increase in June and a nearly 20 percent rise in May, according to the ShowingTime Showing Index.
The increases follow the pandemic-induced lost showings in March of nearly 14 percent and a whopping 26 percent plunge in April when stay-at-home orders were in effect across the state and nation before being lifted in May and June.
Nationally, showings skyrocketed nearly 61 percent per listing in July as pent-up demand led to droves of prospective homebuyers searching for residential properties.
“In previous years, July would be the month when real estate activity begins to slow down,” said ShowingTime chief analytics officer Daniil Cherkasskiy. “In 2020, July became the peak month of the delayed busy season. A glimpse at August trends also suggests that demand is staying at this high level and may continue to do so through at least September.”
For the second consecutive month, the Northeast saw the largest jump in year-over-year showing activity with a 76.6 percent increase in July. The West Region’s 57 percent boost came next, followed by an increase in the Midwest of 52 percent and in the South of almost 47 percent.
Record-low mortgage interest rates are likely to continue to propel home showings and home sales.
More than 2,000 homes changed hands across the Charleston metro area last month, boosting yearly sales by almost 6 percent through the first eight months to 13,661, well ahead of last year’s record-setting sales.
By the numbers
3: Number of Bottles Beverage Superstore locations now in operation across the Palmetto State after a new shop recently opened in Summerville.
3: Number of Groucho’s Delis that will be in the Charleston area after a new restaurant with a drive-thru opens in Mount Pleasant.
45: Number of housing units approved for a North Charleston housing development 13 years after it was first introduced.
This week in real estate
+ Now selling: The Waterfront, a new mixed-used development on Daniel Island, recently released 58 townhomes and condominiums for sale at prices ranging from the high $400,000s to $1.8 million.
+ Blaming ‘Big Oil’: The city of Charleston becomes the first city in the South to sue two dozen major oil and pipeline companies, alleging their products and the spread of misinformation about fossil fuels have caused climate change and repetitive, disastrous flooding in the city.
+ No drill: President Donald Trump reverses course and will extend a ban on oil drilling off the coasts of South Carolina, Georgia and Florida, a closely watched move by millions of people living near the shoreline and vacationers who flock to the beaches each year. Trump had previously stripped a drilling ban put in place by his predecessor.
A 22-acre site that once housed a Shell Oil facility on Virginia Avenue in North Charleston could soon be transformed into a mix of uses that include a waterfront hotel, apartments, restaurants, office space and parking decks, many of them multiple stories.
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Reach Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.