Activity Expected To Continue Into the Busy Summer Season
CHARLESTON, SC—(May 10, 2010) According to preliminary data from the Charleston Trident Association of REALTORS® (CTAR), 784 homes sold in the region during the month of April at a median sale price of $180,174. That reflects a 51% increase in sales and a stable median price when compared to preliminary figures from a year ago-- 518 homes had sold at a median price of $181,303 in April 2009.
“It’s encouraging to see a return to consistent growth in home sales” said CTAR President Jeremy Willits. “Year-over-year sales have increased every month since last July. We also see our market’s stability reflected in the median sale prices—they are on par or slightly above where they were last year, which is sound and appropriate growth for a market emerging from a period of volatility” said Willits.
Last-minute contracts had Charleston REALTORS® working late into the night to help buyers meet the tax credit deadline. “I had a buyer sign a contract at 11:45 p.m. on April 30” said Corwyn Melette, of CARES Real Estate. “There was a huge rush of activity in that last week, which was exciting and encouraging. Now, we just have to see those contracts through to the closing table. Our job is not done” said Melette.
351 contracts were placed in the last week of April, with 207 of those signed in the final three days. In the whole of April, 1,160 homes went under contract with an average contract price of $255,817.
While it’s safe to say that the tax credit had a significant and positive impact, some Charleston REALTORS® believe there were other, more sustainable factors at work, things that will continue to support the market. “I think the tax credit did help create urgency and stimulate activity levels, but I believe that low interest rates and wide selection of reasonably priced properties were equally, if not more important than the appeal of the tax credit” said REALTOR® Beth Tavel of Carolina One Real Estate.
Although the homebuyer tax credit has come and gone, affordable properties, low interest rates and other buyer incentives have not. The Palmetto Heroes program provides teachers, firefighters, police officers and EMS provisions including up to $7,000 in down payment assistance to aid in their purchase of a home, and military personnel who served at least 90 days of qualifying duty outside the United States between December 31, 2008 and May 1, 2010 have an additional year to purchase a home and qualify for the tax credit.
MARCH 2010 ADJUSTMENT
Preliminary numbers reported for March 2010 indicated 691 homes had sold at a median price of $185,000, a 22% increase in sales and no change in median price from March 2009.
Adjusted numbers now show that 735 homes sold at a median price of $185,000. The sales increase is actually 29% higher than March 2009, with prices remaining stable at $185,000.
BERKELEY COUNTY
When compared with April 2009, sales in Berkeley County increased 60%and prices increased 3%, with 199 sales and a median sale price of $159,900.
CHARLESTON COUNTY
404 homes sold in Charleston County in April, a 62% increase from last year. The county’s $233,200 median sale price is a slight 3% lower than April 2009.
DORCHESTER COUNTY
April was a strong month for Dorchester County, as sales increased 26% and prices rose 4%. 157 homes sold at a median price of $152,900.
With nearly 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
“It’s encouraging to see a return to consistent growth in home sales” said CTAR President Jeremy Willits. “Year-over-year sales have increased every month since last July. We also see our market’s stability reflected in the median sale prices—they are on par or slightly above where they were last year, which is sound and appropriate growth for a market emerging from a period of volatility” said Willits.
Last-minute contracts had Charleston REALTORS® working late into the night to help buyers meet the tax credit deadline. “I had a buyer sign a contract at 11:45 p.m. on April 30” said Corwyn Melette, of CARES Real Estate. “There was a huge rush of activity in that last week, which was exciting and encouraging. Now, we just have to see those contracts through to the closing table. Our job is not done” said Melette.
351 contracts were placed in the last week of April, with 207 of those signed in the final three days. In the whole of April, 1,160 homes went under contract with an average contract price of $255,817.
While it’s safe to say that the tax credit had a significant and positive impact, some Charleston REALTORS® believe there were other, more sustainable factors at work, things that will continue to support the market. “I think the tax credit did help create urgency and stimulate activity levels, but I believe that low interest rates and wide selection of reasonably priced properties were equally, if not more important than the appeal of the tax credit” said REALTOR® Beth Tavel of Carolina One Real Estate.
Although the homebuyer tax credit has come and gone, affordable properties, low interest rates and other buyer incentives have not. The Palmetto Heroes program provides teachers, firefighters, police officers and EMS provisions including up to $7,000 in down payment assistance to aid in their purchase of a home, and military personnel who served at least 90 days of qualifying duty outside the United States between December 31, 2008 and May 1, 2010 have an additional year to purchase a home and qualify for the tax credit.
MARCH 2010 ADJUSTMENT
Preliminary numbers reported for March 2010 indicated 691 homes had sold at a median price of $185,000, a 22% increase in sales and no change in median price from March 2009.
Adjusted numbers now show that 735 homes sold at a median price of $185,000. The sales increase is actually 29% higher than March 2009, with prices remaining stable at $185,000.
BERKELEY COUNTY
When compared with April 2009, sales in Berkeley County increased 60%and prices increased 3%, with 199 sales and a median sale price of $159,900.
CHARLESTON COUNTY
404 homes sold in Charleston County in April, a 62% increase from last year. The county’s $233,200 median sale price is a slight 3% lower than April 2009.
DORCHESTER COUNTY
April was a strong month for Dorchester County, as sales increased 26% and prices rose 4%. 157 homes sold at a median price of $152,900.
With nearly 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
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