Residential Real Estate Sales Up 31% from October 2008

CHARLESTON, SC—(November 10, 2009) Preliminary data from the Charleston Trident Association of REALTORS® showed a 31% increase in closed sales year-over-year. 721 homes sold this October, as compared to 549 homes in October 2008.

The increase in sales is largely attributed to a more affordable market, as buyers take advantage of the robust inventory of fairly priced homes. In line with the national trend of an 11% decrease in median price, the Charleston area saw median home prices settle to just under $170,000 in October, a 13% variation in price from 2008.

Inventory dropped slightly again, with 10,631 homes currently listed for sale with the Charleston Trident Multiple Listing Service.

BERKELEY COUNTY
Berkeley County sales were up 25% from October of last year; 186 homes sold at a median price of $155,000. In October of 2008, 149 homes sold at a median price of $169,900.

CHARLESTON COUNTY
In the last 30 days, 339 homes sold at a median price of $205,000 in Charleston County. That reflects a 9% increase in sales, from last year’s 312 closings during the month of October.

DORCHESTER COUNTY
Sales in Dorchester County increased by 53% year-over-year; 177 homes sold at a median price of $152,700 compared to 116 sales at $167,663 in October 2008.