Sales are booming, prices are steadily trending upward in a robust Charleston-area market

Residential Real Estate Sales 18.7% Ahead of 2012 Levels

Sales are booming, prices are steadily trending upward in a robust Charleston-area market

CHARLESTON, SC—(March 11, 2013) 722 homes sold at a median price of $181,334 in the Charleston region in February, according to data released today by the Charleston Trident Association of REALTORS®. February’s sales figures are most comparable to pre-recession market activity seen in February 2008, when 733 homes sold. Pricing figures are trending closer to February 2009 levels, when the median price for our area was $183,322 but only 448 homes sold.

Year-to-date, 1,367 homes have sold at a median price of $181,917 in the region. The number of homes for sale in the multiple listing service (MLS) has declined by about 1,000 when compared to this time last year—there are currently 5,632 homes available in the Charleston MLS. Sales are pacing almost 19% ahead of this time last year, while prices show healthy and maintainable 4% growth.

“When you look at the last decade of market activity, you can see how well our market is performing following the economic downturn” said 2013 CTAR President, Owen Tyler. “More importantly, you can clearly see that the activity in 2005 and 2006, particularly the sales activity, was abnormal and that the sales and pricing activity we’re seeing now is indicative of a more balanced and sustainable market” Tyler said.

 

 

 

The expectation from the Association and MLS executives is that sales and pricing will be stable and trend positively in 2013, but the trend of minimal inventory may spur more growth on the pricing side than previously anticipated. “Many areas of our region are squarely in seller’s market territory” said Dave Sansom, 2013 President of the Charleston MLS. “That doesn’t mean that sellers can start overpricing their homes and expect them to sell, but it does mean that they have a bit more room to negotiate for the price they want than they have in recent years” said Sansom. Tyler concurs, “Some buyers are having a tough time finding the home they want in the area they want because there are half as many homes on the market today.”

 

JANUARY ADJUSTMENT  Preliminary data reported in January indicated that 634 homes sold at a median price of $181,740. Adjusted numbers now show slight increases, with 645 homes sold at a median price of $182,500.

 

BERKELEY COUNTY

171 homes sold at a median price of $160,000 in Berkeley County last month. The areas bordered by Highway 17A and College Park and Goose Creek/Moncks Corner had the highest rate of sales activity.

 

Berkeley County Area to Watch: Daniel IslandDaniel Island posted significant gains in both sales activity and pricing in February. Sales increased by 171% when compared to last February and prices have increased by 28%. In February 2012, 7 homes sold at a median price of $447,000 on the Island; this February shows 19 sales at a median price of $573,300. February’s strong activity follows a year of positive trends in 2012, when prices increased almost 13% and inventory declined by almost half—44%.

 

CHARLESTON COUNTY

Of the 371 homes sold at a median price of $239,500 in Charleston County in February, 108 of those sales took place in Mount Pleasant. Outside of Mount Pleasant, North Charleston/Summerville (outside I-526) had the most sales with 52 homes selling at a median price of $120,432.

 

Charleston County Area to Watch: Upper Charleston Peninsula

At the end of 2012, inventory had declined nearly 35%, sales volume had increased by 50% and median price climbed 8.2%. In February, the Upper Peninsula area continued to thrive, with sales nearly doubling from February 2012’s 11 transactions to 20 this February. Median price continues to increase steadily and inventory remains low with just over 100 homes for sale in the area.

 

DORCHESTER COUNTY

154 homes sold at a median price of $154,250 in Dorchester County in February. The area of Summerville/Ridgeville was the most active area, with 74 sales at a median price of $161,256.

 

Dorchester County Area to Watch: Summerville/Ridgeville

Consistent and steady is the name of the game in Summerville/Ridgeville. The area performed consistently well in 2012, showing 9.5% growth in sales volume and an 8% increase in prices. This February, the area saw an explosion of sales activity—74 homes sold this February compared to 49 in February 2012 and prices are steadily consistent in the $160,000 range.

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-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.

Charleston-area Home Sales Continue to Rise

Charleston-area Home Sales Continue to Rise

Monthly Closings Pass 1,000 for the Third Time this Year

CHARLESTON, SC— According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR) 1,014 homes sold at a median price of $198,757. This is the third time that closings have passed the 1k benchmark in 2012 and the first time sales volume has consistently shown this level of strength since 2007. Last year, sales peaked in August, with 904 homes sold at a median price of $185,000.

