Posted by Jonathan J. Miller -Monday, January 26, 2009, 1:10 AM
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The research for this monthly market report is provided by Brad Rundbaken, of Diversified Resource Group, LLC, a real estate appraiser, consultant and investor with a stock brokerage background. He analyzes the Charleston real estate market using the Charleston-Trident MLS and inserts a lot of extra analysis on the national housing market. In fact, he crams it in there and he’s not afraid to share his opinions. Check out his web site: charlestonmarketreport.com
I got to speak with him after he was terminated by his former employer (an appraisal firm) after he started publishing his market stats in 2006. However, honesty pays and he tells me his consulting business is doing well.
…Jonathan Miller
View the 2008 report. There many pages of chart rant in the intro – the stats themselves are found midway if the tables below are too small too read.
Here are some of his observations pertaining to the overall Charleston market.
The two main trends for 2008 were that the average and median price declined for both the attached and detached
homes. I discussed this quite a bit in 2007 and the overall price decline trend showed up in 08. This is a natural
occurrence of the downturn in any economic cycle, especially a deflationary one like we are in right now. Price
declines are not bad because this helps clean up the excess inventory in the market so it can return to a more
affordable and equilibrium state. The fact that new housing starts and new building permits decline is healthy for any
market with excess supply. We do not want inventory to continuously grow or we run the risk of future price declines
and foreclosures. Even though months inventory for both attached and detached homes has increased in 2008 due to
sales slowing from a brutal September and October stock market and the seasonality of the real estate market the
current inventory has been declining in both housing segments since reaching highs during the summer months. Yes,
there are a bunch of homes still sitting on the market but I hope the low interest rates and price declines will help. I
will monitor this trend closely over the next few months.
Posted by Jonathan J. Miller -Tuesday, August 26, 2008, 12:07 AM
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The research for this monthly market report is provided by Brad Rundbaken, of Diversified Resource Group, LLC, a real estate appraiser, consultant and investor with a stock brokerage background. He analyzes the Charleston real estate market using the Charleston-Trident MLS and inserts a lot of extra analysis on the national housing market. In fact, he crams it in there and he’s not afraid to share his opinions. He was terminated by his former employer (an appraisal firm) once he started publishing his market stats in 2006. However, honesty pays and he tells me his new venture is thriving.
Brad also runs a great blog. Here are the areas he covers and his methodology
…Jonathan Miller
View the entire report
Here are some of his observations pertaining to the overall Charleston market.
- The average sales price dropped 6.6% in the Tri-County region compared to the prior year quater.
- Q2 2008 sales are down significantly at -33.5% compared to the prior year quarter.
- Due to economic weakness and tighter credit conditions sales have slowed by 33.5% and inventory has grown 11.3% since last year in the Tri-County Region.
- Days on market has also increased by 31% since Q2 2007.
- The Tri-County Market spring quarter did not live up to expectations of many local realtors and experts. Many are being quoted that it will get better next year. Based on what? Higher interest rates and a economy in a recession?
- As inventory continues to rise the % Diff Sales to List Price has increased the most in Charleston County. This increase in the Discount can be attributed to buyers getting better deals on the higher end of the market which encompasses Charleston County in such areas as Mount Pleasant and the beaches.
- As I have stated before there is a “shadow inventory” that is not transparent in the MLS statistics that is very worrisome. I have seen months inventory in the years after completing Market Analysis Studies for developers.
- The CMR is very concerned about the high end of the residential market. These are the most risky loans to banks and inventory continues to build to extremely high levels.
- The CMR predicts the average price per square foot will continue to decrease in many areas until the credit markets get back to normal. It is important to remember that many upgrades, discounts and closing costs being paid by sellers often do NOT show up in the Market Matrix. Real estate often has visibility issues with regards to the true price trends. An appraisal or Market Analysis should provided more transparency if done properly.
Review the report for more details on the tri-county market area as well as many other market areas. Chocked full of data.
Posted by Jonathan J. Miller -Sunday, March 23, 2008, 8:36 PM
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The research for this monthly market report is provided by Brad Rundbaken, of Diversified Resource Group, LLC, a real estate appraiser, consultant and investor with a stock brokerage background. He analyzes the Charleston real estate market using the Charleston-Trident MLS and inserts a lot of extra analysis on the national housing market. In fact, he crams it in there and he’s not afraid to share his opinions. He was terminated by his former employer (an appraisal firm) once he started publishing his market stats in 2006. However, honesty pays and he tells me his new venture is thriving.
Brad also runs a great blog. Here are the areas he covers and his methodology
-Jonathan Miller
Single Family Residential < $600,000
Single Family Residential > $600,000
Condo/Townhouse < $600,000
Condo/Townhouse > $600,000
For the full blown treatment by Brad, go to the Charleston Market Report.
Posted by Jonathan J. Miller -Monday, August 27, 2007, 5:00 PM
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The research for this monthly market report is provided by Brad Rundbaken, of Advantage Commercial Capital Inc., a real estate appraiser, consultant and investor with a stock brokerage background. He analyzes the Charleston real estate market using the Charleston-Trident MLS and inserts a lot of extra analysis on the national housing market. In fact, he crams it in there and he’s not afraid to share his opinions. He was terminated by his former employer (an appraisal firm) once he started publishing his market stats in 2006. However, honesty pays and his new consulting business is thriving.
