Real Estate Matters in Charleston SC – Gena Glaze

As of 10/10/2013 Charleston Real Estate transactions (tri-county area) were up 25% from 2012 with an 8% increase in median sales price!

We will most likely see over 12,000 homes sold this year which would be the first time since 2007!

The median sales price in Charleston peaked in 2007 at $210,000.  At year end, we expect that our 2013 median sales price to be back around $210,000.

(9/2013) According to preliminary data released by the Charleston Trident Association of REALTORS®, 1,278 homes sold at a median price of $217,462 in August. Last August, 1,034 homes sold at a median price of $199,414 in the region.

2013 Year-to-date– 8,706 homes have sold —-median price of $205,417—-average of 87 days on market.

Compared to this point in 2012—– sales have increased by 24% —– median price increased by 7.6%—- Days on market have declined by an average of 27 days —–homes are selling nearly a month faster than  a year ago!  In August 2012, year-to-date figures showed 7,030 sales at a median price of $190,907.

Berkeley County
257 homes sold at a median price of $180,000 in Berkeley County in August. The most active area in the county was the area bordered by Jedburg Road, Highway 17A and College Park, with 66 sales at a median price of $175,045.

Charleston County
Charleston County sales and median price increased in August, with 731 sales at a median price of $270,000. Homes in the county are spending an average of 77 days on market, the lowest average recorded this year. Outside of Mount Pleasant, where 250 homes sold at a median price of $381,125, the county’s most active area was James Island, with 83 sales at a median price of $245,000.

Dorchester County                                                                                      253 homes sold at a median price of $165,000 in August in Dorchester County. The most active area of the county was Summerville/Ridgeville, where 101 homes sold at a median price of $184,990.

Read Full Report By Charleston – Trident Association of Realtors;  http://www.charlestonrealtors.com/marketreports/

As for real estate, we had a tremendous year. Based on data accumulated  from 2012 thus far, we have sold well over 10k homes for the first time since 2007 and demand continues to be very strong.   Year To Date through November, we were up about 13% in number of transactions and median sales price was up about 5%. The low-interest rates make it more affordable to buy than to rent and prices are edging back up slowly.  We should see even more gains in 2013.

 Foreclosures and short sales are still in our market, but will diminish over time as prices slowly move up. They will keep the market from overheating too quickly and help us have a soft landing. Charleston is a wonderful city and we are getting a lot of terrific press. Being voted a top tourist destination will continue to bring people to our area. The business atmosphere is also wonderful and will push Charleston to even greater heights over the next several years. Our foundation and infrastructure is extremely strong. Looking forward to a Productive 2013!

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.