Charleston Area Residential Real Estate Market Continues to Show Improvement

CHARLESTON, SC—(February 10, 2010) Preliminary data from the Charleston Trident Association of REALTORS® (CTAR) shows 416 homes sold in the Charleston region in January, at a median price of $193,500.

Long-Term Review: January Sales
“2010 looks to be off to a great start. It’s clear that in terms of median home prices, we’re heading in the right direction. While we don’t expect median prices will make huge gains this year, they should remain relatively stable as we work our way through an inventory that is still larger than usual” said Jeremy Willits, 2010 President of the Association.

At the close of the month, there were 9,171 homes actively listed for sale with the Charleston Trident Multiple Listing Service, a 13% decrease from January of 2009, when there were 10,636 homes on the market.

Long-Term Review: January Median Sale Price
BERKELEY COUNTY
Preliminary numbers for January 2010 in Berkeley County show 82 sales at a median price of $161,000. Final numbers for January 2009 recorded 117 properties changing hands at a median price of $161,996.

CHARLESTON COUNTY
Charleston County led the region with the largest sales and price increases. Preliminary data for January 2010 shows 231 closed sales at a median price of $245,000. Final numbers for January 2009 show 210 properties sold at a median price of $234,950.

DORCHESTER COUNTY
Preliminary data shows 81 properties sold at a median price of $150,000 in January 2010 in Dorchester County. In January 2009, final numbers show 91 homes sold at a median price of $160,000.

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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®.