“The August sales figures are ongoing evidence of consistency and stability in our market. Charleston is such a desirable area, smart buyers recognize the long-term value of investing in the Charleston market” said 2012 CTAR President Herb Koger.

Inventory continues to trend towards a more balanced market, dropping to its lowest point this year, with 6,185 homes listed as actively for sale with the Charleston Trident Multiple Listing Service (MLS). Days on market remained below 100 for the second month in a row, at an average of 93 days. Stronger demand on the buying side of the market, an increase in cash-based transactions and the simplification of the distressed property transaction process are likely reasons for the decline.

Year-to-date figures continue to hold steady, with sales volume a strong 10% higher than it was a year ago, and the region’s median price gaining ground during the busy summer months to show a 6.5% uptick in pricing as compared to this point last year. 6,978 homes have sold at a median price of $190,555 thus far in 2012. At this time last year, 6,351 homes had sold at a median price of $178,844.

“As we heard from NAR’s Chief Economist Dr. Yun last month at the market update, our local market is being re-established on a firm foundation of sustainable sales and price growth—Charleston is outperforming many markets across the country, in terms of a consistent recovery” Koger said. “The pent-up demand caused by the trend of college students and young professionals returning to live at home rather than establishing their own residences should also provide an eager pool of buyers heading into the future” he added.

July AdjustmentPreliminary data reported for July 2012 indicated 972 homes sold at a median price of $205,000. Adjusted numbers now show 984 sales at a median price of $204,797.

Berkeley County

240 homes sold in Berkeley County last month at a median price of $173,945. Last August, 226 homes sold at a median price of $158,950. Again, the area bordered by Jedburg Road/Highway 17-A and College Park was the most active, with 57 sales at a median price of $154,000.

Charleston County

570 homes sold in Charleston County in August, at a median price of $234,950. Last August, 483 homes sold at a median price of $219,000. Mount Pleasant (the county’s largest geographic area) saw an increase in closings, with 200 homes sold at a median price of $299,625. West Ashley (outside of I-526) ranked the second most active area with 79 sales at a median price of $184,700.

Dorchester County

In August, 175 homes sold at a median price of $164,000. Last August the same number of homes sold, at a median price of $165,000—showing marked consistency in both sales and pricing this year in Dorchester County. Summerville/Ridgeville showed the most activity—75 homes sold at a median price of $182,850.

With 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.

3rd Quarter Update 2010

A video update on the trends and activity in the Charleston, SC residential real estate market during the third quarter of 2010.

Residential Real Estate Sales Reach Highest Level Since September 2007

Residential Real Estate Sales Reach Highest Level Since September 2007

Sales Up 29%, Prices Continue Pattern of Consistency

CHARLESTON, SC—(June 10, 2010) Preliminary data released by the Charleston Trident Association of REALTORS® (CTAR) shows 878 closings took place last month. This not only marks a 29% increase from the 678 sales in May 2009 but the highest level of closed sales in this region since September of 2007.

“We are pleased to see such high sales volume, but it’s equally important that home prices are continuing to stabilize. So far this year, price fluctuations have been minimal, which is ideal as we see inventory gradually returning to a healthy level” said Jeremy Willits, President of CTAR.

The median sale price for May 2010 settled at $186,497. In May 2009, preliminary reports showed a median sale price of $187,000. Last month, figures showed this year’s lowest median price of $180,175.

Year-to-date, 3,277 homes have sold in the Charleston region. This represents a 28% increase in sales activity when compared to the same period last year—at this point in May 2009, 2,553 homes had changed hands.

Mortgage rates remain at historically low levels, currently 4.81% for a 30-year fixed loan. “Low rates and an affordable selection of property should continue to support healthy market activity. This month’s sales show high seasonal activity and the lingering effect of the tax credit, which we anticipate will continue into June and possibly July. We’re optimistic that this is setting the stage for a stable market in the fall and later months” said Rob Woodul, President-Elect of CTAR.

There were 9,867 properties listed as actively for sale with the Charleston Trident Multiple Listing Service as of May 31, 2010.

BERKELEY COUNTY
Berkeley County led the way in both sales and price increases in May. Bolstered by a flurry of recent activity on Daniel Island, sales in the county increased 46% and median price increased 10% over 2009 levels. 202 homes sold at a median price of $165,517 last month. In May 2009, 138 homes sold at a median price of $150,964.

