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Charleston-Area Residential Real Estate Sales Off to a Strong Start in 2014
CHARLESTON, SC—(February 10, 2013) According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 748 homes sold at a median price of $211,750 in January. Last January, 648 homes sold at a median price of $183,425 in the region.
Inventory increased slightly from December, with 5,420 listed as ‘active’ for sale in the Charleston Trident Multiple Listing Service (CTMLS). Throughout the last 12 months, inventory remained consistent, with approximately 5,600 homes on the market in an average month. Lower inventory levels are typical coming out of the holiday season, and it is expected to continue increasing as we move closer to the spring.
Sales activity is off to a strong start in 2014, about 15% ahead of January 2013. Median price has also increased 15% over last January. However, as expected, the pace of growth in our market has slowed a bit. Last year began with 20% year-over-year increases and held steady throughout the year. This year, growth is expected to progress at a more modest, but healthy pace.
“This year, sustainability is the key” said 2014 CTAR President, Corwyn Melette. “We fully expect both sales and home prices to continue growing throughout the year, but at a more relaxed pace than last year—15% is right on target with what we anticipated. Right now, buyers are moving quickly, but inventory is low. The options for many first-time buyers and young professionals are limited, and they are going to wait for the home they really want. But once they see something they like—they take action” said Melette. “As some of this new construction comes on the market throughout the year, inventory will increase a bit and areas like Summerville, (what used to be rural) West Ashley and James Island will be attractive areas for a wide range of buyers” Melette continued.
Preliminary data reported for December 2013 indicated that 1,077 homes sold at a median price of $222,800. Adjusted figures now show 1,083 homes sold at a median price of $222,190.
182 homes sold at a median price of $189,000 in Berkeley County in January. Last January, 128 homes sold at a median price of $158,500. The most active area in the county was in the North area, bordered by Jedburg Road, Highway 17A and College Park, with 49 sales at a median price of $191,495.
In Charleston County in January, 413 homes sold at a median price of $260,000. Last January, 371 homes sold at a median price of $228,000. Outside of Mount Pleasant, where 123 homes sold at a median price of $337,249, West Ashley (outside I-526) was the most active area during the month with 56 sales at a median price of $234,801. James Island also put up impressive numbers in January, with 52 homes sold at a median price of $254,000.
134 homes sold at a median price of $173,450 in January in Dorchester County. Last January, 125 homes sold at a median price of $147,500. The most active area was Summerville/Ridgeville, where 60 homes sold at a median price of $183,500.
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