Charleston REALTOR of the Year

Thrilled and honored to have been named Charleston REALTOR of the Year by my peers.

If I can assist you with your real estate needs please don't hesitate to call 843-224-5398 or e-mail me directly Owen@OwenTyler.com

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.

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.

Midyear Data Shows Healthy Growth, Sustainable Gains in Charleston Real Estate Market

 

According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 1,272 homes sold at a median price of $209,950 in July. Last July, 972 homes sold at a median price of $209,950 in the Charleston region.

 

Year-to-date, residential sales volume has increased 24% over this time last year and prices have risen by 10%. At the end of July 2012, 5,973 homes had sold at a median price of $182,400. This July, 7,417 homes have sold at a median price of $200,834.

 

Sales volume and median home price has increased steadily over the last 12 months as the Charleston region leads the state in terms of real estate market recovery. “Charleston is a very desirable place to be, aesthetically, but people and businesses are flocking here because of our thriving economy as well,” said 2013 CTAR President Owen Tyler.

 

At the REALTOR® Association’s midyear market update last week, research economist Dr. Joseph Von Nessen cited the region’s strong economic growth over the last year as a major contributor to the area’s strengthened housing market, but did warn that slowing job growth could have an impact on sales later in the year.  “We may see a slight adjustment in the pace of sales growth, but as Dr. Von Nessen mentioned, it’s unlikely that we will see any type of contraction in the market” said 2013 MLS President, Dave Sansom. “We expect to end the year showing a significant gain in sales volume over 2012 and ongoing growth in pricing as well—especially as inventory remains at this low level” added Tyler.

 

Inventory has held steady in the mid-5,000 home range for most of this year, with 5,770 homes listed as actively for sale in the Charleston Trident Multiple Listing Service (MLS) at the end of July. Comparatively, there were slightly more homes for sale at the end of last July, when 6,328 homes were on the market.

 

June AdjustmentPreliminary figures for June 2013 indicated 1,314 homes sold at a median price of $219,340. Adjusted figures now show 1,338 homes sold at the same median price.

 

Berkeley CountyIn July, the Berkeley County market posted its highest number of sales for the year, an increase of nearly 100 monthly transactions when compared to July 2012. 289 homes were sold at a median price of $170,000 in the county last month. Year-to-date, the county shows a 25% increase in sales volume with 1,566 total sales and nearly 4% growth in prices—a healthy, sustainable pace—as the median price climbed to $168,000.

 

Charleston County

Charleston County sales increased at a similar rate to those of its sister counties in July, with 702 sales at a median price of $265,000.  The county is tracking year-to-date increases of 24% in sales volume and 9% growth in prices—so far this year, 4,241 homes have sold in Charleston County at a median price of  $245,000.

 

Dorchester County

241 homes sold at a median price of $175,000 in Dorchester County in July.  The county leads the region in year-to-date sales volume growth, with 26.5% more sales than 2012 and stability in pricing, with less than 1% variance over 2012’s year-to-date figures. So far in 2013, there have been 1,387 residential transactions with a median price of $167,215.

 

Data prepared by the Charleston Trident Association of REALTORS®

Double-digit trends in midyear home reports

Charleston median home prices rise 3% in March from last year

Median home prices in the Charleston area rose more than 3% in March, according to data released Wednesday by the Charleston Trident Association of Realtors comparing last month to 2012.

CTAR reported 1,045 homes were sold at a median price of $202,210 in the Charleston region last month. The area hasn’t experienced that level of sales in March since 2007, the organization said.

CTAR President Owen Tyler said in a news release that it’s more common to see sales surpass 1,000 in late spring and early summer. Last year, May, June and August were high-volume months, he said.

“It’s unusual to see this many closed transactions this early in the season, but we know that market activity is being bolstered by increased interest from investors who recognize the benefits of investing in property in the Charleston area,” Tyler said. “While we do expect sales levels to remain higher than they were in previous years, we do not expect sales to sustain at this level through the spring.”

The Charleston area has been averaging more than 800 home sales per month this year, with 2,424 homes sold year-to-date with a median price of $182,500 across the region. CTAR said the sales volume shows a 16% increase from last year with a 3% increase in median price.

