Area home sales up 6%, median price continues downward slide

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A monthly report from the Charleston Trident Association of Realtors said the increase in closed sales was likely attributable to the government’s $8,000 tax credit for first-time homebuyers, which is set to expire Nov. 30. Information released in late September by the Internal Revenue Service showed that 1.4 million homebuyers have filed to receive the credit, the report said.

Staff Report
Published Oct. 14, 2009

Home sales in the tri-county bounced back in September, increasing 6% from August to 697 sales closed. The numbers are still lower than June and July’s numbers, which were 796 and an adjusted 779, respectively, but up 7% compared with September 2008.

A monthly report from the Charleston Trident Association of Realtors said the increase in closed sales was likely attributable to the federal government’s $8,000 tax credit for first-time homebuyers, which is set to expire Nov. 30. Information released in late September by the Internal Revenue Service showed that 1.4 million homebuyers have filed to receive the credit, the report said.

The median sales price in September was $174,000, down from $187,840 last month and $193,640 last year. Inventory continued its downward trend, with 10,679 homes currently listed for sale with the Charleston Trident Multiple Listing Service. August saw 10,796 homes on the market, July, 10,852 and June, 11,173.

Highlights from each of the three counties:

• Berkeley County: Berkeley County sales increased 9% compared with August, with 135 closed transactions at a median sale price of $150,000. The Goose Creek and Moncks Corner areas posted the largest number of sales in the county, and Brickhope Plantation was the most active neighborhood.
• Charleston County: Sales in Charleston County also increased in September, up 11% compared with August, with 359 sales at a median price of $214,000. The most active areas in the county were Mount Pleasant south of S.C. Highway 41 and the Carolina Bay subdivision in West Ashley, beyond Interstate 526.

• Dorchester County: Dorchester County sales remained stable, showing 164 sales at a median price of $154,000. The Summerville and Ridgeville area showed the highest number of sales, with the most activity in the Drakesborough subdivision.

Year-to-Date (including June adjusted data)

2009 September August July June May April March February January

Total Sales 697 658 796 779 678 518 568 363 372

% Change 6% -17% 2% 15% 31% -9% 56% -2% -

Median Sales Price $174,000 $187,840 $181,889 $193,000 $187,000 $181,303 $185,000 $183,180 $176,750

% Change -7% 3% -6% 3% 3% -2% 1% 4% -

Source: Charleston Trident Association of Realtors