Halfway through 2013, Charleston Real Estate Market Shows Stability and Progress

 

CHARLESTON, SC—(July 10, 2013) According to preliminary data released today by the Charleston Trident Association of REALTORS®, 1,314 homes sold at a median price of $219,340 in June. Last June, 1,059 homes sold at a median price of $199,900 in the region.

At this time last year, 5,000 homes had sold at a median price of $181,700. Year-to-date data for 2013 shows that 6,117 homes have sold in the region at a median price of $200,440—a 22% increase in sales and a 10% increase in median price for the year.

Inventory still remains remarkably low, with 5,655 homes listed as “active” for sale with the Charleston Trident Multiple Listing Service (CTMLS). “We continue to monitor the low inventory trend in our region,  as well as specific areas of the Lowcountry like Mount Pleasant and West Ashley, where finding an available home in the most popular price ranges--$200 and $300,000—is increasingly difficult” said 2013 CTMLS President, Dave Sansom.

Halfway through the year, the Charleston market is performing exceptionally well and is showing a strong basis for ongoing growth. “While more than half of the transactions are being conventionally financed, nearly a quarter of homes are being paid for in cash, which indicates a healthy mix of traditional buyers and professional investors purchasing homes in our market” said 2013 CTAR President Owen Tyler.  “Interest and activity among prospective buyers is still very strong and doesn’t appear to have been negatively impacted by the recent adjustments in mortgage rates. However, it’s still fairly early to make a clear assessment on how much the recent rate changes will affect the Charleston market” said Tyler. While mortgage rates have risen since the start of the busy summer buying season, they are still at historic lows and did ease slightly last week, from an average of 4.6% to 4.29% for a 30-year fixed loan.

 

MAY ADJUSTMENTPreliminary data reported for May indicated that 1,277 homes sold at a median price of $212,000. Adjusted numbers now show 1,291 homes sold at a median price of $213,000.

 

BERKELEY COUNTY

Both buying and pricing trends in Berkeley County are trending strongly upward—281 homes sold in the county in June, at a median price of $189,000. In June 2012, 208 homes sold at a median price of $164,300.

CHARLESTON COUNTY

752 homes sold at a median price of $255,500 in Charleston County in June. While sales volume declined slightly from May, when 770 homes sold, it has increased significantly since June 2012, when 627 homes sold at a median price of $239,390.

 

DORCHESTER COUNTY

Home sales spiked in Dorchester County in June, with the County’s highest level of sales since June 2010. 249 homes sold at a median price of $179,000 in June. Comparatively, 182 homes sold last June at a median price of $157,500.

 

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®.