Residentia​l Real Estate Starts Strong In January 2014, But Inventory Is Low

Per the Charleston Trident Association of REALTOR's data report released today, "748 homes sold at a median price of $211,750 in January. Last January, 648 homes sold at a median price of $183,425 in the region."

The report goes on to state, "Inventory increased slightly from December, with 5,420 listed as ‘active’ for sale in the Charleston Trident Multiple Listing Service (CTMLS). Throughout the last 12 months, inventory remained consistent, with approximately 5,600 homes on the market in an average month. Lower inventory levels are typical coming out of the holiday season, and it is expected to continue increasing as we move closer to the spring."

Even with the slight increase of inventory from December 2013 to January 2014 many sellers are seeing multiple offers and properties selling for more than list price in certain areas of the Lowcountry.

The Association's analysis of MLS data confirms that, "Sales activity is off to a strong start in 2014, about 15% ahead of January 2013. Median price has also increased 15% over last January. However, as expected, the pace of growth in our market has slowed a bit. Last year began with 20% year-over-year increases and held steady throughout the year. This year, growth is expected to progress at a more modest, but healthy pace."

In Berkeley County 182 homes sold at a median price of $189,000 in Berkeley County in January. The most active area in the county was in the North area, bordered by Jedburg Road, Highway 17A and College Park, with 49 sales at a median price of $191,495.

In Charleston County during January, 413 homes sold at a median price of $260,000.  Outside of Mount Pleasant, where 123 homes sold at a median price of $337,249, West Ashley (outside I-526) was the most active area during the month with 56 sales at a median price of $234,801. James Island also put up impressive numbers in January, with 52 homes sold at a median price of $254,000

In Dorchester County 134 homes sold at a median price of $173,450 in January in Dorchester County. The most active area was Summerville/Ridgeville, where 60 homes sold at a median price of $183,500

If you are considering selling or buying real estate or if you know someone who is, please don't hesitate to call or e-mail, it would be an honor to be the REALTOR of choice.

If you are considering selling or buying real estate or if you know someone who is, please don't hesitate to call or e-mail, it would be an honor to be the REALTOR of choice.