Read the entire article at: http://www.charlestonbusiness.com/news/47344-charleston-median-home-prices-rise-3-in-march-from-last-year

Market Update for March 2013

Spring buying season as begun early this year with a tremendous number of sales during March 2013.  Below is an early release of the information you will see in the Post and Courier tomorrow.

 

If I can provide any additional information please don't hesitate to call or e-mail.

 

* * *

 

Unusually High Number of Home Sales in March Kick off Spring Buying Season

 

CHARLESTON, SC—(April 11, 2013) 1,045 homes sold at a median price of $202,210 in the Charleston region in March, according to data released today by the Charleston Trident Association of REALTORS® (CTAR). The last time March home sales passed the 1,000 transaction benchmark was in 2007.

 

“It’s more common to see sales pass the 1,000 mark in late spring/early summer; last year it happened in May, June and August” said 2013 CTAR President, Owen Tyler. “It’s unusual to see this many closed transactions this early in the season, but we know that market activity is being bolstered by increased interest from investors who recognize the benefits of investing in property in the Charleston area. While we do expect sales levels to remain higher than they were in previous years, we do not expect sales to sustain at this level through the spring” Tyler continued.
Year-to-date, 2,424 homes have sold at a median price of $182,500 in the region, a 16% increase in sales volume and a healthy, sustainable 3% increase in median price. At this time in 2012, 2,088 homes had sold at a median price of $176,816. Inventory has not increased significantly so far this year, remaining low with 5,745 homes listed as “active” in the Charleston Trident Multiple Listing Service (CTMLS).

“A 3% year-to-date increase in median price is perfectly in line with what we hope to see in terms of growth at this point. Our market is healthier than it has been in a long time, however with inventory low and demand high, artificial price inflation can start to occur, which we do not want to see” said Tyler. “Market conditions need to be understood from a hyper-local perspective” he continued, “Demand is through the roof in some areas of Charleston, but quieter in others. Whether you are buying or selling, talk to your REALTOR® to understand the economics of your particular neighborhood”

February AdjustmentPreliminary data reported in February indicated that 722 homes sold at a median price of $181,334. Adjusted numbers now show slight increases, with 732 homes sold at a median price of $181,750.

Berkeley County
191 homes sold at a median price of $166,400 in Berkeley County last month.  The area bordered by Jedburg Road, Highway 17A and College Park was the most active, with 55 sales at a median price of $166,400.

Charleston CountyMore than half of the homes sold in March were sold in Charleston County, where 635 transactions resulted in a median price of $245,037.  Of those, 210 sales were in Mount Pleasant and sold at a median price of $342,500. West Ashley (outside of I-526) was the next most active area, with 77 sales at a median price of $189,295.

Dorchester County184 homes sold at a median price of $162,500 in Dorchester County in March.  The area of Summerville/Ladson was the most active area, with 72 sales at a median price of $181,950.


Information provided by the Charleston Trident Association of REALTORS

Charleston Realtors association adds Lowcountry ‘watch’ list

The Charleston Trident Association of Realtors released its February home sales figures last week, reporting another month of improved sales volume and prices.

 

That’s been constant for more than a year, but the group’s latest report added something new: a “watch” list highlighting particularly strong areas in the region.

 

 

To read the entire article http://www.postandcourier.com/article/20130318/PC05/130319336/1010/charleston-realtors-association-adds-lowcountry-x2018-watch-x2019-list

 

 

 

East Cooper native plays active role as Realtor group president while staying up-to-date on agent business

East Cooper native plays active role as Realtor group president while staying up-to-date on agent business

Read the entire article

http://www.postandcourier.com/article/20130309/PC2110/130309305/1145/east-cooper-native-plays-active-role-as-realtor-group-president-while-staying-up-to-date-on-agent-business

Immigrant homebuyers have bolstered the housing market

According to the WSJ and a report recently released, "Immigrant homebuyers have bolstered the housing market across the country in the past decade and will continue to fuel demand at least through 2020..."

