“Affluent households have greatly benefited from strong growth in the stock market in recent years, and the steady rise in home prices has likely given them reassurance that real estate remains an attractive long-term investment. Furthermore, last year’s impressive increase also reflects long-term growth in the numbers of baby boomers moving closer to retirement and buying second homes to convert into their primary home in a few years.”
The report notes a significant increase in vacation homes sales from that reported in 2013 and the highest total since 2003. Actual numbers can be found here.
So, where do things stand on the Charleston Coast? In the first quarter of 2015, a total of 31 homes/condos sold on the Isle of Palms. This is a 93.8% increase from last year. In Wild Dunes, a total of 26 homes/condos sold, but the increase was 4%. On Sullivan’s Island, a total of 7 single-family homes sold, making it the only beach town actually seeing a 22.2% decrease from the first quarter of 2014. And on the other side of Charleston, Folly Beach sales increased 45.5% with a total of 32 homes/condos sold in the first quarter.
All three areas showed an increase in the median price sold except Wild Dunes, where there was a 28.2% decrease.