Staff Report
Published Dec. 13, 2011

The Charleston-area real estate market saw a strong November, according to numbers released by the Charleston Trident Association of Realtors. In November, 648 homes sold at a median price of $191,500 — an increase of 10% in home sales. Median home prices grew by nearly one percent over 2010.

At a glance Charleston County: 335 homes sold at a median price of $225,848, compared to 318 sales at a median price of $236,175 last November. The most activity took place in Mount Pleasant where 94 homes exchanged hands. Berkeley County: 168 homes sold at a median price of $175,312, an improvement over last November when 138 sales resulted in a median price of $169,187. The Goose Creek and Moncks Corner area saw the most activity in the county with 45 homes exchanging hands. Dorchester County: 125 homes sold at a median price of $176,000, which shows an increase in sales volume and notable increase in price. Last November, 112 homes sold at a median price of $152,136.

Inventory of available homes continued to drop to a new five-year low of 7,258.

“2011 has been a pivotal year for the Charleston real estate market,” said Rob Woodul, 2011 president of CTAR. “We’ve had 11 months of relatively stable activity and are beginning to close the gap on prices — which will likely be affected by additional foreclosed inventory next year.

“However, continued job growth and economic development in our region should help soften the potential negative effects of that bank-owned inventory,” he added.

Thus far in 2011, more than 8,400 area homes have sold at a median price of $180,796 representing a 5% sales growth and 3% decline in prices.