Sales are booming, prices are steadily trending upward in a robust Charleston-area market

Residential Real Estate Sales 18.7% Ahead of 2012 Levels

Sales are booming, prices are steadily trending upward in a robust Charleston-area market

CHARLESTON, SC—(March 11, 2013) 722 homes sold at a median price of $181,334 in the Charleston region in February, according to data released today by the Charleston Trident Association of REALTORS®. February’s sales figures are most comparable to pre-recession market activity seen in February 2008, when 733 homes sold. Pricing figures are trending closer to February 2009 levels, when the median price for our area was $183,322 but only 448 homes sold.

Year-to-date, 1,367 homes have sold at a median price of $181,917 in the region. The number of homes for sale in the multiple listing service (MLS) has declined by about 1,000 when compared to this time last year—there are currently 5,632 homes available in the Charleston MLS. Sales are pacing almost 19% ahead of this time last year, while prices show healthy and maintainable 4% growth.

“When you look at the last decade of market activity, you can see how well our market is performing following the economic downturn” said 2013 CTAR President, Owen Tyler. “More importantly, you can clearly see that the activity in 2005 and 2006, particularly the sales activity, was abnormal and that the sales and pricing activity we’re seeing now is indicative of a more balanced and sustainable market” Tyler said.

 

 

 

The expectation from the Association and MLS executives is that sales and pricing will be stable and trend positively in 2013, but the trend of minimal inventory may spur more growth on the pricing side than previously anticipated. “Many areas of our region are squarely in seller’s market territory” said Dave Sansom, 2013 President of the Charleston MLS. “That doesn’t mean that sellers can start overpricing their homes and expect them to sell, but it does mean that they have a bit more room to negotiate for the price they want than they have in recent years” said Sansom. Tyler concurs, “Some buyers are having a tough time finding the home they want in the area they want because there are half as many homes on the market today.”

 

JANUARY ADJUSTMENT  Preliminary data reported in January indicated that 634 homes sold at a median price of $181,740. Adjusted numbers now show slight increases, with 645 homes sold at a median price of $182,500.

 

BERKELEY COUNTY

171 homes sold at a median price of $160,000 in Berkeley County last month. The areas bordered by Highway 17A and College Park and Goose Creek/Moncks Corner had the highest rate of sales activity.

 

Berkeley County Area to Watch: Daniel IslandDaniel Island posted significant gains in both sales activity and pricing in February. Sales increased by 171% when compared to last February and prices have increased by 28%. In February 2012, 7 homes sold at a median price of $447,000 on the Island; this February shows 19 sales at a median price of $573,300. February’s strong activity follows a year of positive trends in 2012, when prices increased almost 13% and inventory declined by almost half—44%.

 

CHARLESTON COUNTY

Of the 371 homes sold at a median price of $239,500 in Charleston County in February, 108 of those sales took place in Mount Pleasant. Outside of Mount Pleasant, North Charleston/Summerville (outside I-526) had the most sales with 52 homes selling at a median price of $120,432.

 

Charleston County Area to Watch: Upper Charleston Peninsula

At the end of 2012, inventory had declined nearly 35%, sales volume had increased by 50% and median price climbed 8.2%. In February, the Upper Peninsula area continued to thrive, with sales nearly doubling from February 2012’s 11 transactions to 20 this February. Median price continues to increase steadily and inventory remains low with just over 100 homes for sale in the area.

 

DORCHESTER COUNTY

154 homes sold at a median price of $154,250 in Dorchester County in February. The area of Summerville/Ridgeville was the most active area, with 74 sales at a median price of $161,256.

 

Dorchester County Area to Watch: Summerville/Ridgeville

Consistent and steady is the name of the game in Summerville/Ridgeville. The area performed consistently well in 2012, showing 9.5% growth in sales volume and an 8% increase in prices. This February, the area saw an explosion of sales activity—74 homes sold this February compared to 49 in February 2012 and prices are steadily consistent in the $160,000 range.

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®.