Residential Real Estate Sales Increase Again in December

Residential Real Estate Sales Increase Again in December
Median Sale Prices at Annual Peak

CHARLESTON, SC—(January 12, 2010) Rounding out a year of stabilization, 618 residential real estate sales in December shows an increase of 30% when compared to sales one year ago today. The $195,534 median home price reflects the peak of prices in 2009 and a slight 2% increase over December 2008. December 2008 posted 476 total closings, with a median sale price of $191,600.

Several months of strong sales, prices that are growing at a sustainable rate and decreasing inventory are excellent indicators that a Charleston market recovery is underway. “Last December, we were looking at a 33% drop in sales and a 9% decrease in median prices from December 2007. We’re in a much more positive place at the end of 2009, actually seeing market increases. While we don’t anticipate tremendous growth in 2010, we do expect to see continued steady growth over the next year”, said CTAR President, Jeremy Willits.

3-Year Review: December*

Sales + - % Median Sale Price + - %
2009 618 +30% $195,534 +2%
2008 476 -33% $191,600 -9%
2007 713 - $210,000 -

*this data reflects the market activity as of the 10th of January for each year.

At the close of the month, there were 8,940 homes listed for sale with the Charleston Trident Multiple Listing Service.

The 2009 Year in Review market report will be released next Wednesday, January 20.

BERKELEY COUNTY
The Berkeley County market remains stable when compared with December of 2008. Last year, 145 properties were sold at a median price of $173,000. In December 2009, 141 properties changed hands at a median price of $170,112.

CHARLESTON COUNTY
Once again, Charleston County leads the region in sales and price increases. Last December, 239 properties changed hands at a median price of $235,000. This year, 313 properties were sold at a median price of $250,000, equating to a 31% increase in sales and a 6% increase in sale price.

DORCHESTER COUNTY
Dorchester County showed a slight 3% increase in sales over December 2008—142 homes sold in 2008 and 146 sold in December 2009. Prices show a 14% decline from last December’s uncharacteristic peak of $195,808 to a more typical price of $167,830.

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With approximately 4,000 members, CTAR’s mission is to promote the highest standards of professionalism, ethics, education and technology, and to ensure that its members are the primary source for real estate services in the South Carolina Lowcountry. Only those who are members of the Association of REALTORS® and its parent organizations are called REALTORS®. To learn more, visit www.CharlestonRealtors.com