Good News about the Charleston Real Estate Market

FOR IMMEDIATE RELEASE
Residential Real Estate Sales Increase Again in December
Median Sale Prices at Annual Peak
 
CHARLESTON, SC—(January 12, 2010) Rounding out a year of stabilization, 618 residential real estate sales in December shows an increase of 30% when compared to sales one year ago today.  The $195,534 median home price reflects the peak of prices in 2009 and a slight 2% increase over December 2008.   December 2008 posted 476 total closings, with a median sale price of $191,600.
 
Several months of strong sales, prices that are growing at a sustainable rate and decreasing inventory are excellent indicators that a Charleston market recovery is underway.  “Last December, we were looking at a 33% drop in sales and a 9% decrease in median prices from December 2007.  We’re in a much more positive place at the end of 2009, actually seeing market increases.  While we don’t anticipate tremendous growth in 2010, we do expect to see continued steady growth over the next year”, said CTAR President, Jeremy Willits. 

3-Year Review: December*
 Sales+ | – %Median Sale Price+ | – %
2009618+30%$195,534+2%
2008476-33%$191,600-9%
2007713-$210,000-
 
  
*this data reflects the market activity as of the 10th of January for each year.

At the close of the month, there were 8,940 homes listed for sale with the Charleston Trident Multiple Listing Service.

The 2009 Year in Review market report will be released next Wednesday, January 20.

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