January Residential Real Estate Sales Highest Since 2008

 

January Residential Real Estate Sales Highest Since 2008

Increased market interest, consumer confidence fuels strong sales increases, sustainable price growth

CHARLESTON, SC—(February 11, 2013) 634 homes sold at a median price of $181,750 in the Charleston region in January, according to data released today by the Charleston Trident Association of REALTORS® (CTAR). These figures represent the highest rate of January sales activity in the region since January 2008, when 648 homes sold. Activity and buyer interest were notably higher during the typically slow first month of the year as many REALTORS® reported a significant increase in calls from prospective buyers.

As sales volume continues to make consistent, sustainable progress, prices remain stable, approaching the $200,000 range, where local REALTORS® and expert economists looking at our region expect them to stay for the short-term future. “As was the case in 2012, we expect to see nominal, but sustainable, growth in prices this year” said 2013 CTAR President Owen Tyler. “2012 closed out with a 4.4% increase in median price, which is an excellent rate of growth in a recovering market. It’s all about sustainability” said Tyler.

Comparing the beginning of 2012 to 2013, sales volume is up 16% and median price reflects 3% growth thus far in 2013.

As the uptick of buyer interest in our market seems to be an enduring trend, inventory may become an issue in some areas. The number of available properties has consistently remained at a lower level than we’ve seen in the past five years, but will likely increase as the spring buying season draws closer. There were 5,520 homes actively for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of January 31, 2013.

During the 2012 Year-In-Review residential market update hosted by CTAR in late January, expert economists Steve Slifer and Joey Von Nessen praised the real estate market activity in our region in 2012, but warned that uncertainty based on what’s going on in the government and Washington DC may have an effect on consumer confidence in 2013. 

 
 

2012 ADJUSTMENTPreliminary data reported for 2012 indicated that 10,574 homes sold at a median price of $190,065. Adjusted numbers now show 10,588 homes sold at a median price of $190,145.

BERKELEY COUNTY

125 homes sold at a median price of $157,000 in January in Berkeley County. The most activity in the County was reported in the areas bordered by Highway 17A and College Park, as well as Goose Creek/Moncks Corner, bordered by Highway 52 and the Cooper River. The activity in those areas accounted for nearly half of the county sales.

CHARLESTON COUNTY

Of the 363 homes sold at a median price of $228,726 in Charleston County in January, 108 of those sales took place in Mount Pleasant. Other notable areas of activity: 47 sales in North Charleston/Summerville (outside I-526) and West Ashley (outside I-526) where 37 homes sold.

DORCHESTER COUNTY

123 homes sold at a median price of $146,000 in Dorchester County in January. The areas of Summerville/Ridgeville and Summerville/Ladson were the most active, with 55 and 41 sales, respectively.

 

With 3,600 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®.