CHARLESTON, SC—(August 10, 2010) Preliminary figures released by the Charleston Trident Association of REALTORS® (CTAR) show that 643 sales closed in July at a median price of $196,573. Comparatively, July 2009 saw 796 closings with a median price of $181,889. This July’s figures represent a year-over-year difference of 19% fewer sales and an 8% increase in prices.
As of July 30, 2010, there were 9,737 homes listed as actively for sale with the Charleston Trident Multiple Listing Service.
BORROWED CLOSINGS
“July’s closings were down more than usual, but that’s likely because the tax credit deadline was June 30, and the extension to close wasn’t granted until the final days of June. Buyers who would have likely closed in July rushed to close in June in order to take advantage of the tax credit” said Jeremy Willits, 2010 President of CTAR.
“The tax credit allowed us to borrow closings from future months,” said Willits. “We normally see the market slow down around August or September, but this year, it happened a little earlier than usual.” The homebuyer tax credit encouraged buyers who may have waited until the typical buying season of June, July and August to place contracts by the April 30 tax credit deadline, resulting in those closings and the arrival of the busy season coming several months early.
WHAT’S MOVING
The jump in median price could be attributed to increased movement in the $300-399,000 price range, which was unusually active during July. In previous months, most sales activity has been concentrated in the $140,000 and $200,000 ranges.
“The increase in activity within the $300,000 and above range explains the sharp jump in prices. Unless the activity in this range keeps up, I would expect that we’ll see prices return to the mid-$180 range that’s been typical for 2010.” said Willits.
Another factor driving the price increase could be increased activity in Charleston’s resort communities. Kiawah and Seabrook Islands have seen increases in both sales volume and prices, while median prices in Wild Dunes tracked close to $1 million in July, when they’ve been closer to the $600,000 range for most of 2010.
BERKELEY COUNTY
Berkeley County saw 147 homes sell at a median price of $165,000 in July. This represents a 23% decline in sales and a 12% increase in prices, when compared to July 2009. Most of the County’s activity was in the Goose Creek/Moncks Corner area, as well as the area between Jedburg Road and Highway 17-A.
CHARLESTON COUNTY
Sales in Charleston County fared better than either of the other counties, with 341 sales at a median price of $250,000. Compared to July 2009, the County saw a 16% decrease in sales volume but a 9% increase in median price. The most active areas of Charleston County were Mount Pleasant South of Highway 41 and James Island.
DORCHESTER COUNTY
131 sales in Dorchester County show a 23% decline from July 2009, when 170 homes changed hands. Prices remained stable, but reflected the smallest increase among the three counties, which could be attributed to the high number of foreclosures in the County. The median price for homes sold in July was $169,829, up 2% from July 2009’s $166,837.
The most active area of the county was in the Summerville/Ridgeville area.
JUNE 2010 ADJUSTMENT
Preliminary numbers reported in June 2010 indicated 1,022 homes sold at a median price of $185,612. Adjusted numbers now show 1,072 sales at the same median price.
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.
As of July 30, 2010, there were 9,737 homes listed as actively for sale with the Charleston Trident Multiple Listing Service.
BORROWED CLOSINGS
“July’s closings were down more than usual, but that’s likely because the tax credit deadline was June 30, and the extension to close wasn’t granted until the final days of June. Buyers who would have likely closed in July rushed to close in June in order to take advantage of the tax credit” said Jeremy Willits, 2010 President of CTAR.
“The tax credit allowed us to borrow closings from future months,” said Willits. “We normally see the market slow down around August or September, but this year, it happened a little earlier than usual.” The homebuyer tax credit encouraged buyers who may have waited until the typical buying season of June, July and August to place contracts by the April 30 tax credit deadline, resulting in those closings and the arrival of the busy season coming several months early.
WHAT’S MOVING
The jump in median price could be attributed to increased movement in the $300-399,000 price range, which was unusually active during July. In previous months, most sales activity has been concentrated in the $140,000 and $200,000 ranges.
“The increase in activity within the $300,000 and above range explains the sharp jump in prices. Unless the activity in this range keeps up, I would expect that we’ll see prices return to the mid-$180 range that’s been typical for 2010.” said Willits.
Another factor driving the price increase could be increased activity in Charleston’s resort communities. Kiawah and Seabrook Islands have seen increases in both sales volume and prices, while median prices in Wild Dunes tracked close to $1 million in July, when they’ve been closer to the $600,000 range for most of 2010.
BERKELEY COUNTY
Berkeley County saw 147 homes sell at a median price of $165,000 in July. This represents a 23% decline in sales and a 12% increase in prices, when compared to July 2009. Most of the County’s activity was in the Goose Creek/Moncks Corner area, as well as the area between Jedburg Road and Highway 17-A.
CHARLESTON COUNTY
Sales in Charleston County fared better than either of the other counties, with 341 sales at a median price of $250,000. Compared to July 2009, the County saw a 16% decrease in sales volume but a 9% increase in median price. The most active areas of Charleston County were Mount Pleasant South of Highway 41 and James Island.
DORCHESTER COUNTY
131 sales in Dorchester County show a 23% decline from July 2009, when 170 homes changed hands. Prices remained stable, but reflected the smallest increase among the three counties, which could be attributed to the high number of foreclosures in the County. The median price for homes sold in July was $169,829, up 2% from July 2009’s $166,837.
The most active area of the county was in the Summerville/Ridgeville area.
JUNE 2010 ADJUSTMENT
Preliminary numbers reported in June 2010 indicated 1,022 homes sold at a median price of $185,612. Adjusted numbers now show 1,072 sales at the same median price.
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.
Posts
No comments:
Post a Comment