Brad also runs a great blog. Here are the areas he covers and his methodology
-Jonathan Miller
There are more than a dozen other market areas covered in the report but you need to scroll down to the bottom of his report page to find ‘em.
Posted by Jonathan J. Miller -Friday, May 11, 2007, 12:02 AM
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The research for this quarterly market report is provided by Brad Rundbaken, of Advantage Commercial Capital Inc., a real estate appraiser, consultant and investor with a stock brokerage background. He analyzes the Charleston real estate market using the Charleston-Trident MLS and inserts a lot of extra analysis on the national housing market.
Brad was terminated last year from his position as a staff appraiser for an appraisal firm in Charleston that appeared to bow to pressure from their clients after Brad released “not so rosy” price trends. It caused quite a media stir in Charleston in the 2nd Quarter of 2006. However, Brad has started a new endeavor, has a loyal following and is now able to speak his mind. I admire his determination and his honesty. He’s also runs a blog called Trendocracy. Here are the areas he covers and his methodology -Jonathan Miller
View the entire report
Here are some of his observations pertaining to the overall Charleston market.
Sales prices for the Tri-County area have flatlined since last year. Fortunately, after seeing inventory levels spike over 44% since Q12006 the inventory levels have stabilized since last quarter. It is no surprise that Berkeley and Dorchester counties have outpaced Charleston county over the past year. This has clearly been driven by an influx of jobs in these areas and better housing affordability. Charleston county has suffered the most in the Tri-County with a significant increase in inventory levels and a 10% decrease in the sales price from Q12006.
Review the report for more details on the tri-county market area as well as many other market areas. Chocked full of data.
Posted by Jonathan J. Miller -Monday, April 23, 2007, 12:01 AM
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[The research for this monthly market report is provided by Brad Rundbaken, of Advantage Commercial Capital Inc., a real estate appraiser, consultant and investor with a stock brokerage background. He analyzes the Charleston real estate market using the Charleston-Trident MLS and inserts a lot of extra analysis on the national housing market. He was terminated by his former employer (an appraisal firm) once he started publishing his market stats in 2006. However, honesty pays and his new consulting business is thriving.
He’s also got a great blog. Here are the areas he covers and his methodology Brad also provides a quarterly snapshot to addition to this monthly endeavor. -Jonathan Miller
View the most recent quarterly report
Posted by Jonathan J. Miller -Tuesday, February 13, 2007, 12:01 AM
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[The research for this monthly market report is provided by Brad Rundbaken, of Advantage Commercial Capital Inc., a real estate appraiser, consultant and investor with a stock brokerage background. He analyzes the Charleston real estate market using the Charleston-Trident MLS and inserts a lot of extra analysis on the national housing market. He was terminated by his former employer (an appraisal firm) once he started publishing his market stats last year. However, honesty pays and his new consulting business is thriving.
He’s also got a great blog. Here are the areas he covers and his methodology Brad also provides a quarterly snapshot to addition to this monthly endeavor. -Jonathan Miller
View the quarterly report
Posted by Jonathan J. Miller -Tuesday, January 23, 2007, 11:35 PM
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[The research for this quarterly market report is provided by Brad Rundbaken, of Advantage Commercial Capital Inc., a real estate appraiser, consultant and investor with a stock brokerage background. He analyzes the Charleston real estate market using the Charleston-Trident MLS and inserts a lot of extra analysis on the national housing market.
Brad was terminated last year from his position as a staff appraiser for an appraisal firm in Charleston that appeared to bow to pressure from their clients after Brad released "not so rosy" price trends. It caused quite a media stir in Charleston in the 2nd Quarter of 2006. However, Brad has started a new endeavor, has a loyal following and is now able to speak his mind. I admire his determination and his honesty. He's also runs a blog called Trendocracy. Here are the areas he covers and his methodology] -Jonathan Miller
View the entire report
Here are some of results pertaining to the overall market.
- Prices are unchanged as compared to this time last year.
- Marketing time expanded by 29 days to 71 days from 42 days in the prior year quarter.
- The number of listings expanded 61.7% over the past year, and unchanged from the prior quarter while the number of sales fell 18% from the prior year quarter.
Review the report for more details on the tri-county market area as well as 16 other market areas. He crams in the insight.
Posted by Jonathan J. Miller -Thursday, January 11, 2007, 8:51 AM
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[The research for this monthly market report is provided by Brad Rundbaken, of Rundy Consulting, a real estate appraiser and investor with a stock brokerage background. He analyzes the Charleston real estate market using the Charleston-Trident MLS and inserts a lot of extra analysis on the national housing market. He was terminated by his former employer (an appraisal firm) once he started publishing his market stats last year. However, honesty pays and his new consulting business is thriving.
He’s also got a great blog. Here are the areas he covers and his methodology Brad provides a monthly snapshot to his endeavors. -Jonathan Miller
View the quarterly report
Posted by Jonathan J. Miller -Wednesday, December 6, 2006, 8:00 AM
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[The research for this quarterly market report is provided by Brad Rundbaken, of Rundy Consulting, a real estate appraiser and investor with a stock brokerage background. He analyzes the Charleston real estate market using the Charleston-Trident MLS and inserts a lot of extra analysis on the national housing market. He’s also got a blog. Here are the areas he covers and his methodology Brad is now adding a monthly snapshot to his endeavors. -Jonathan Miller
View the quarterly report
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