June 2021 Charleston Newsletter and Real Estate Update

June is here and Spoleto is back in Charleston from May 28^th to June 13^th! Check out the event schedules at spoletousa.org and piccolospoleto.com. The Sea Island farmers market and the Marion Square farmers market are back in business on Saturday mornings. The official Juneteenth Festival of the Lowcountry will highlight the African American and Gullah Legacy from June 11^th – 20^th. Stingrays Hockey is also in town on June 1^st and the 5^th.  

Here is your full calendar of events for June:

1-6: Park Circle Pride, various venues

4-5: 46^th Annual Colleton County Rice Festival, Walterboro

5: Mystic Vibrations, Johns Island County Park

5: The Steeldrivers, Around the Bend

5: Swingin’ Sinatra with the Joe Clark Big Band, Forte Jazz Lounge

5: Rotary Rubber Duck Race, Smythe Park Daniel Island

5: Motown Throwdown, Firefly Distillery

11: Bluegrass Stroll, Hampton Park

11: Golf Outing at Kiawah Island Resort, Oak Point Golf Course

12: Night Moves Tribute to Bob Seger, Firefly Distillery

12: Charleston Reprise Finale to Piccolo Spoleto, Hampton Park

15: Culinary Experience with Chef Carlos Brown, Founders Hall Charlestowne Landing

17: Sweet Love: A Tribute to Anita Baker, Chas Music Hall

18: The Patti O’Furniture Drag Spectacular, Chas Music Hall

19: Elise Testone and BlackNoyze, Firefly Distillery

19: Mu Alpha of Omega Psi Phi Golf Tournament, Berkeley Country Club

20: Juneteenth Father’s Day Comedy Show, Ritz in N Chas

24,25: Tedeschi Trucks, Around the Bend

26: The Midnight City Band, Firefly Distillery

The Charleston real estate market is still raging on with incredibly low inventory and multiple offers. Many properties are selling for much more than their list price. Through April, our market is up 32.2% in number of transactions over the same period last year (March and April of 2020 were slowed by the scare of the pandemic). This past summer, real estate sales in Charleston started going crazy! It will be difficult for us to keep up with those numbers this year simply due to our current lack of inventory. The overall median sales price ($337k) is up 14.9% year from last year. This crazy seller’s market is due in large part to the continued low mortgage rates. Those rates have led to high demand which evolved into to extremely low inventory. These dynamics are true in most American cities right now and some economists are anticipating inflation. That would lead to an increase in mortgage rates which may eventually stabilize buying activity and the housing market.

We are committed to providing our clients with an unparalleled level of service. We strive to have you feel and experience our commitment to you all while helping accomplish your real estate goals. That is truly what it is all about!