HOME SALES AND PRICES SURVIVE TAX CREDIT FALLOUT, INVENTORY DROPS NEAR ANNUAL LOW

HOME SALES AND PRICES SURVIVE TAX CREDIT FALLOUT, INVENTORY DROPS NEAR ANNUAL LOW

Sales Outpace 2009 Levels and Prices Continue Steady Growth

CHARLESTON, SC—(October 11, 2010) According to preliminary data released by the Charleston Trident Association of REALTORS®, 659 homes sold at a median price of $188,840 in September. This reflects a 5% decline in sales but a 9% increase in median prices when compared to preliminary figures from September 2009.

Year-to-date figures show sales 15% ahead of this point last year, with the median price increasing a slight 2%, holding ground in the high $180’s. Thus far in 2010, 6,698 homes have sold at a median price of $188,000. Compared to the same period last year, 5,829 homes sold at a median price of $185,000.

“At this time last year, the tax credit was in full swing, so it’s encouraging to see steady improvement in our sales and prices compared against last year’s numbers” said 2010 CTAR President, Jeremy Willits.

“Despite the fact that some regions across the country are still experiencing significant declines in buyer activity, that is simply not the case for Charleston. We experienced a month of slow sales following the expiration of the tax credit, but heading toward the close of this year, we’ve established stability—sales have kept pace, median prices continue to rise and inventory is declining” said Willits.

The number of homes listed as actively for sale with the Charleston Trident Multiple Listing Service (MLS) was 9,312 at the end of September, down 4% from September 2009 and the lowest level of inventory seen since the beginning of this year. Inventory has remained close to the 10,000 mark for much of the year, so declining inventory could signal more balanced supply and demand.

BERKELEY COUNTY

Sales in Berkeley County hit a three-month high, with 172 sales at a median price of $168,948—a marked improvement from last September’s 135 sales at a median price of $150,000. September’s figures reflect a 27% increase in sales volume and a 13% increase in prices.

These increases are supported by significant levels of activity on Daniel Island—where sales are consistently doubling from 2009 levels. Sales of single family homes on the island have increased 109% year-to-date, without sacrificing prices—which remain steady in the $500,000 range.

CHARLESTON COUNTY

Sales in Charleston County were comparable with 2009 levels, while prices inched up another 5%. 351 homes changed hands at a median price of $224,500. In September 2009, 359 homes sold at a median price of $214,000.

Continued activity in the island markets support the steadying market—both Folly Beach and Isle of Palms, which was recently included on the Forbes List of America’s Most Expensive Zip Codes, doubled their sales over September 2009.

DORCHESTER COUNTY

Dorchester County showed improvement in median sale price last month—recording a 14% increase as prices climbed to$176,000. Last September, the median sale price was $154,000. Sales are still sluggish in the foreclosure-plagued county, with 120 sales in September 2010, down 27% when compared to September 2009’s 164 closings.

Most of the County’s activity is taking place in the Summerville/Ridgeville area, where 49 of the area’s 120 sales closed and prices increased 9% compared to last September. Notably, the North Charleston/Summerville/Ladson area recorded a 32% increase in median price during the month, jumping from last year’s $162,750 to $214,900.

AUGUST 2010 ADJUSTMENT

Preliminary numbers reported for August 2010 indicated 681 homes sold at a median price of $199,055. Adjusted numbers now show 697 sales at the same median price.

With approximately 3,700 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®.