To see the full article visit http://online.wsj.com/article/SB10001424127887324034804578344580600357570.html?wpisrc=nl_wonk

Forty Under 40

So excited to named to the Forty Under 40 List for 2013

See the entire list -- http://charlestonbusiness.com/news/46912-forty-under-40-winners-announced-for-2013

January Residential Real Estate Sales Highest Since 2008

 

January Residential Real Estate Sales Highest Since 2008

Increased market interest, consumer confidence fuels strong sales increases, sustainable price growth

CHARLESTON, SC—(February 11, 2013) 634 homes sold at a median price of $181,750 in the Charleston region in January, according to data released today by the Charleston Trident Association of REALTORS® (CTAR). These figures represent the highest rate of January sales activity in the region since January 2008, when 648 homes sold. Activity and buyer interest were notably higher during the typically slow first month of the year as many REALTORS® reported a significant increase in calls from prospective buyers.

As sales volume continues to make consistent, sustainable progress, prices remain stable, approaching the $200,000 range, where local REALTORS® and expert economists looking at our region expect them to stay for the short-term future. “As was the case in 2012, we expect to see nominal, but sustainable, growth in prices this year” said 2013 CTAR President Owen Tyler. “2012 closed out with a 4.4% increase in median price, which is an excellent rate of growth in a recovering market. It’s all about sustainability” said Tyler.

Comparing the beginning of 2012 to 2013, sales volume is up 16% and median price reflects 3% growth thus far in 2013.

As the uptick of buyer interest in our market seems to be an enduring trend, inventory may become an issue in some areas. The number of available properties has consistently remained at a lower level than we’ve seen in the past five years, but will likely increase as the spring buying season draws closer. There were 5,520 homes actively for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of January 31, 2013.

During the 2012 Year-In-Review residential market update hosted by CTAR in late January, expert economists Steve Slifer and Joey Von Nessen praised the real estate market activity in our region in 2012, but warned that uncertainty based on what’s going on in the government and Washington DC may have an effect on consumer confidence in 2013. 

 
 

2012 ADJUSTMENTPreliminary data reported for 2012 indicated that 10,574 homes sold at a median price of $190,065. Adjusted numbers now show 10,588 homes sold at a median price of $190,145.

BERKELEY COUNTY

125 homes sold at a median price of $157,000 in January in Berkeley County. The most activity in the County was reported in the areas bordered by Highway 17A and College Park, as well as Goose Creek/Moncks Corner, bordered by Highway 52 and the Cooper River. The activity in those areas accounted for nearly half of the county sales.

CHARLESTON COUNTY

Of the 363 homes sold at a median price of $228,726 in Charleston County in January, 108 of those sales took place in Mount Pleasant. Other notable areas of activity: 47 sales in North Charleston/Summerville (outside I-526) and West Ashley (outside I-526) where 37 homes sold.

DORCHESTER COUNTY

123 homes sold at a median price of $146,000 in Dorchester County in January. The areas of Summerville/Ridgeville and Summerville/Ladson were the most active, with 55 and 41 sales, respectively.

 

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®.

Economists give rosy outlook for Lowcountry home sales

The Charleston region’s housing market will continue an upward trend of sales and values this year as long as local job growth continues.

To see the full article please visit The Post & Courier

Charleston Trident Association of REALTORS® Names New CEO

 

 

CHARLESTON, SC – (January 25, 2013) Following a nationwide search, the Charleston Trident Association of REALTORS® (CTAR) and Charleston Trident Multiple Listing Service (MLS) has named their new Chief Executive Officer. Wil Riley, a Summerville native and an experienced REALTOR®, Broker and Association management executive will succeed Terry Hyde Ketchem as CEO on April 1, 2013.

2013 CTAR President Owen Tyler has been leading the Association through this transition period and worked closely with the CEO search committee, comprised of REALTOR® members and past leadership. Former Association President Chris Fraser led the CEO search committee through the selection and interview process, which included consideration of well-known industry leaders as well as successful executives from other areas of business. At decision time, the committee concluded that Riley’s expertise coupled with his vision of how to move the Association forward cemented him as the best candidate for the position.

