Residential Real Estate Sales Increase Again, Median Prices Remain Stable

CHARLESTON, SC—(March 10, 2010) Preliminary data from the Charleston Trident Association of REALTORS® (CTAR) shows 509 homes sold in the Charleston region in February, at a median price of $179,900. This reflects a 22% increase in sales and essentially no change in median sale price from preliminary numbers reported on March 10, 2009, which showed 417 sales at a median sale price of $179,450.

As of March 10, 2009, CTAR data showed 789 sales at an average median sale price of $178,100. This year, CTAR has recorded 940 sales at an average median sale price of $185,500. Year-to-date numbers show a 7% increase in sales and median sale prices are a slight 4% higher than this time last year.

At the close of the month, there were 9,532 homes actively listed for sale with the Charleston Trident Multiple Listing Service, a 4% increase from last month, when there were 9,171 homes on the market.

January 2010 Adjustment
Preliminary numbers reported on February 10 indicated that in January 2010, 416 properties had sold at a median price of $194,000. Adjusted numbers show that 429 properties sold at a median price of $191,100. This equates to a negligible (-0.9%) decrease in sales and a 9% increase in median prices when compared to January 2009, which showed 433 sales at a median price of $175,000.


BERKELEY COUNTY
Berkeley County saw a 16% increase in sales and a 3% variance in median price over February of last year. February’s preliminary numbers show 108 properties sold at a median price of $157,495. On March 10, 2009, preliminary numbers reflected 93 sales at a median price of $162,400.

In Berkeley County, the areas of Goose Creek and Moncks Corner showed the most activity, and Crowfield Plantation was the most active neighborhood.

CHARLESTON COUNTY
Charleston County continues to lead the regional market recovery with 60% more closed sales and a 5% increase in median price when compared to last year. In February, 288 homes sold at a median price of $235,950 in the county compared to February 2009 preliminary figures which showed 180 homes sold at a median price of $225,000.

In Charleston County, the area south of Highway 41 had the most activity in February, with the Rivertowne neighborhood showing the highest sales for that area.

DORCHESTER COUNTY
In February, 91 residential properties changed hands at a median price of $145,000 in Dorchester County. When compared to February 2009 preliminary figures, this data shows a 5% increase in sales and a 15% decline in median price. Last year, 87 homes sold at a median price of $169,990.

The Summerville/Ridgeville area showed the most activity in Dorchester County, and the Legend Oaks subdivision had the most sales within that area.

Please note: “Preliminary number” indicates all sales and values for closings posted within 10 days following the close of the month. “Adjusted number” indicates the value after all sales have been posted.

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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®.