Charleston Area Real Estate Market Finishes Strong in 2012

 

 

Charleston Area Real Estate Market Finishes Strong in 2012

Strong sales growth and healthy price increases help solidify market heading into 2013

CHARLESTON, SC—(January 10, 2013) According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 894 homes sold at a median price of $200,000 in December. The Charleston real estate market closes out the year with more than 10,000 sales for the first time since 2007.

Preliminary figures show 10,574 homes sold at a median price of $190,065 in 2012. These figures, which represent all homes sold through the Charleston Trident Multiple Listing Service (CTMLS), show 11.6% growth in sales volume and a healthy, sustainable 4.6% increase in median price for the region over last year at this time, when 9,312 homes sold at a median price of $181,600.

Charleston-area Market Trends [2007-2012]

	2007	2008	2009	2010	2011	2012
Full MLS *	12,921	8,987	8,337	8,801	9,312	10,574
Berkeley County	3,406	2,339	1,994	2,123	2,224	2,299
Charleston County	6,316	4,409	4,043	4,579	4,982	5,987
Dorchester County	2,712	1,952	1,979	1,803	1,785	1,930
	2007	2008	2009	2010	2011	2012
Full MLS *	$207,850	$200,000	$181,500	$187,000	$181,600	$190,065
Berkeley County	$180,000	$171,000	$163,000	$165,345	$162,475	$167,500
Charleston County	$248,000	$254,900	$226,000	$235,000	$219,916	$228,000
Dorchester County	$194,000	$179,900	$161,285	$159,666	$160,000	$167,500
*Full MLS Data includes sales from unincorporated county areas and includes Colleton County

 

Potential buyers had significantly more competition in 2012 than in 2011—inventory has declined 21% from where it was a year ago. There are currently 5,420 homes available in the Charleston Trident MLS. At the end of 2011, there were nearly 7,000 homes for sale.

 
 

“Our region’s market activity exceeded our expectations in 2012” said 2013 CTAR President, Owen Tyler. “We were cautiously optimistic that 2012 would be the year that our market regained its stability and made significant—but sustainable—gains” said Tyler. “11% growth in sales and a 4% increase in prices over last year represent healthy growth rates that we can sustain as our local, national and global economies continue to recover” said Tyler.

 
 

With the details of the fiscal cliff deal finalized and the real estate industry dodging major cuts to the mortgage interest deduction and the mortgage debt cancellation act, Tyler and 2013 MLS President Dave Sansom believe that 2013 should be another positive year for the Charleston-area market. “We were pleased to see that Washington understands that real estate is an integral part of our nation’s economic success and preserved key incentives for current and future homeowners” said Tyler.

 
 

Regional growth is also fueling local market growth. “Businesses and corporations continue to invest in the Charleston area, so we can expect to see a continued source of buyers in people who are moving to our region to capitalize on job opportunities—we haven’t yet fully realized the impact of Boeing and the booming technology sector. While we don’t expect—or want—to see unsustainable major growth on the pricing side, we do expect that 2013 will be another strong year for the Charleston real estate market as our local economy continues to strengthen and grow” said Sansom.

 
 

For those interested in learning more about how the local real estate market performed in 2012 and a forecast for the coming year, please join us for the 2012 Year-In-Review Market Update on January 29 at the Charleston Marriott. The event is free for CTAR members, but non-members are welcome. Details and registration are available here.

 
 

NOVEMBER ADJUSTMENT
Preliminary data reported for November 2012 indicated that 845 homes sold at a median price of $192,500. Adjusted numbers now show 849 homes sold at the same median price.

BERKELEY COUNTY

195 homes sold at a median price of $168,000 in December in Berkeley County. Year-to-date, sales and pricing both increased by a healthy 3%, following 2,299 sales at a median price of $167,500.

CHARLESTON COUNTY

Charleston County sales increased by 1,000 homes in 2012. In December, 515 homes sold at a median price of $235,254 in Charleston County. Year-to-date, sales volume has increased 20% with a total of 5,987 sales. Median price has increased a healthy and sustainable 3.6%, to $228,000.

DORCHESTER COUNTY

159 homes sold at a median price of $178,680 in Dorchester County in December. Year-to-date, the county has seen a 8% increase in sales volume and a 4.7% increase in median price. 1,930 homes sold at a median price of $167,500 in 2012.