January 2014 Sales By Area - Residential

Curious what the residential median sales price was in your area of the Lowcountry during January 2014?  Find your area in the list below!

For specific questions regarding your property, please don't hesitate to call or email.

Information below is compiled from the Charleston Trident Assoc of REALTORS MLS and while the number of sales & dollar value may change slightly as late sales are entered into the MLS, median & average are not expected to change significantly

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®.

 

Residential Real Estate Sales Volume Down; Median Price Increases 6%

Charleston Trident Association of REALTORS® Local Market Update - June 2011According to preliminary figures released today by the Charleston Trident Association of REALTORS® (CTAR), 902 homes sold at a median price of $195,955 in June—the highest recorded sales volume and peak for pricing so far this year. Last June, as the homebuyer tax credit drew to a close, more than 1,000 homes changed hands at a median price of $185,612. This June’s sales volume is 12% lower, while median price increased 6%.

Both sales and prices made significant month-over-month gains. Sales volume is up 12% and median price increased 9% from May.

The jump in median price is likely attributable to increased activity among repeat or move-up buyers. “It is challenging to draw meaningful comparisons between these drastically different markets, however, the majority of activity last year was first-time buyers” said Rob Woodul, 2011 CTAR President. “Repeat, move-up and second home buyers generally purchase in a higher price range, which could explain the increase in median price” he said.

The exclusive resort—and largely second-home—community of Wild Dunes showed significant year over year increases, as sales volume more than doubled and June’s median price shot into the $800,000 range.
“We continue to see healthy levels of buyer interest and showings, which are important indicators of where our market could be headed, but we still have a significant amount of distressed inventory. In the next few months, prices will likely settle back into the $170-180,000 range, which is a more typical price range for this year” said Woodul.

There were 8,795 homes listed as actively for sale with the Charleston Trident Multiple Listing Service as of June 30, 2011.

The Skinny on the Charleston-area residential real estate market during the first quarter of 2010

Housing: Best recovery bets

Charleston, S.C.


Median home price: $192,000

Value lost since 2006: 14.1%

Forecast gain through 2011*: 2.9%

Lovely, historic Charleston has a lot going for it but, for decades, growth wasn't one of them.

The core city lost population for decades until things started turning around in the 1960s. Since then the number of residents has increased to 100,000 from a low of about 60,000.

Economically, the city has ridden a tourism surge; it has added large numbers of hotels, bed-and-breakfast inns and restaurants over the past 40 years. And there has also been a jump in tech jobs.

Job losses have been a problem lately, however, with an unemployment rate of 10.2% in December, higher than the national average.

After recording modest home price declines over the past three years, Charleston is poised for a comeback, according to Fiserv and Moody's Economy.com. Prices will climb an average of 2.9% between now and September 2011.

Reprinted from CNNMoney.com

http://money.cnn.com/galleries/2010/real_estate/1002/gallery.Housing_recovery_bets/8.html

Charleston Area Residential Real Estate Market Continues to Show Improvement

CHARLESTON, SC—(February 10, 2010) Preliminary data from the Charleston Trident Association of REALTORS® (CTAR) shows 416 homes sold in the Charleston region in January, at a median price of $193,500.

Long-Term Review: January Sales
“2010 looks to be off to a great start. It’s clear that in terms of median home prices, we’re heading in the right direction. While we don’t expect median prices will make huge gains this year, they should remain relatively stable as we work our way through an inventory that is still larger than usual” said Jeremy Willits, 2010 President of the Association.

At the close of the month, there were 9,171 homes actively listed for sale with the Charleston Trident Multiple Listing Service, a 13% decrease from January of 2009, when there were 10,636 homes on the market.

Long-Term Review: January Median Sale Price
BERKELEY COUNTY
Preliminary numbers for January 2010 in Berkeley County show 82 sales at a median price of $161,000. Final numbers for January 2009 recorded 117 properties changing hands at a median price of $161,996.

CHARLESTON COUNTY
Charleston County led the region with the largest sales and price increases. Preliminary data for January 2010 shows 231 closed sales at a median price of $245,000. Final numbers for January 2009 show 210 properties sold at a median price of $234,950.

DORCHESTER COUNTY
Preliminary data shows 81 properties sold at a median price of $150,000 in January 2010 in Dorchester County. In January 2009, final numbers show 91 homes sold at a median price of $160,000.

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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®.