“I am thrilled that someone with such strong ties to our area and more importantly, the REALTOR® Association will be picking up where I leave off” said Terry Hyde Ketchem, the 26-year veteran CEO of CTAR. “Wil’s 15 year history as an agent and broker, as well as his 4 years of Association management experience, first at the Coastal Carolina Association and the last two years here at CTAR will be invaluable as he leads the Association into the future” said Ketchem.

Riley’s vision is one that melds past, present and future: “Our Association thrives under a CEO that understands the importance of our historical roots while aggressively seeking innovative opportunities for growth and development, one that will seek out products and services that will provide our members with the maximum return on investment for their membership. I am excited about being that CEO and look forward to working with our current staff, leadership and Association leaders across the state to keep Charleston, and South Carolina at the forefront of our industry” said Riley.

Riley will succeed Terry Hyde Ketchem as CEO following her retirement on March 31, 2013.

About Wil

Wil Riley has spent much of his life right here in the Lowcountry—born and raised in Summerville, Riley has positioned himself as a fixture of the north-area business and philanthropic communities. Following his graduation from Summerville High School, Riley left the Lowcountry only briefly, to earn his BS in Accounting from Clemson University. Upon his return, he co-founded Riley Lumber, where he and his father enjoyed a successful business and Wil took his first steps into management—overseeing the accounting and personnel needs for the company which would eventually expand to 16 employees.

In 1997, Riley took the opportunity to transition the business and management principles he had honed during his time with the family business to forge his own path into the real estate industry. Riley spent several years as a broker-associate with Prudential Carolina Real Estate, helping Lowcountry families with their real estate needs. In 2001, he took a position that allowed him to focus on his leadership, management and business development skills and became the Broker-In-Charge of Century 21 Properties Plus in Summerville.

During his time as a practicing REALTOR®, Riley began building his relationship with the local, state and national REALTOR® Associations and local MLS. He has served as a national (2007-08) and state director (2004-09) as well as the local board (2003-09), of which he was named President in 2008. His service on the Charleston Metro Chamber of Commerce’s Education Foundation (2006-07) and Economic Outlook Board (2003-04) allowed him to gain experience and expand his network in the local business community.

After more than a decade on the sales side of the business, Riley turned his sights to the REALTOR® Assocaition he was already so familiar with, and took a position with the Coastal Carolina Association of REALTORS® in Myrtle Beach. As their Vice President of Finance and Administration, Riley developed a sound understanding of the inner workings of the REALTOR® Association and MLS and futhered his knowledge when he moved back to his native Lowcountry in 2011 to take the position of Vice President of Operations at CTAR.

“The absence of a significant learning curve will be a great benefit to our membership as I transition out of my role and Wil steps into his. He is so familiar with the inner workings of our Association, the MLS and works so well with our staff and leadership, it should be a seamless transition” said Ketchem.

Riley is looking forward to the challenges and opportunities that lie ahead. “As an Association, we cannot ever rest on our laurels. We must push forward—growing and changing—to remain a leaders in providing our members with premier business resources, support and access to cutting-edge industry technologies” he said.

In addition to his expanding duties at the Association, Wil is active as a parishoner and leader at St. Paul’s Church in Summerville and enjoys spending time with his family. He lives in Summerville with his wife Ann, an elementary school teacher and their children, daughter Logan (currently attending Clemson University) and son Walker, an accomplished soccer player.

Growing Steady: Metro Charleston’s moderate sales, price rises in 2012 unlikely to overheat market

Posted: Saturday, January 26, 2013 12:01 a.m.

By JIM PARKER

The Post and Courier

Just last year, agent Owen Tyler saw how good “pub” — Charleston named the world’s best place to visit — rubbed off on the local housing market.

 

And the Realtor has witnessed how the era of ultra-low mortgage interest rates has prevented more than one house hunter from abandoning the idea of buying.

 

But Tyler, an associate with Carolina One Real Estate and president of the Charleston Trident Association of Realtors, may be most excited by another bit of news directed at the housing market in recent months.

 

“Certainly, the money is out there (now) for a loan to a qualified buyer,” he says. That’s a key change from the past four or five years, when lenders tightened credit standards and many slowed down their loan stream during the national housing slide.

