By Lauren Ratcliffe
Published Sept. 11, 2012
More than 1,000 homes sold in the Lowcountry last month, according to the Charleston Trident Association of Realtors.
The association reported 1,014 homes sold in the Charleston area at a median price of $198,757 in August, compared to 904 homes sold during the same period last year.
The sales figure marks the third month this year when closings have surpassed the 1,000 mark.
“The August sales figures are ongoing evidence of consistency and stability in our market,” said Herb Koger, CTAR president. “Charleston is such a desirable area; smart buyers recognize the long-term value of investing in the Charleston market.”
Inventory continued to decline hitting its lowest point this year with 6,185 homes listed as actively for sale with the Charleston Trident Multiple Listing Service. Time on the market averaged 93 days, the second straight month of sub-100 day durations.
Year-to-date numbers show sales volume is up 10% and prices are up 6.5% over 2011.
Last month, Laurence Yun, chief economist for the National Association of Realtors told local real estate agents that the Charleston market is outperforming many markets across the country in its recovery, Koger said.
Berkeley County reported 240 homes sold at a median price of $173,945, compared to 226 homes sold at a median price of $158,950 in August 2011.
Charleston County reported 570 homes sold at a median price of $234,950, compared to 483 homes sold at a median price of $219,000 in August 2011. Mount Pleasant, the county’s largest geographic area, saw an increase in closings, with 200 homes selling at a median price of $299,625. West Ashley ranked the second-most active area with 79 sales at a median price of $184,700.
Dorchester County reported 175 homes sold at a median price of $164,000. In August 2011, the same number of homes sold at a median price of $165,000 — showing marked consistency in both sales and pricing this year in the county.