Summer home sales trail off in August

---

Home sales totaled 658 for August, down from earlier summer months. The median sales price was $187,840, which was 3% higher than in July but 7% lower than in August 2008. The Charleston Trident Association of Realtors said 879 sales are pending in the area, likely related to the homebuyer tax credit that is set to expire Nov. 30.

Staff Report
Published Sept. 11, 2009

Total home sales in the tri-county area fell in August compared with the previous summer months, according to data from the Charleston Trident Association of Realtors.

Home sales totaled 658 for August, down from 796 in July, 732 in June and 678 in May. Total sales in August were also down from the same month last year, when 711 homes sold.

The median sales price during August was $187,840, the Realtors association said. That was 3% higher than in July but 7% lower than in August 2008, when the median price was $202,250.

Pending sales in August increased to 879, up nearly 24% compared with the same month last year. That increase is the largest since 2005, the Realtors group said, and is likely related to the federal government’s $8,000 homebuyer tax credit, which applies to homes sold through November.

The inventory of homes listed with the Charleston Trident Multiple Listing Service was 10,796 in August, down from 10,852 in July and 11,173 in June.

Of the three counties, Charleston County had the most sales and highest median sales price during August.

• Charleston County: 322 homes sold in August at a median price of $240,000. The area south of S.C. 41 in Mount Pleasant again showed the most activity, with 59 sales.
• Dorchester County: 166 properties sold at a median price of $169,864.  The Summerville/Ladson area represented 63 of those sales.
• Berkeley County: 125 homes sold at a median sale price of $172,248. The area near U.S. 17-A and College Park Road was the most active area for sales, accounting for a quarter of the month’s transactions.

Year-to-Date Data

2009 August July June May April March February January

Total Sales 658 796 732 678 518 568 363 372

% Change -17% 9% 8% 31% -9% 56% -2% -

Median Sales Price $187,840 $181,889 $192,626 $187,000 $181,303 $185,000 $183,180 $176,750

% Change 3% -6% 3% 3% -2% 1% 4% -

Source: Charleston Trident Association of Realtors