Charleston Region Real Estate Market Continues to Expand - April 2013 Stats

Charleston-Area Real Estate Sales Continue Growth in April

 

CHARLESTON, SC—(May 10, 2013) 1,028 homes sold at a median price of $200,000 in the Charleston region in March, according to data released today by the Charleston Trident Association of REALTORS® (CTAR). Year to date, 3,472 homes have sold in the tri-county region, an 18% increase from the same period in 2012. The area’s year to date median price is $191,275 through April.

“Our market continues to expand and progress in a positive direction. We have a stable inventory paired with prices increasing at a steady and healthy pace—up 7% year to date—which is a great indicator for the sustainability of our market” said 2013 CTAR President Owen Tyler.

 

Sales volume was last at this level in 2007, and is being driven mainly by investors and relocations to the area. “Our region’s ability to create and retain quality jobs has been a crucial component to the recovery of our market. Increased activity in the construction sector will continue to strengthen our local real estate economy and will create additional inventory as we expect the higher rate of home sales to continue as we enter the busy summer months” said Dave Sansom, 2013 President of the Charleston Trident Multiple Listing Service (CTMLS).

 

Over the last 12 months, inventory levels have stabilized, with 5,636 homes currently for sale in the CTMLS. Pockets of the tri-county area are beginning to see shorter market times, with homes selling in an average of 90 days.

 

MARCH ADJUSTMENTPreliminary data reported in March indicated that 1,045 homes sold at a median price of $202,210.  Adjusted numbers now show 1,062 homes sold at a median price of $200,940.

 

BERKELEY COUNTY

210 homes sold at a median price of $169,500 in Berkeley County last month.  The area bordered by Jedburg Road, Highway 17A and College Park was again the most active, with 49 sales at a median price of $167,000.

 

CHARLESTON COUNTY

587 home sales resulted in a median price of $239,000 in April in Charleston County.  Of those, 171 sales were in Mount Pleasant and sold at a median price of $315,00. West Ashley (outside of I-526) was the next most active area, with 77 sales at a median price of $205,830.

 

DORCHESTER COUNTY

196 homes sold at a median price of $167,357 in Dorchester County in April.  The area of Summerville/Ridgeville was the most active area, with 87 sales at a median price of $173,000.

 

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®.