Real Estate Sales Volume Continues to Grow – Charleston Real Estate- May, 2012

MARKET ACTIVITY REPORTS

Residential Real Estate Sales Volume Continues Growth; Prices Follow Suit Inventory Continues Decline; Nears 6k Mark

CHARLESTON, SC—(May 11, 2012) According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 831 homes sold at a median price of $183,000 in April. There were 24,213 property showings recorded by the MLS in April.

Last April, preliminary figures showed 776 homes sold at a median price of $175,000, following an almost equal number of property tours.

“The number of showings our REALTORS® are completing in 2012 is almost equal to the number of showings we saw in 2009, when the market was significantly depressed, but inventory was much higher. This tells us that the prospective buyers in today’s market aren’t just looking. They are serious buyers, making offers and closing transactions” said 2012 CTAR President, Herb Koger.

Heading into what is typically the busiest season of the year, year to date figures reflect a market that is in the midst of sustainable, healthy growth. Inventory is 29% lower than it was at this time last year; sales volume is almost 6% ahead and prices have increased a healthy 4% from this time last year.

“There has been a substantial decrease of inventory in the last 12 months and a far more serious mindset by those looking to purchase a home—there are fewer homes to choose from, prices are increasing and interest rates remain at unprecedentedly low levels. People have a renewed confidence in our market and buyers are moving much faster than they did in the past few years” said Koger.

There were 6,361 homes listed as actively for sale in the CTMLS as of May 10, 2012. On May 10, 2011, there were 8,899 homes for sale.

March Adjustment Preliminary data reported for March 2012 indicated 899 homes sold at a median price of $182,000. Adjusted numbers now show 907 sales at the same median price.

Berkeley County 170 homes sold at a median price of $154,945 in Berkeley County in April. This represents even sales and an increase in pricing compared with April 2011, when 170 homes sold at a median price of $145,000. View the Berkeley County Market Report, here.

Charleston County 476 homes sold at a median price of $228,125 in Charleston County in April. This represents an increase in sales and pricing from April 2011’s 451 sales at a median price of $208,000. View the Charleston County Market Report, here.

Dorchester County 151 homes sold at a median price of $165,000 in Dorchester County in April. This represents a significant increase in both sales volume and pricing, as 129 homes sold at a median price of $147,490 in April 2011. View the Dorchester County Market Report, here.

View the full MLS area report and all submarket reports, here.