 

“The banks are open, they are lending money,” he says. “That (the renewed bank involvement) has been really helpful on the market,” he says.

 

Fortunately for greater Charleston, the region has been reasonably insulated from the housing slump, Tyler says. He credits a diverse job market that includes medical, port and tourism sectorsas well as Boeing’s aircraft plant in North Charleston.

 

There’s no question the area suffered through sagging home prices and sales from 2008 through 2011. Median home values and transactions remain below the levels of the mid 2000s.

 

But last year was a welcome turn in fortunes. According to Tyler, 2012 “certainly was a much better year than anyone ever expected.”

 

He’s not the only real estate watcher who is gung-ho about the past year’s housing figures.

 

“Final 2012 numbers are starting to come in, and they are looking very good and much better than predicted a year ago,” says Brian J. Foster, of Charleston-based Real Estate Information Service Inc.

To Read the Full Article:

Post & Courier Article on Housing in Charleston, SC

Real Estate and the Fiscal Cliff Deal

Here is the breakdown of provisions affecting real estate in the fiscal cliff bill:

Mortgage Debt Cancellation Act
Extended through 2013 for those with incomes under $110,000.
For more to understand the Mortgage Debt Cancellation Act, click here.

Mortgage Interest Deduction
The Mortgage Interest Deduction has not been changed.

Mortgage Insurance Premium Deduction
Extended through 2013 for those with incomes under $110,000.

State & Local Property Tax Deduction
This provision has been extended.

Energy Efficiency Tax Credit
The 10% tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes has been extended through 2013.

Leasehold Improvements
The 15 year straight-line cost recovery for qualified leasehold improvements on commercial properties has been extended through 2013 and made retroactive to cover
2012.

Capital Gains Tax
Remains at 15% for most taxpayers.
23.8%* rate for those making $400,000 (individual)/$450,000 (couple); retains primary residence exemption up to $500,000 (couple)/$250,000 individual.
*includes 3.8% Medicare capital gains tax included in health care reform.

Estate Tax
Rises to 40% and includes a $5 million exemption. Of all small businesses and family farms in the country, only 40 were higher than the $5 million exemption last year.

For more information and additional details about the fiscal cliff deal, click here.

Above information compiled by Charleston Trident Association of REALTORS.

Charleston Real Estate Market Continues Positive Progress

 

 

Charleston Real Estate Market Continues Positive Progress

Year-to-date figures show 12% sales growth, 4% increase in prices

CHARLESTON, SC—(November 13, 2012) According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 898 homes sold at a median price of $185,112 in October. These figures, representative of all homes sold through the Charleston Trident Multiple Listing Service (CTMLS), show a 34% increase in sales volume and a slight 2% decline in prices when compared to preliminary figures from October 2011.

Year-to-date figures demonstrate continued positive progress for the local real estate market: 8,794 homes have sold at a median price of $187,597 thus far in 2012. At this point last year, 7,827 homes had sold at a median price of $179,925. This year’s figures show 12% growth in sales volume and a healthy, sustainable 4% growth in median price.

At the National Association of REALTORS® (NAR) annual conference in Orlando this week, chief economist Lawrence Yun forecasted that nationwide, both home sales and prices will continue to trend upward over the next two years, predicting that the national median home price will have risen by 15% by 2015.

However, Yun warned of looming inflation, which could double in the coming years. Recent inflation has increased by about 2% per year. 2012 CTAR President Herb Koger agrees with Yun's concerns, saying “Mortgage rates have remained at historic lows for so long, they will have to go back up at some point. The combination of rising home prices, the inevitable increase in mortgage rates and a declining inventory will make it tougher in the coming years for those who are currently renting but hope to buy" Koger said. Strict lending qualifications continue to be an issue for many prospective homeowners, as well. Many credit markets are too tight to accommodate those who want to take advantage of today's prime buying environment.

While the region's overall inventory remains in a healthy decline, there are subsets of the market with more than enough property to go around. "Areas like James Island, West Ashley and parts of Mount Pleasant have overall, very low inventory that at a glance, puts them clearly in seller's market territory. However, when you look at more expensive homes, in the $400,000 and up range, for example, there is significantly more, even double, the rate of inventory" said Koger. As of October 31, 2012 there were 6,030 homes listed as actively for sale with the CTMLS.

