AUGUST 2009: RESIDENTIAL MARKET REFLECTS END OF AN ACTIVE SUMMER SEASON

Pending Sales Show Largest Increase Since 2005, Median Prices Up 3% from July

CHARLESTON, SC—(September 11, 2009) Likely a result of the $8,000 homebuyer tax credit, pending sales increased 23.8% over August 2008—the largest increase in the Charleston market since 2005. Preliminary data from the Charleston Trident Association of REALTORS® shows 658 residential properties sold in August at a median price of $187,840. As of the 10th of September 2008, 711 properties had changed hands at a median price of $202,250.

Median prices continue to fluctuate variably, showing a 3% increase from July. The gap in year-over-year differences continues to close—preliminary numbers show a 7% difference in prices from one year ago.

Inventory dropped slightly, with 10,796 homes currently listed for sale with the Charleston Trident Multiple Listing Service.

BERKELEY COUNTY
Berkeley County had 125 closed transactions at a median sale price of $172,248. Accounting for one quarter of the county’s total sales, the most active area in Berkeley County was near Highway 17-A and College Park Road.

CHARLESTON COUNTY

322 homes sold in Charleston County in August, at a median price of $240,000. Once again, the area south of Highway 41 in Mount Pleasant showed the most activity in Charleston County, with 59 total sales.

DORCHESTER COUNTY

Dorchester County showed 166 properties sold at a median price of $169,864. 63 of Dorchester County sales took place in the Summerville/Ladson area.

90-DAY ADJUSTMENT: May 2009

Preliminary data from May 2009 showed 678 sales at a median price of $187,000. Adjusted numbers show 734 sales at a median price of $183,950.

CTMLS is now makes available adjusted sales reports 90 days following preliminary reports. The MLS is a user-driven system, with a number of factors that could delay entry of transactions beyond the preliminary reporting day on the 10th of each month. The adjusted figures reflect all transactions entered into the system up to 100 days after the close of the month.