The majority of Berkeley County activity occurred in Goose Creek and Moncks Corner from Highway 52 to the Cooper River. Daniel Island had a strong showing this month with 22 homes sold at a median price of $540,450, the strongest month so far this year.

CHARLESTON COUNTY
Charleston County also posted impressive increases in May—475 sales resulted in a 31% increase over May 2009’s 363 sales and prices increased 6% from $215,000 to $228,000.

The majority of activity took place in Mount Pleasant, south of Highway 41. 99 homes sold at a median price of $341,236 in that area. An unprecedented 32 homes sold for a median price of $245,988 on Johns Island—the most sales on the island since March 2007.

DORCHESTER COUNTY
170 homes sold in Dorchester County last month, representing a 10% increase from May 2009, when 155 homes sold at a median price of $168,000. Prices showed a quiet decline of less than 2%, settling at $165,050.

The increase in sales was led by consistently strong activity in the Summerville/Ridgeville area, where 86 homes sold at a median price of $169,272.

APRIL 2010 ADJUSTMENT
Preliminary numbers reported for April 2010 indicated 784 homes had sold at a median price of $180,175. Adjusted numbers now show that 844 homes sold at a median price of $181,000.

Plotting a comeback

Stability key to local real estate rebound

By Katy Stech
The Post and Courier
Monday, January 25, 2010

By retail standards, you could say Lowcountry homes have been selling off the discount rack.

Home prices across the Charleston region fell last year by 9 percent, the steepest year-over-year drop in recent memory, to a median of $181,286. That's off nearly 14 percent from the region's peak annual price of $209,742 set in 2007.

The drop reflects Charleston's oversupply of homes, a number that now tops 9,000, which has grown as lenders try to unload their foreclosed properties and cash-strapped homeowners face the harsh reality they can't afford the roofs over their heads anymore.

Against that, the tough economy has rendered fewer qualified buyers with enough savings or stable employment. By lowering price, sellers, banks and builders all are trying to hook one of those buyers.


The region's median price is calculated by the Charleston Trident Association of Realtors based on all homes sold during 2009 through the group's Multiple Listing Service. For that reason, the decline could be skewed to reflect the makeup of who's buying homes -- a mix of investors, young professionals and employed Charleston newcomers -- more so than the typical home's value.

But the trend also suggests that many current homeowners, especially those who bought around the peak of the market without a sizeable down payment, have built up little equity and probably owe more than their homes are worth.

The good news, however, is that the overall price decline didn't affect all Charleston neighborhoods evenly. Areas with fewer homes listed for sale, such as northern Mount Pleasant and outer West Ashley, saw their prices stabilize -- a function of "good ole supply and demand," as Goose Creek real estate agent Ralph Wetherell pointed out.

Trends also show that more purchasers -- some of whom could tap a generous $8,000 federal tax credit if they qualified as first-time buyers -- flocked to modestly priced neighborhoods.

"It's simply addressing a real pent-up demand that people have had for a long time for affordable housing," said Karen Abrams, a Keller Williams agent.

And the data shows that some areas that did see major price drops were given a consolation prize: a steady trickle of home sales. Dorchester County, for example, recorded 1,948 residential transactions throughout the year, just one fewer than in 2008.

Seeking stability

The health of the residential real estate business plays an enormous role in any economy, as the industry provides the underpinnings for variety of spin-off services: furniture sales, bank lending and remodeling jobs, to name a few.

Frank Hefner, an economics professor at the College of Charleston, said the recent leveling-off of sales could foreshadow a market recovery.

"And even if prices are down, the fact that sales are improving or stabilizing is what everyone's going to grasp at this as a sign of the bottom," he said.

At the top end of the housing spectrum, the luxury market -- both oceanfront and in downtown Charleston -- faltered last year. Prices fell by tens of thousands of dollars as buyers shied away from purchasing second homes during shaky economic times.

"Their desire to be here hasn't changed," said Charles Sullivan of Carriage Properties, a downtown Charleston real estate firm. "They were just waiting for that period of time they thought was the right time."

He noted that toward the end of 2009, more high-end buyers started to emerge as their stock market and investment portfolios recovered some of their value.

Feeling better

While most experts agree that the Charleston market recovery is beginning to take hold, it lags behind the housing recoveries in other major cities with larger employment bases.

Charlotte, for example, began to see an uptick in housing permits last fall, and other cities such as Denver, Dallas and San Diego are recording home sales prices that are virtually unchanged from a year ago because their values fell so hard early on in the recession, according to the widely watched Case Shiller home price index.

