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.

JULY RESIDENTIAL SALES INCREASE 4% FROM ONE YEAR AGO

JULY RESIDENTIAL REAL ESTATE SALES INCREASE 4% FROM ONE YEAR AGO

CHARLESTON, SC—(August 10, 2009) Preliminary data from the Charleston Trident Association of REALTORS® shows 796 residential properties changed hands in July, with a median sale price of $181,889. July’s activity resulted in the third consecutive month of increases in sales, and a more than 4% increase over sales in July 2008.

Inventory dropped slightly, with 10,852 homes currently listed for sale with the Charleston Trident Multiple Listing Service.

BERKELEY COUNTY
Berkeley County beat June’s year-to-date high of closed sales by 18% in July, with 190 homes sold. The median sales price was $147,950. The area around Highway 17-A showed the highest number of sales for the second month in a row. The Sangaree subdivision had the highest number of closed transactions in the county.

CHARLESTON COUNTY
Sales in Charleston County reached their highest level in 2009 during the month of July. 404 homes sold, at a median price of $228,500. The most active areas of the county were in West Ashley (outside of I-526 to Rantowles) and the area of Mount Pleasant south of Highway 41, where 69 homes sold in each area.

DORCHESTER COUNTY
170 homes sold in Dorchester County in July, with a median sale price of $166,837. The majority of market activity took place in the Summerville/Ridgeville area, with 65 sales. Legend Oaks and White Gables were the subdivisions with the most activity.

90-DAY ADJUSTMENT

CTMLS is now makes available adjusted sales reports 90 days following preliminary reports. The MLS is a user-driven system, with a number of factors that could delay entry of transactions beyond the preliminary reporting day on the 10th of each month. The adjusted figures reflect all transactions entered into the system up to 100 days after the close of the month.

Preliminary data from April 2009 showed 518 sales at a median price of $181,303. Adjusted numbers show 572 sales at the same median price.

COLLEGE OF CHARLESTON HOME VALUE INDEXSM
The College of Charleston Monthly Home Value IndexSM indicates that the value of a typical home in the Charleston Tri-County Area increased by 1.87% in July 2009. In comparison, the change in the index value was +2.51% in June, 2009, and +8.61 in May, 2009. The index tracks the value of a “typical” home in each defined geographic area (tri-county and smaller areas) over time. The index should not be interpreted relative to the value of all homes, but to the value of a “typical” home with the contributions to value from that home’s features evaluated at the average estimated prices of those individual features. To view details of the College of Charleston’s Home Value IndexSM, please click here.

2ND CONSECUTIVE MOTH OF GROWTH IN RESIDENTAL REAL ESATE SALES

CHARLESTON, SC—(July 10, 2009) For the second month in a row, the Charleston-area residential real estate market showed an increase in sales and median prices. Data from the Charleston Trident Association of REALTORS® shows 732 transactions closed in June, with a median sale price of $192,626.

“Sales typically peak during the summer months, so an increase isn’t unusual, but sales are certainly being supported by sellers pricing their homes to align with market expectations, as well as an influx of homebuyers utilizing the $8,000 tax credit. The modest increases in median price are an excellent indicator of a recovering market—prices are not escalating rapidly, but increasing steadily. This type of activity is what will help the market stabilize” said Gettys Glaze, President of the Charleston Trident Multiple Listing Service.

Inventory remains steady with 11,173 homes currently listed for sale with the Charleston Trident Multiple Listing Service.

SIX-MONTH MARKET RECAP

2009 TOTAL SALES % +/- MEDIAN SALE PRICE % +/-
June 732 8% $192,626 3%
May 678 31% $187,000 3%
April 518 -9% $181,303 -2%
March 568 56% $185,000 1%
February 363 -2% $183,180 4%
January 372 - $176,750 -

COLLEGE OF CHARLESTON HOME VALUE INDEXSM
The College of Charleston Monthly Home Value IndexSM indicates that the value of a typical home in the Charleston Tri-County Area increased by 2.51% in June, 2009. In comparison, the change in the index value was +8.61 in May, 2009, and -5.17% in April, 2009. The index tracks the value of a “typical” home in each defined geographic area (tri-county and smaller areas) over time. The index should not be interpreted relative to the value of all homes, but to the value of a “typical” home with the contributions to value from that home’s features evaluated at the average estimated prices of those individual features. To view details of the College of Charleston’s Home Value IndexSM, please click here.

BERKELEY COUNTY
Following several months of quiet stability, June sales and median prices in Berkeley County jumped to year-to-date highs of 160 homes sold at a median price of $172,361. The areas surrounding Highway 52 and Highway 17-A supported nearly half of the county’s total sales. The Cane Bay subdivision had the highest number of closed transactions in the county.

CHARLESTON COUNTY
Sales in the Charleston County market remained relatively stable through June, with 364 homes sold at a median price of $254,500. June was the third time this year that more than 300 transactions have closed during a one-month period in Charleston County. Once again, the area of Mount Pleasant South of Highway 41 had the most activity, with 77 homes sold.

DORCHESTER COUNTY
The number of homes sold increased again in Dorchester County during the month of June, reaching a year-to-date high of 188 closed sales. The median price remained stable at $162,250. The majority of market activity took place in Summerville and Ladson. The Farm at Wescott Plantation showed the most activity among subdivisions.