Residential Real Estate Sales Volume Down; Median Price Increases 6%

Charleston Trident Association of REALTORS® Local Market Update - June 2011According to preliminary figures released today by the Charleston Trident Association of REALTORS® (CTAR), 902 homes sold at a median price of $195,955 in June—the highest recorded sales volume and peak for pricing so far this year. Last June, as the homebuyer tax credit drew to a close, more than 1,000 homes changed hands at a median price of $185,612. This June’s sales volume is 12% lower, while median price increased 6%.

Both sales and prices made significant month-over-month gains. Sales volume is up 12% and median price increased 9% from May.

The jump in median price is likely attributable to increased activity among repeat or move-up buyers. “It is challenging to draw meaningful comparisons between these drastically different markets, however, the majority of activity last year was first-time buyers” said Rob Woodul, 2011 CTAR President. “Repeat, move-up and second home buyers generally purchase in a higher price range, which could explain the increase in median price” he said.

The exclusive resort—and largely second-home—community of Wild Dunes showed significant year over year increases, as sales volume more than doubled and June’s median price shot into the $800,000 range.
“We continue to see healthy levels of buyer interest and showings, which are important indicators of where our market could be headed, but we still have a significant amount of distressed inventory. In the next few months, prices will likely settle back into the $170-180,000 range, which is a more typical price range for this year” said Woodul.

There were 8,795 homes listed as actively for sale with the Charleston Trident Multiple Listing Service as of June 30, 2011.