CHARLESTON MARKET ACTIVITY REPORTS
Home Sales Pass 1,000 mark again in June; Prices stable at $200k
CHARLESTON, SC—(July 10, 2012) Home sales in the Charleston region maintained their consistent and steady pattern in June, with continued growth in sales volume and ongoing stability in pricing. 1,033 homes sold at a median price of $200,000 in June according to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR). Last month, adjusted figures show 1,002 homes sold at the same median price.
“Our market is showing clear signs of price stability and positive, sustainable growth” said 2012 CTAR President Herb Koger.
“Buyers are capitalizing on this market; taking advantage of low mortgage rates and sales are being encouraged by an ongoing decline in inventory and continued affordable pricing” said Koger. “REALTORS® have helped their clients who are selling a home understand and embrace the shift that has taken place in our market and how to price their homes competitively. This is fueling activity, creating a market where we’re seeing some multiple offers and increased competition among buyers” Koger added.
Inventory declined again, with 6,277 homes listed as actively for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of July 10, 2012.
“We’ll continue to monitor global and nationwide economic developments that could impact our market, but Charleston is thriving, and our local economy looks well-positioned to support and maintain this positive progress” Koger concluded.
A year ago, June’s preliminary figures showed 902 closings at a median price of $195,955 and 2011 year-to-date figures showed 4,530 closings at a median price of $177,419. In 2012, closings have increased 9% and median price is a healthy 3% higher. 2012 year-to-date figures show 4,952 closings at a median price of $182,200.
Preliminary data reported for May 2012 indicated 994 homes sold at a median price of $200,000. Adjusted numbers now show 1,002 sales at the same median price.
198 homes sold at a median price of $164,892 in Berkeley County in June. The most active area of the county was near Jedburg (bordered by Highway 17A and College Park) with 49 sales at a median price of $155,000. The most affordable area of the county is Cross/St. Stephen, where the median sale price was $99,000. The most expensive homes in the county can be found on Daniel Island, where the median price was $447,550.
Once again, sales in Charleston County accounted for more than half of the area’s total sales, with 619 homes sold at a median price of $239,500. In Mount Pleasant, the County’s largest geographic area, 193 homes sold at a median price of $303,000. Outside of Mount Pleasant, the County’s most active area was West Ashley (outside I-526) with 75 sales at a median price of $197,000; followed closely by activity in North Charleston (outside I-526) where 70 homes sold at a median price of $123,250. The most affordable area of the county remains North Charleston (inside I-526) where the median sale price was $100,500—although the area achieved a significant benchmark in June—the median price in this area has not cleared the $100,000 mark since December 2010.
189 homes sold at a median price of $157,500 in Dorchester County in June. The most active area of the County was Summerville/Ridgeville, with 88 sales at a median price of $179,924. The most affordable area of the County is St. George/Harleyville, where the median sale price was $37,500.