By Lauren Ratcliffe
Published March 12, 2013
The Charleston-area residential market is continuing to grow with sales in 2013 outpacing last year by 18.7%.
In February, 722 homes sold at a median price of $181,334 in the region, according to data released by the Charleston Trident Association of Realtors. Sales activity hasn’t been this high in February since 2008 when 733 homes sold.
Year-to-date, 1,367 homes have sold at a median price of $181,917. Available inventory has also decreased by about 1,000 homes when compared with this time last year. Currently, 5,632 homes are available on the Charleston Multiple Listing Service.
“When you look at the last decade of market activity, you can see how well our market is performing following the economic downturn,” said Owen Tyler, 2013 CTAR president. “More importantly, you can clearly see that the activity in 2004 and 2006, particularly the sales activity, was abnormal and the sales and pricing activity we’re seeing now is indicative of a more balanced and sustainable market.”
Association members and multiple listing service executives expect sales and pricing to continue to trend upward in 2013, but say that low inventory may lead to more pricing growth than anticipated. Year-to-date, prices are 4% higher than where they were last year.
“Many areas of our region are squarely in seller’s market territory,” said Dave Sansom, 2013 Charleston MLS president . “That doesn’t mean that sellers can start overpricing their homes and expect them to sell, but it does mean that they have a bit more room to negotiate for the price they want than they have in recent years.”
Across the tri-county region, Berkeley County saw 171 homes sell in February at a median price of $160,000. In Charleston County, 371 homes sold at a median price of $239,500, while 154 homes sold in Dorchester County at a median price of $154,250.