Staff Report
Published Aug. 11, 2011

Closings on residential real estate increased by 29% for July compared to 2010, according to preliminary data from the Charleston Trident Association of Realtors.

For the month, 829 homes sold; the median price was $180,000, about 8% lower than the median for July 2010. In 2010, 643 homes sold at a median price of $196,573. The report said the reduction in price is likely because of the increased number of foreclosed properties being sold.

“As expected, the distressed inventory continues to affect our market,” said Rob Woodul, president of the Realtors association. “Year to date, sales volume is slightly ahead of last year. We are encouraged by this slight but steady growth — it means we’re moving slowly in the right direction.”

The year-to-date median sale price is $177,736 — from a low of $163,900 in February to last month’s high of $195,910, the report said. For the year, 5,356 homes have sold in the Charleston region, which is marginally higher than in 2010, when 5,349 home sales closed.

“We have begun stepping out of the shadow of the tax credit and can start making some meaningful year-over-year comparisons to determine how our market will behave in a non-incentivized buying environment,” Woodul said.

He said the sales figures indicate that consumers and investors are jumping in to take advantage while the market is still favoring buyers.

Charleston County showed the largest gains in sales volume in the tri-county, but also the largest declines in pricing, the Realtors group said. Dorchester County showed the least amount of growth in sales volume but had less than 1% pricing variance from July 2010.

The Charleston Trident Multiple Listing Service listed 8,469 homes actively for sale as of July 31.