Charleston 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.



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 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. 



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.