Tuesday, February 19, 2013

Charleston Real Estate Sale Rise


Charleston, SC Real Estate Sales Highest Since 2008 according to the local Association of REALTORS®. 

Increased market interest, consumer confidence fuels strong sales increases, sustainable price growth
CTAR reported today that 634 homes sold at a median price of $181,750 in the Charleston region in January. These figures represent the highest rate of January sales activity in the region since January 2008, when 648 homes sold. Activity and buyer interest were notably higher during the typically slow first month of the year as many REALTORS® reported a significant increase in calls from prospective buyers.
Real Estate Sale Trends Charleston SCAs sales volume continues to make consistent, sustainable progress, prices remain stable, approaching the $200,000 range, where local REALTORS® and expert economists looking at our region expect them to stay for the short-term future. “As was the case in 2012, we expect to see nominal, but sustainable, growth in prices this year” said 2013 CTAR President Owen Tyler. “2012 closed out with a 4.4% increase in median price, which is an excellent rate of growth in a recovering market”.  said Tyler. However, before we get too excited Charleston/North Charleston real estate ranked in the top 10 nationally at #8  for length of time homes sat on the market. Meaning; out of largest metro areas researched houses in our area sat on the market longer then most cities in the country.
Comparing the beginning of 2012 to 2013, sales volume is up 16% and median price reflects 3% growth thus far in 2013. This rise in sales volume much like most of the country is likely due to a lack of inventory more so then dramatic change in the overall market. There were 5,520 homes actively for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of January 31, 2013. As the inventory for homes is low,Charleston, SC home builders will likely see higher demand for new construction. Futhermore, low mortgage rates continue to spur interest in buying vs renting around the country for the foreseeable future as the cost of owning has caught up with the affordability of renting.
2012 Adjusted numbers (Adjusted numbers now show 10,588 homes sold at a median price of $190,145).
Preliminary data reported for 2012 indicated that 10,574 homes sold at a median price of $190,065.
Berkeley County
125 homes sold at a median price of $157,000 in January in Berkeley County.  The most activity in the County was reported in the areas bordered by Highway 17A and College Park, as well as Goose Creek/Moncks Corner, bordered by Highway 52 and the Cooper River. The activity in those areas accounted for nearly half of the county sales.

Charleston CountyOf the 363 homes sold at a median price of $228,726 in Charleston County in January, 108 of those sales took place in Mount Pleasant. Other notable areas of activity: 47 sales in North Charleston/Summerville (outside I-526) and West Ashley (outside I-526) where 37 homes sold.

Dorchester County
123 homes sold at a median price of $146,000 in Dorchester County in January.  The areas of Summerville/Ridgeville and Summerville/Ladson were the most active, with 55 and 41 sales, respectively.