PrintPrintThe Charleston real estate market ended on an upswing in May, with 678 closings, up from 518 in April and 568 in March. The median price for homes rose slightly to $187,000, up from $181,303 the previous month. The local Realtors association said the consistency in the numbers suggests the market is stabilizing in Charleston.
Staff Report
Published June 11, 2009
Home sales jumped more than 30% from April to May in the Charleston area, according to figures from the Charleston Trident Association of Realtors.
The month ended with 678 closings, up from 518 in April and 568 in March. The median price for homes rose slightly to $187,000, up from $181,303 the previous month. The association said the consistency in the numbers suggests the market is stabilizing in Charleston.
“We’re no longer seeing the significant drops in units sold that we saw at the end of last year, and we continue to see the median prices level out — prices have fluctuated just 6% since January,” said association President Ralph Wetherell.
The inventory of homes for sale in the Charleston market remained relatively steady at 10,057, compared with 10,271 in April.
“While it is definitely premature to say that the housing market has hit ‘bottom,’ the market appears to have responded positively to recent low interest rates and other economic factors in the community,” Tim Allen, the director of the Carter Real Estate Center at the College of Charleston, said in a news release.
College of Charleston Home Value Index
This index indicates that the value of a typical home in the Charleston area was +8.61% in May 2009. In comparison, the change in the index value was -3.38% in March, and -5.17% in April.
The index tracks the value of a “typical” home in each geographic area over time. To learn more about the methodology of the College of Charleston Home Value Index, click here.
Dorchester County
Sales in Dorchester County hit an eight-month high, with 155 closed transactions. Median prices increased for the third month in a row, climbing to $168,000. The majority of the market activity took place in the southern part of the county, with 64 homes sold at a median price of $189,860. Blackberry Creek and Legend Oaks showed the most activity among subdivisions.
Charleston County
Charleston County posted 363 sales in May, the highest number of sales since August. The median sales price continues to hover above $200,000, with May closings coming in at $215,000. The area south of S.C. Highway 41 in Mount Pleasant showed the most sales. Sales on James Island doubled compared with previous months, with a total of 54 sales resulting in a median price of $204,500.
Berkeley County
The Berkeley County market remains stable, with 138 residential properties selling at a median sale price of $150,964. The highest volume of sales occurred in Brickhope Greens.
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