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.

 

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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