Jeremy Willits, president of the local Realtors association, said as local home prices level out, the recovery should pick up speed because more consumers will become comfortable with buying real estate again.

"Seeing the stable home prices will give people more confidence, and that was something that was really lacking in 2009," Willits said. "Their confidence was so damaged by the financial meltdown" that began to spread in the second half of 2008.

That renewed sense of confidence could attract to the market more middle- to upper-class buyers, who were scarce last year. Hefner warned, though, that those buyers still could hesitate to move into more expensive homes, acting out of caution.

"If you're looking at the new era of frugality, I don't know how long (the price drops) are going to last," Hefner said. "People who went through this major financial downturn -- will this change their pattern? Will this change them permanently?"

Another open question for the industry to ponder goes to the behavior of first-time buyers: Will they still be in the market for homes once the federal government's $8,000 tax credit expires in April?

Around the state

How South Carolina and its four biggest housing markets stacked up:

Region Homes sold Median price*

--Charleston 7,446 (-6.1%) $183,000 (-9.4%)

--Columbia 7,608 (-9.9%) $150,000 (-15.3%)

--Greater Greenville 6,447 (-14.4%) $140,000 (-7.9%)

--Grand Strand 5,919 (+5.4%) $140,000 (-2.4%)

--Statewide 46,290 (-8.5%) $141,000 (-8.4%)

*Rounded to nearest thousandths

5 Markets Expected to Fare Best in 2010

SmartMoney
Real Estate by Lisa Scherzer

After a dour year where housing prices fell more than 12% nationwide, will 2010 bring sunnier tidings?

The short answer: only a tad in a select few places but overall not really.

Yes, there have been pieces of good news over the past few months that have indicated a quiet, slow bottoming of real estate prices. For instance, sales of existing homes rose 7.4% in November from the previous month, the highest rate since February 2007, according to data from the National Association of Realtors released last week. The tax incentives for home buyers passed earlier this year along with historically low interest rates have no doubt nudged many buyers into the market.

Yet a recovery depends on several factors. At the top of the list is a turnaround in the labor market. More people going back to work will have a beneficial effect on household income and consumer confidence and would stabilize the housing market, says Stuart Gabriel, director of UCLA’s Ziman Center for Real Estate. As of November, one of out every 10 American workers is unemployed, according to the Bureau of Labor Statistics. And while that’s down slightly from October, Moody’s expects the jobless rate to peak in the third quarter next year at 10.6%.

Another factor is the backlog in foreclosures, which are dragging down values and adding to the housing supply. “By all accounts, that backlog is at a historic high,” says Gabriel. “It suggests that many more homes will be sold on a distressed basis either via foreclosure or short sale.”

RealtyTrac, an online marketplace of foreclosure listings, estimates 3.2 million households will have received a foreclosure notice in 2009, up from 2.3 million in 2008. The firm projects that number could approach four million in 2010. “We do think 2010 will probably represent the peak, and in 2011 [foreclosures] will start to go down at least marginally,” says Rick Sharga, senior vice president at RealtyTrac. Why the acceleration next year? First, says Sharga, there have been enormous delays in processing this year. Many homes that would have gone into foreclosure in 2009 won’t actually enter and complete the process until 2010.

Second, a big wave of option adjustable-rate mortgages (ARMs) will reset next year. (These are a somewhat obscure category of ARMs that were popular during the real estate boom, which allowed borrowers to make a range of monthly payments. The options include a partial-interest payment that adds the unpaid interest to the loan's balance. On many of the loans, balances have risen while values of the underlying properties have plummeted.) “The number of loans that will adjust starts to go up significantly in the middle of next year. A lot of those loans are underwater...and owners will be really hard-pressed to avoid going into foreclosure,” Sharga says.

Home prices, of course, are variable and depend on many factors, each of which are difficult to predict. Still, average home prices will drop by 7.9% nationwide in 2010, according to Moody’s Economy.com. In the few areas where there could be positive price growth, the projected increase is modest. “These areas will essentially be flat next year,” says Steve Cochrane, managing director at Moody’s Economy.com.

The five areas that Moody’s foresees home prices performing best in 2010 are: Tacoma, Wash., (an increase of 2.44%); Memphis, Tenn., (up 0.99%); Pittsburgh (up 0.89%); Charleston, S.C. (up 0.18%); and Seattle (decline of 0.50%). (These five markets are culled from data on Moody’s Economy.com and based on the largest 100 metro areas.)

