Year-to-date sales up 25%, median price gains 10%

Charleston-Area Home Sales and Prices Rise through Third Quarter
Year-to-date sales up 25%, median price gains 10%

CHARLESTON, SC—(October 10, 2013)

According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 1,133 homes sold at a median price of $209,000 in September. Last September, 876 homes sold at a median price of $190,000 in the region.
 Year-to-date 9,861 homes have sold at a median price of $209,000 in an average of 86 days. Compared to this point in 2012, sales have increased by 25% and median price has risen by 10%. Year-to-date figures in 2012 showed 7,906 sales at a median price of $190,000.  Inventory is holding steady with 5,676 homes listed as ‘active’ for sale in the Charleston Trident Multiple Listing Service (CTMLS).

“We’ve closed almost as many sales in three quarters of 2013 as we did in the whole of 2012” said Dave Sansom, 2013 President of the CTMLS. “It has been a remarkable year of growth and progress for the Charleston-area real estate market. While we are heading into the end of the year and market activity may quiet down some, there are plenty of active and motivated buyers in the market” Sansom said.
 
The ongoing government shutdown isn’t expected to drastically impact the local real estate market unless it persists for a significant amount of time, but it is cause for buyers to ensure that they are working with a qualified REALTOR®.  “We don’t anticipate a major impact to productivity in our market but there may be some delays, particularly if you are seeking a federally-backed loan. Private banks have the ability to continue to close loans with the caveat of verifying the information they don’t currently have access to—tax transcripts, for example—once the government has reopened for business” said 2013 CTAR President Owen Tyler. “The shutdown could make buying a home a little more complicated, depending on the type of loan you’re securing. However, working with a qualified REALTOR® who knows how to navigate these temporary changes should alleviate any worry or concern for the buyer” added Sansom.
 
The changes to the National Flood Insurance Program (NFIP) have been a cause for concern for some Lowcountry buyers and sellers, as rates are adjusting to restore solvency to the NFIP. However, it is important to understand that every property is different. “Homes in the same neighborhood or even next door to one another can be impacted in very different ways. Seek the counsel of a trusted insurance agent to determine current and future rates for a property. If you are hoping to sell your home, invest in a current elevation certificate” said Tyler.
 
AUGUST ADJUSTMENTPreliminary data reported for August 2012 indicated that 1,278 homes sold at a median price of $217,462. Adjusted figures now show 1,290 homes sold at a median price of $217,726.
 
BERKELEY COUNTY231 homes sold at a median price of $180,000 in Berkeley County in September. The most active area in the county was the area bordered by Jedburg Road, Highway 17A and College Park, with 59 sales at a median price of $188,790.

CHARLESTON COUNTYIn Charleston County in September, 674 homes sold at a median price of $259,200. West Ashley (outside of I-526) was the most active area during the month with 88 sales at a median price of $184,456.
DORCHESTER COUNTY189 homes sold at a median price of $176,000 in September in Dorchester County. The most active area was Summerville/Ridgeville, where 103 homes sold at a median price of $187,500.
 

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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®.