By Nick Johnson
njohnson@scbiznews.com
Published Aug. 13, 2012

The Charleston-area housing market has steadily rebounded in the last nine months with an increase in the number of homes sold as well as the median prices since November 2011, according to the Charleston Trident Association of Realtors.

In July, 972 homes sold at a median price of $205,000, compared to 829 homes sold at a median price of $180,000 during the same month last year.

“If three months of data is the minimum for statistical relevance, nine months of data showing positive month-over-month increases is indisputable evidence of stability returning to the Charleston market,” said Herb Koger, president of the Charleston Trident Association of Realtors.  

Inventory has declined 26% from a year ago, with 6,328 homes currently listed as actively for sale in the Multiple Listing Service. Days on the market dropped below 100 days for the first time since December 2008, to an average of 97 days in July.

County-by-county results

Berkeley County
In Berkeley County, 185 homes sold in July at a median price of $173,515, compared to 185 homes sold in July 2011 at a median price of $152,000. Year-to-date, 1,238 homes have sold in the county at a median price of $162,232, slightly up from 1,234 homes sold at a median price of $152,000 during the same period last year.

Charleston County
Sales in Charleston County increased from a year ago, with 564 homes sold in July at a median price of $237,000. This compares to 468 homes sold at a median price of $209,500 in July 2011. Year-to-date, 3,391 homes have sold, up 16%, at a median price of $225,000, compared to 2,931 homes sold at a median price of $219,949 during the same period last year.

Dorchester County
While foreclosure rates remain relatively high in the Dorchester County, sales are closing and prices are increasing. In July, 190 homes sold at a median price of $172,706, compared to 144 homes sold at a median price of $167,500 in July 2011. Year-to-date, 1,086 homes have sold at a median price of $167,222, up from 1,032 homes sold at a median price of $155,940 during the same period last year. Despite the increase in foreclosure filings, inventory has declined 32% since last year.