Residential Sales Have Increased 24% Year-To-Date

 

 

Charleston-area residential real estate sales strong through summer’s end

 
CHARLESTON, SC—(September 10, 2013) According to preliminary data released today by the Charleston Trident Association of REALTORS®, 1,278 homes sold at a median price of $217,462 in August. Last August, 1,034 homes sold at a median price of $199,414 in the region.

Year-to-date, 8,706 homes have sold at a median price of $205,417 and in an average of 87 days. Compared to this point in 2012, sales have increased by 24% and median price by 7.6%. Days on market have declined by an average of 27 days, meaning homes are selling nearly a month faster than they were a year ago. In August 2012, year-to-date figures showed 7,030 sales at a median price of $190,907.
 
“Looking at the year-to-date figures, we are positioned to finish 2013 with significant gains in sales volume and healthy, steady growth in prices” said 2013 Multiple Listing Service (MLS) President, Dave Sansom. “Thus far, we’ve made more progress than we anticipated in 2013 and this level of growth is sustainable for our market” said Sansom.
 
Inventory has held steady throughout the year, with 5,702 homes listed as “active” for sale in the MLS database. This figure represents approximately five months of inventory available in the region and considered by industry experts to be the benchmark of a balanced and healthy real estate market.
 
“As we expected, the minimal increases in mortgage rates have not soured the demand for residential real estate in Charleston” said 2013 CTAR President, Owen Tyler. “Buyer activity and interest is still very strong—the mix of cash buyers/investors and traditional buyers who recognize the long-term value of Charleston-area  real estate have helped keep the pace of sales high and our prices strong and stable” he continued.
 
JULY ADJUSTMENTPreliminary data reported for July indicated that 1,272 homes sold at a median price of $209,950. Adjusted numbers now show 1,280 homes sold at a median price of $210,000.
 
BERKELEY COUNTY
257 homes sold at a median price of $180,000 in Berkeley County in August. The most active area in the county was the area bordered by Jedburg Road, Highway 17A and College Park, with 66 sales at a median price of $175,045.

CHARLESTON COUNTY
Charleston County sales and median price increased in August, with 731 sales at a median price of $270,000. Homes in the county are spending an average of 77 days on market, the lowest average recorded this year. Outside of Mount Pleasant, where 250 homes sold at a median price of $381,125, the county’s most active area was James Island, with 83 sales at a median price of $245,000.
 
DORCHESTER COUNTY
253 homes sold at a median price of $165,000 in August in Dorchester County. The most active area of the county was Summerville/Ridgeville, where 101 homes sold at a median price of $184,990.

With 3,700 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®. To learn more, visit www.CharlestonRealtors.com.