“Overall, the Charleston region has performed incredibly well in 2012, and we expect this progress will continue. We live in a highly desirable area which is becoming increasingly attractive to businesses and corporations as well as homeowners” said Koger.

SEPTEMBER ADJUSTMENTPreliminary data reported for September 2012 indicated that 876 homes sold at a median price of $190,000. Adjusted numbers now show 885 homes sold at the same median price.

BERKELEY COUNTY

206 homes sold at a median price of $157,495 in October. Last October, 166 homes sold at a median price of $168,217. The most active area of the County is bordered by Jedburg Road, Highway 17A and College Park, where 68 transactions closed at a median price of $150,620. Year-to-date, the County’s sales volume has increased a healthy 3% and prices 4%. Thus far in 2012, 1,898 homes have sold at a median price of $163,443 in Berkeley County.

CHARLESTON COUNTY

489 homes sold in Charleston County in October, at a median price of $225,000. This represents an increase of more than 100 sales when compared to last October, when 346 homes sold at a price of $227,000. Outside of the County’s largest geographic area of Mount Pleasant, the most active areas were West Ashley (outside of I-526) and James Island. 61 homes sold at a median price of $205,475 in the outermost part of West Ashley, while 54 sales on James Island resulted in a median price of $223,250. Year-to-date, the County is leading the local market recovery, with a 19% increase in sales volume and a 2% increase in median price. Nearly 5,000 homes have sold in Charleston County in 2012, at a median price of $225,000.

DORCHESTER COUNTY

173 homes sold in Dorchester County at a median price of $167,500 in October. Last October, 140 homes sold at a median price of $155,950. The most active area of Dorchester County in October was the Summerville/Ridgeville area, where 71 sales resulted in a median price of $201,575. Year-to-date, Dorchester County is showing stability, with 5% and 6% increases in sales and median price, respectively. 1,596 homes have sold at a median price of $167,361 in 2012.

 

With approximately 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®. To learn more, visit www.CharlestonRealtors.com.

Charleston-Area Residential Real Estate Market Continues to Strengthen through September

 

Charleston-Area Residential Real Estate Market Continues to Strengthen through September

Strong sales, consistent price growth and declining inventory strengthen the recovering market

CHARLESTON, SC—(October 10, 2012) According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR) 876 homes sold in September, surpassing last September’s mark by more than 100 sales. Pricing in the Charleston area has made positive gains throughout the year, with September’s closings resulting in a median sale price of $190,000.

The year-to-date and inventory figures show the Charleston market’s continued progression back to a healthy, balanced and sustainable market. Year-to-date, MLS data shows a 10.5% increase in sales and a 5.6% increase in median price for the region. In 2012, 7,879 homes have sold at a median price of $190,000. At this point last year, 7,125 homes had sold at a median price of $179,850.

While it is common for inventory to decline heading into the fall and winter months, it is significant that tri-county inventory has dropped below the 6,000 benchmark, with 5,878 homes listed as actively for sale with the Charleston Trident Multiple Listing Service (MLS). MLS data shows 6.7 months of residential inventory—most experts consider 5-6 months a mark of a healthy and balanced market.

“The available inventory is pushing our market not only towards balance, but slowly back towards the seller’s favor. We’ve been squarely in ‘buyer’s market’ territory for several years now. The market has made its corrections and we’re well-positioned for sustainable positive progress going forward,” said Herb Koger, 2012 President of the Charleston Trident Association of REALTORS®.

Average days on market has declined significantly as well, with all three counties reporting 100 days or less to sale, and Charleston County averaging a speedy 87 days in September. The faster pace of buying activity is being encouraged by a significant number of investor buyers in the Charleston market, who deal largely in cash, negating the wait time for lender approval.

August AdjustmentPreliminary data reported for August 2012 indicated 1,014 homes sold at a median price of $198,757. Adjusted numbers now show 1,025 sales at a median price of $199,900.

