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LOWCOUNTRY UPDATE
Our real estate market here continues to do very well. New construction is prominent in several MLS areas including Johns Island and Mt Pleasant. However, new construction seems to be making its biggest strides in the Jedburg area near the new Volvo plant. The Nexton community is going to dwarf the already sizable Cane Bay subdivision. They're actually building a new exit ramp off I-26! Overall, the tri-county areas are up 10.5% in number of transactions YTD over 2015. 2016 will likely see over 16k transactions and it will probably be the 2nd busiest year ever. Median sales price is up 5.1% to $244k. We hear many people concerned that this may be too inflated and that we may be experiencing another bubble in the housing market. However, there are still several MLS areas whose median $/sqft values have still not gotten back to the 2006 levels. These are most notably in the Summerville and Goose Creek areas. And a 5.1% increase in prices is not that much more than the national average of 4%, especially considering that we are a coastal town with so many good things happening economically.
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