Market Reports

MARKET ACTIVITY REPORTS

Charleston Area Home Sales Volume Up 21% From 2012 Year-to-date prices up almost $20k

CHARLESTON, SC—(June 10, 2013) Charleston-area home sales passed the 1,200 threshold in May, as 1,277 homes sold at a median price of $212,000, according to data released today by the Charleston Trident Association of REALTORS® (CTAR). Last May, 994 homes sold at a median price of $200,000.

Year-to-date figures show sales volume outpacing 2012 by nearly 1,000 transactions—a gain of 21%—and median prices are about $20,000 higher in the area. At this time last year, 3,941 homes had sold at a median price of $181,000. Thus far in 2013, 4,782 homes have sold at a median price of $200,000.

Mortgage rates have begun to rise, which may encourage more buyers to fulfill their dreams of owning a home while rates are still at historic lows. “Mortgage rates have increased half a percentage point, from 3.5 on May 1 to 4.1% on June 7” said 2013 CTAR President Owen Tyler. “While that’s not a huge jump, it’s an indicator that the Fed is likely to allow rates to rise as our economy strengthens and the market can tolerate a slightly higher rate” he concluded.

Inventory has yet to increase significantly this year, even as we approach the busy summer season, when the number of homes for sale typically goes up. There are just 5,614 homes for sale in the Charleston region and some areas are beginning to experience a more competitive marketplace as supply lags behind demand.

Homes are selling at a significantly faster pace this year as well—data shows all three counties are reporting average days on market of less than 90, for an average of 83 days in the tri-county. Homes in Berkeley County are selling in an average of 74 days, 89 in Charleston County and 70 in Dorchester County.

“Buyers are acting quickly, as the market gets more and more competitive. Banks are also processing short sales, specifically, much faster than they have in the past—the long, drawn out process of purchasing such a property is beginning to wane” said Tyler.

From the peak days on market for short sales—165 days in January 2010—the current average has fallen to 108 days in May 2013.

April Adjustment
Preliminary data reported for April indicated that 1,028 homes sold at a median price of $200,000. Adjusted numbers now show 1,047 homes sold at the same median price.

Berkeley County
268 homes sold at a median price of $164,250 in Berkeley County last month.

Berkeley County Area to Watch: Wando/Cainhoy
Based on a comparison of 2012 and 2013 year-to-date figures, the Wando/Cainhoy area is the top performing market segment in Berkeley County. Sales volume has increased 44% and median price for the area has increased a robust 11%–rising from $175,375 to $195,000 thus far in 2013. Strong sales in the Peninsula and Nelliefield Plantation neighborhoods have supported the area’s market gains.

Charleston County
759 homes sold at a median price of $250,000 in Charleston County in May.

Charleston County Area to Watch: West Ashley (inside I-526)
The area of West Ashley inside of I-526 has seen a boom in sales in 2013, with most of the market’s activity centered on the popular Byrnes Down, Avondale and South Windermere areas. Sales volume has increased by 57%, and median price is up nearly 12% from $174,700 to $195,000.

Dorchester County
224 homes sold at a median price of $179,000 in Dorchester County last month.

Dorchester County Area to Watch: Summerville/Ladson/Ravenel
Data shows that the Summerville/Ladson and Ravenel area is currently the busiest market segment of Dorchester County. Sales volume has increased 54%, with 190 sales thus far in 2013 compared to 2012’s 123. Median price has increased a healthy and sustainable 5%, from $137,500 to $144,000.

Media Contact:
Meghan Byrnes Weinreich | 843.793.5208
Marketing and Communications Director
Charleston Trident Association of REALTORS