Berkeley County

Preliminary data shows 197 homes sold at a median price of $175,000 in Berkeley County in September; with an average of 92 days on market. Year-to-date, sales volume has increased about 1% and prices have grown by 6% compared to last year, with 1,689 sales in the county at a median price of $164,300.

Charleston County

Preliminary data shows 502 residential transactions in Charleston County in September, at a median price of $216,768. Days on market dropped to a year-low of 87 days. Year-to-date, sales have increased 17% and pricing has made a healthy 2% gain over 2011 data. Thus far in 2012, 4,494 homes have sold at a median price of $225,000 in Charleston County.

Dorchester County

Preliminary data shows that 153 homes sold at a median price of $175,000 in September in Dorchester County, in an average of 100 days on market. Year-to-date, sales volume has grown by 3% and prices have increased by nearly 4%, county-wide, compared to last year. In 2012, 1,428 homes have sold at a median price of $167,222.

 

With approximately 3,400 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.

DECEMBER RESIDENTIAL REAL ESTATE FIGURES CLOSE OUT A STRONG 2011

DECEMBER RESIDENTIAL REAL ESTATE FIGURES CLOSE OUT A STRONG 2011

Year to date numbers show sales growth, relative stability in median price

CHARLESTON, SC—(January 10, 2012) Posting the strongest December sales figures since 2006, the Charleston-area residential real estate market closes out a year of steady sales growth and celebrates the arrival of several positive indicators.
According to preliminary figures released by the Charleston Trident Association of REALTORS® (CTAR), 785 homes sold at a median price of $186,050 in December. This represents an increase of more than 100 sales and median price growth of just over 2% when compared to last December.

However, the best news lies in the year-to-date figures. The Charleston area will close out 2011 with at least a 6% increase in closed sales and a difference of just 3% in median price from 2010. “We anticipated the slight decline in median price, with the amount of distressed inventory in our market” said 2012 CTAR President Herb Koger. “However, seeing sales growth at a sustainable and healthy level—that was not encouraged by tax incentives—clearly demonstrates that there are buyers who understand the value of owning a home in the Charleston area” said Koger.

In 2011, 9,276 homes sold in the Charleston area, at a median price of $181,573. In 2010, 8,767 homes sold at a median price of $186,423.

“When we look at the positive indicators that developed throughout the year—growth in sales, relative stability in median price and a declining inventory—we see an extended period of positive movement and growth in our market, which leads me to believe we’ll see another year of slow, but healthy progression in 2012” said Koger. “While we’re on the right track, we may continue see some price softening as we keep working through our distressed inventory” he added.

Inventory continues to decline, with 6,904 homes listed as actively for sale in the MLS.

A final year in review report will be available next week on the Association’s website and Facebook page.

November Adjustment
Preliminary numbers reported for November 2011 indicated 648 homes sold at a median price of $191,500. Adjusted numbers now show 663 sales at an increased median price of $195,000.

BERKELEY COUNTY

With 194 sales at a median price of $169,702 in December, the residential real estate market in Berkeley County added to its impressive year-to-date totals.

2,219 homes sold in the County at a median price of $162,450 during the year—a 5% increase in sales and slight 2% decline in median price compared to 2010’s 2,112 sales at a median price of $165,457.In 2011, the most active area of the county was bordered by Jedburg Road-Highway 17A and College Park, with 523 sales at a median price of $156,290. The most affordable area of the county is Cross/St. Stephens/Bonneau, where 71 annual sales resulted in a median price of $69,000. The most expensive area continues to be Daniel Island, where 250 homes sold at a median price of $407,500.

CHARLESTON COUNTY
December figures completed a year of healthy sales growth and the ongoing correction of prices with 429 sales at a median price of $222,500.

Increasing affordability in Charleston County led to a market-leading 9% growth in sales during the year. 4,961 homes sold at a median price of $220,000 in 2011, as compared to 4,566 sales at a median price of $233,750 in 2010.

As the largest geographic area in the county, Mount Pleasant saw the largest number of closings in 2011, with 1,457 homes sold at a median price of $311,173. West Ashley (outside I-526 to Rantowles) was next, with 688 sales at a median price of $179,532. Sullivan’s Island is home to the most expensive property in the County, with 37 sales resulting in a median price of $1,335,000. The most affordable area of the County is North Charleston (inside I-526) where 199 homes sold at a median price of $57,000.

