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.

64 On The Harbor Dr, Mount Pleasant, SC

1279 Appling Drive in Mount Pleasant, South Carolina

4 Nicholson St | Byrnes Down

Owen Tyler | Carolina One Real Estate | owen@owentyler.com | (843) 224-5398 4 Nicholson St, Charleston, SC Cute as a Button in Byrnes Down 2BR/1BA Single Family House offered at $251,000 Year Built 1945 Sq Footage 925 Bedrooms 2 Bathrooms 1 full, 0 partial Floors 1 Parking Unspecified Lot Size 5,555 sqft HOA/Maint $0 per month DESCRIPTION This has to be one of the cutest homes in Byrnes Downs! Picture perfect house with wood floors, darling kitchen, a sunroom over looking the fenced and landscaped backyard, and even a tool shed for extra storage. All of the appliances convey including the washer and dryer. Home has newer windows, HVAC, appliances, and roof. Crawl space has been sealed and has a dehumidifier & monitoring system. And the home has a termite bond. Pride of ownership is evident at 4 Nicholson St. If you are looking for a great home in an established area minutes from Downtown Charleston this is the place for you! If square footage is important - MEASURE!! see additional photos below

PROPERTY FEATURES - Dining room - Living room - Sun room - Workshop - Dishwasher - Dryer - Garbage disposal - Microwave - Refrigerator - Stainless steel appliances - Stove/Oven - Washer - Fenced yard - Garden - Lawn - Yard - Air conditioning - Ceiling fans - Central A/C - Central heat - Security system - Off-street parking - On-street parking - Hardwood floor - Tile floor

ADDITIONAL PHOTOS Photo 1 Photo 2 Photo 4 Photo 5 Photo 7 Photo 8 Photo 9 Photo 10 Photo 11 Photo 12 Photo 13 Photo 14 Photo 15 Photo 17 Photo 18

Contact info: Owen Tyler Carolina One Real Estate owen@owentyler.com (843) 224-5398 For sale by agent/broker

Posted: Oct 17, 2012, 12:38pm PDT

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.

Home Prices Increase as the Supply of Homes Decreases

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.