January is here and we are starting a new decade. The last one was pretty incredible for Charleston. We must have all eaten a lot of collard greens each new year. Eating collard greens on New Year’s day is a tradition that is supposed to bring you lots of money in the coming year. At the same time, you eat a pile of hoppin’ john for good luck. Hoppin’ John is black eyed peas and rice. It’s a southern thang. While the polar bear plunge is not strictly a southern thing, it is best observed as far south as possible. There will be plenty of those around including the one at Folly where you dress up like local celebrity Bill Murray. This year’s theme is Ghostbusters. January is also Museum Mile Month. You can by a pass for the month and visit many houses, museums, and art galleries. Of course, there will be lots of New Year’s Eve Celebrations at the Yorktown, Marion Square, the Music Hall, the Alley, the Cedar Room, SC Society Hall, and the Rice Mill just to name a few. And the Folly Beach Flip Flop Drop and Fireworks show at midnight.
Here’s the January calendar of events:
1: Bill Murray Look-a-Like Polar Bear Plunge, Folly Beach
1: Dunleavy’s Pub Polar Bear Plunge, Sullivan’s Island
1: Polar Bear Plunge, Kiawah Sanctuary
2: Harlem Globetrotters, N Charleston Coliseum
3: Sarah Rutledge Dinner, Middleton Place
5: James Gregory, Chas Music Hall
8: Grace Potter, Chas Music Hall
9-19: Charleston Restaurant Week
11: 7th Annual Snowboard Rail Jam, Mex 1
12: 7th Annual East Cooper Meals on Wheels Oyster Roast, Palmetto Island County Park
14: Royal Philharmonic Orchestra, Gaillard
14-17: 17th Charleston Comedy Festival
18: Cars and Coffee, Freshfields Kiawah
19-20: St. Paul and the Broken Bones, Chas Music Hall
22: Three Dog Night
23-26: Charleston Jazz Festival
25: The Great Amazing Race Charleston, James Island County Park
25-26: Monster Jam, N Chas Coliseum
26: Lowcountry Oyster Festival, Boone Hall
30: Caropolis Awards, Riviera Theatre
31: A Night in the Valley, Trident Tech Thornley Campus
31: Todd Snider, Chas Music Hall
2019 was a tremendous year for Charleston Real Estate. As of Friday, December 27, 2019, the tri-county area had seen 17,552 closed residential units with a median sales price of $281k. There are a few more days in 2019 and we won’t do the final counting until January 10th to account for straggling recording, but 2019 has already surpassed the 17,515 closed sales of 2018. At this point though, we are still about 275 closings short of passing the record set in 2017. It’s going to be very close when all is said and done. 2019 will end up being either the first or second best year ever. And the median sales price is at an all time high. Fortunately, the gains in median sales price have been modest and sustainable over the past few years. And very importantly, we are still below the long term growth trend line which shows we still have room for appreciation.
The end of the last decade was a completely different story. We were mired in the disaster of the mortgage debacle. We had just over 8k sales and median sales price was at $184k, which was considerably off the high of $210k reached in 2007. This a similar story to many of the bigger US metropolitan cities. Charleston and most of the US has recovered nicely. Charleston has probably done a bit better than most due to its coastal location and the relocation of Boeing to Charleston. The tourism industry has always been good to us and we have pretty much been voted the best city in the US by Travel and Leisure Magazine for the past decade. Now, we are seeing another boom about to hit Charleston with the building of the Volvo Plant in the Moncks Corner area. Charleston is well prepared for another successful decade.
As we enter a new year & decade, our team’s core philosophy won’t change. We’ll continue to be client focused at all times. We strive to have our clients feel and experience our commitment to them while helping accomplish their real estate goals. That’s truly what it’s all about! We look forward to helping you in the new year!