DORCHESTER COUNTY
128 homes sold at a median price of $151,750 in December, closing out a year of stability in Dorchester County.

Year-to-date figures show a less than 1% variance in sales and median price. In 2011, 1,778 homes sold at a median price of $160,000. In 2010, 1,794 homes sold at a median price of $159,125.

The Summerville/Ridgeville area was the most active, as well as the most expensive area of the County in 2011, as 820 sales resulted in a median price of $168,395. St. George/Harleyville was the most affordable region—46 sales at a median price of $84,200.

Charleston Real Estate Market Shows Strength and Stability in 2011

Charleston Real Estate Market Shows Strength and Stability in 2011Sales Volume Up, Stability in Median Price, Inventory moves to new 5-year Low

CHARLESTON, SC—(December 12, 2011) According to preliminary figures released by The Charleston Trident Association of REALTORS® (CTAR) 648 homes sold at a median price of $191,500 in November, while inventory declined again to reach a new low of 7,258 homes listed as actively for sale. Last November, 588 homes sold at a median price of $189,700 as inventory stood nearly 20% higher than the current level. “The continued decline of inventory is an important factor in maintaining the stability and health of our local market, as we anticipate the addition of bank-owned inventory in the early stages of 2012” said Rob Woodul, 2011 President of CTAR.

Compared to last November, sales volume is up by 10% and the median home price is a slight 1% higher.

“2011 has been a pivotal year for the Charleston real estate market. Without the support of a tax credit or other incentives, our market had to stand on its own and it did so considerably well. We’ve had 11 months of relatively stable activity and are beginning to close the gap on prices—which will likely be affected by additional foreclosed inventory next year. However, continued job growth and economic development in our region should help soften the potential negative effects of that bank-owned inventory” said Woodul. “This year, local REALTORS® have helped nearly 8,500 individuals or families make an investment in the Charleston area. Whether the market is up or down, helping people and families find a place to call home only adds to our region’s stability and strengthens our sense of community” said Woodul.

Year-to-date, 8,453 homes have sold at a median price of $180,796, which indicates nearly 5% sales growth and a 3% decline in prices compared to this point in 2010, when just over 8,000 homes had sold at a median price of $187,00.

October Adjustment

Preliminary numbers reported for October 2011 indicated 670 homes sold at a median price of $190,000. Adjusted numbers now show 677 sales at the same median price.

BERKELEY COUNTY
168 homes sold at a median price of $175,312 in Berkeley County in November—a considerable improvement from last November, when 138 sales resulted in a median price of $169,187.

The most active area of the county was Goose Creek/Monck’s Corner from Highway 52 to the Cooper River, where 45 homes changed hands at a median price of $164,590. The most expensive homes in the County can be found on Daniel Island, where the median home price last month was $387,000. The most affordable homes in Berkeley County are in the area of St. Stephen/Bonneau, where the median home price was $57,900.

CHARLESTON COUNTY
335 homes sold at a median price of $225,848 in November in Charleston County; compared to 318 sales at a median price of $236,175 last November.

Outside of the county’s largest geographic area of Mount Pleasant, where 94 homes sold at a median price of $318,125, the most active area of the county was again, in West Ashley (outside I-526) where 51 homes sold at a significantly increased median price of $198,250. The most expensive homes in the County sold in the resort community of Wild Dunes, where 9 sales resulted in a median price of $827,900. The most affordable homes sold in North Charleston (inside I-526) where 16 homes changed hands at a median price of $55,000.

DORCHESTER COUNTY

125 homes sold at a median price of $176,000 during November in Dorchester County, which shows a healthy increase in sales volume and notable increase in price, compared to last November’s 112 sales at a median price of $152,136. The most active area was Summerville/Ridgeville, where 68 homes sold at a median price of $186,400; also making it the most expensive area in November. The most affordable homes sold in the St. George/Harleyville area, where 4 homes sold at a median price of $112,500.