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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Charleston Real Estate Sales Surge

FOR IMMEDIATE RELEASE

MARCH RESIDENTIAL REAL ESTATE SALES SURGE

Sales at their highest level since October 2008

 

CHARLESTON, SC—(April 10, 2009) The unprecedented number of showings in January and March have translated into higher sales volume, driven by incentives like the $8,000 tax credit, incredibly low interest rates and a great selection of reasonably-priced homes on the market. 

 

 The Charleston Trident Association of REALTORS® report that the Lowcountry residential real estate market made significant sales gains in March, soaring 37% over February levels with 568 closed transactions.  The median sales price also increased nearly 3% month-over-month, climbing to $185,000.  The most movement in the market occurred in the $200,000-$249,000 range.

 

While below year-over-year levels, the increases in showings, sales and median price has led to cautious optimism among industry leaders.  “In addition to increased showings and closings, we’re seeing a lot of first-time homebuyers, which indicates that consumer confidence is on the rise.  People are realizing the incredible selection and value in this market, and making the smart decision to invest in real property” said Gettys Glaze, President of the Charleston Trident Multiple Listing Service.  March 2008 saw 752 closed transactions, with a median price of $197,500. 

 

There are 11,221 homes currently listed for sale with the Charleston Trident Multiple Listing Service, and 351transactions pending.  Average Days on Market (DOM) for this period was 142.

 

DORCHESTER COUNTY

Sales in Dorchester County increased significantly for the second month in a row, up 29%, with 112 closed transactions.  The median price dipped slightly, to $161,000 after February’s unprecedented jump to $169,995.  Nearly half of the County’s activity was in the Ridgeville area—a total of 50 closed sales, with a median price of $171,300.

 

CHARLESTON COUNTY

Charleston County was the leader in March sales, more than doubling closed transactions in February.  288 homes sold in March, compared to last month’s 180.  Median price held strong at $225,000.  Most of the market activity was concentrated in the northern portion of Mount Pleasant, which includes Park West, with 52 sales and a median price of $321,250. 

 

BERKELEY COUNTY

Sales increased 32% in Berkeley County in March with a total of 137 closings and resulted in a median price of $165,000, up 2% over February.  The most activity in the county was reported in Goose Creek/Moncks Corner (Highway 52 to Oakley Road) with 34 sales and a median price of $165,000.