These pockets of the country share a few important characteristics. One is that they are starting with a limited supply of housing stock. Another is that throughout most of the decade, prices basically stayed in synch with household income, says Cochrane.

There are other factors, too. Pittsburgh , for example, along with western Pennsylvania, is late in the traditional business cycle, and “our variations tend to be smaller,” says Robert Strauss, a professor of economics and public policy at Carnegie Mellon University in Pittsburgh. The economy has managed to stay fairly stable mostly because over the past several decades it transformed from a center of manufacturing to one of education and health care with a bit of financial services and technology.

Smaller areas across the Southeast are expected to fare well in 2010 primarily because they fared relatively decently during the housing crisis, says Jeannine Cataldi, a senior economist at IHS Global Insight. “They didn’t have such a big run-up, and they have a diverse economic base that enabled them to stay stable,” she says. Home prices in Charleston didn’t get out of line with household incomes; also, Boeing (BA: 54.96, -0.25, -0.45%) is investing in a fairly large manufacturing plant there, which could create some potential for income and job growth, says Cochrane.

As for Memphis, the city’s largest employer is FedEx (FDX: 85.17, +0.01, +0.01%). Transportation services is one of the early industries to turn around as the economy recovers, says Cochrane, and that should support the area’s housing market.

The economies of Tacoma and Seattle – which are neighboring cities – were “much stronger for much longer than much of the rest of the country,” says Cochrane. Software giant Microsoft (MSFT: 30.96, -0.43, -1.36%), based in Redmond, Wash., a Seattle suburb, was one reason the area remained stable. Another was Boeing, which builds its commercial airplanes in Seattle.

Going forward, Seattle’s position as a key hub of trans-Pacific trade should be a plus for the economy. Orders are increasing for commercial aircraft and it should see some rising demand for tech products, Cochrane says. The outlook for 2010 for the two Washington cities “is for fairly stable, moderate economic growth,” he says.

Charleston-Area Residential Real Estate Sales Soar in November

Charleston County Home Sales Double Over 2008 Levels, Leads Regional Recovery

CHARLESTON, SC—(December 10, 2009) The Charleston-area residential real estate market continues to show signs of a strong recovery. Led by incredibly strong sales in Charleston County, preliminary data from the Charleston Trident Association of REALTORS® showed 783 closed transactions in November, with a median sale price of $173,000.

As of December 10, 2008, 435 properties had been sold at a median price of $185,503. This month’s numbers reflect an unprecedented 80% increase in home sales and the third consecutive month of increases.

This type of activity is uncharacteristic for November, and likely attributable to the passing of the original homebuyer tax credit deadline, which was November 30. The tax credit deadline has been extended to April 30, 2010 and expanded to include provisions for existing homeowners. More information on the new tax credit is available here.

Inventory sits at this year’s lowest level, with 9,429 properties listed as “active” with the Charleston Trident Multiple Listing Service, as of November 30, 2009.

BERKELEY COUNTY

Home sales in Berkeley County were up 65% in November, with 196 sales at a median price of $154,700, compared to November 2008’s 119 sales at $170,000.

CHARLESTON COUNTY

Charleston County showed the greatest gains in the region during the month. Sales doubled over last year, and median prices are within 1%of 2008 levels. 361 properties changed hands in November at a median price of $225,000, in stark contrast to 2008’s 170 sales at a median price of $227,738.

DORCHESTER COUNTY

Sales continued to be strong in Dorchester County, up 42% year-over-year. 199 properties sold at a median price of $150,000 this month, compared to 140 properties at a median price of $169,995 in 2008.


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With approximately 4,000 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

STATE WIDE HOME SALES DOWN 5.6%

Friday, 25 September 2009
Staff Report

COLUMBIA – The S.C. Association of Realtors is reporting 3,952 homes were sold in South Carolina in August, down about 5.6% from home sales in July.

Home sales for August were down 9.4% compared to sales of August 2008.

Of the 15 regions reporting home sales to the association, only six reported an increase in sales for August.

Of the state’s three major metropolitan areas, Greenville reported a 2.9% increase in home sales, while Charleston reported a decline in sales of 17.3% and Columbia reported a decline of 7.6%, according to the report.

The median price of homes in South Carolina in August was $147,600, up from $142,000 in July. The median price of homes in August 2008 was 154,900.

The average number of days a home was on the market was 155, up slightly from 153 in July.

Statewide home sales year-to-date

Source: S.C. Association of Realtors