By Lauren Ratcliffe
Published March 13, 2012
Growth in sales volumes and a leveling out in home prices continued into February, according to figures released by the Charleston Trident Association of Realtors.
In February, 607 homes sold at a median price of $170,000, up from 557 homes selling for a median price of $163,500 in February 2011.
“Through the course of last year and so far in 2012, we have documented sustainable growth in sales volume and a healthy stabilization of median sales price,” said Herb Koger, 2012 CTAR president. “As we move closer to the spring and summer — generally the busiest seasons for buying in our area — we expect sales volume to continue increasing and anticipate ongoing stability with regard to pricing.”
The expected influx of shadow inventory — foreclosed homes believed to be held by banks and other financial institutions — has not occurred, Koger said.
“We may see an increase of additional foreclosed inventory; we may not,” he said. “Regardless, our inventory continues to decline and remains historically low. If we do see an increase in inventory, I believe there’s enough interest in our market from both local and out-of-area buyers that it will be absorbed just as the current distressed inventory is.”
As of Feb. 29, there were 6,573 homes listed as actively for sale with the Charleston Trident Multiple Listing Service.
County-by-county February figures
Berkeley County saw 138 homes sell for a median price of $150,000. The most expensive homes sold on Daniel Island, where seven sales had a median price of $415,000. The most affordable homes in the county are in Cross/St. Stephen/Bonneau area, where six transactions left the median price at $104,975.
Charleston County saw 338 homes sell at a median price of $210,000. North Charleston and Summerville were the most active areas for sales, outside of Mount Pleasant. The most expensive homes in the county were located on Sullivan’s Island. The most affordable were located in North Charleston, inside Interstate 526.
Dorchester County saw 111 homes sell at a median price of $158,000. The most expensive homes were sold in the Summerville/Ladson area where 48 homes sold at a median price of $168,015. St. George-area homes were the most affordable where three homes sold for a median price of $87,900.