Staff Report
Published Dec. 11, 2009

Residential real estate transactions exploded in November to 80% more closings than during the same month a year ago, according to numbers released Thursday by the Charleston Trident Association of Realtors.

The Charleston-area residential real estate market continues to show signs of a strong recovery, the association said in a statement. It attributed the growth this late in the year to the extension of the federal tax credit for first-time homebuyers.

The monthly report showed 783 closed transactions in November, at a median sale price of $173,000.

That’s 348 more closings than in the same period of 2008, when 435 properties sold at a median price of $185,503.

“This month’s numbers reflect an unprecedented 80% increase in home sales and the third consecutive month of increases,” the association said. “This type of activity is uncharacteristic for November and likely attributable to the passing of the original homebuyer tax credit deadline, which was Nov. 30.”

The tax credit deadline has been extended to April 30, 2010, and includes provisions for existing homeowners.

Inventory also sits at this year’s lowest level, with 9,429 “active” properties listed with the Charleston Trident Multiple Listing Service as of Nov. 30.

The association also offered statistics for each county in the Charleston region:

Berkeley County
Home sales in Berkeley County were up 65% in November, with 196 sales at a median price of $154,700, compared to November 2008’s 119 sales at $170,000.

Charleston County
Charleston County showed the greatest gains in the region during the month. Sales doubled compared with last year, and median prices are within 1% of 2008 levels. In November, 361 properties changed hands at a median price of $225,000. In 2008, 170 sales were closed at a median price of $227,738.

Dorchester County
Sales continued to be strong in Dorchester County, up 42% year-over-year, with 199 properties having been sold in November at a median price of $150,000. That compares with 140 properties at a median price of $169,995 in 2008.