Published April 11, 2013
Median home prices in the Charleston area rose more than 3% in March, according to data released Wednesday by the Charleston Trident Association of Realtors comparing last month to 2012.
CTAR reported 1,045 homes were sold at a median price of $202,210 in the Charleston region last month. The area hasn’t experienced that level of sales in March since 2007, the organization said.
CTAR President Owen Tyler said in a news release that it’s more common to see sales surpass 1,000 in late spring and early summer. Last year, May, June and August were high-volume months, he said.
“It’s unusual to see this many closed transactions this early in the season, but we know that market activity is being bolstered by increased interest from investors who recognize the benefits of investing in property in the Charleston area,” Tyler said. “While we do expect sales levels to remain higher than they were in previous years, we do not expect sales to sustain at this level through the spring.”
The Charleston area has been averaging more than 800 home sales per month this year, with 2,424 homes sold year-to-date with a median price of $182,500 across the region. CTAR said the sales volume shows a 16% increase from last year with a 3% increase in median price.
At this time in 2012, 2,088 homes had sold at a median price of $176,816. The region has an active inventory of 5,745 homes listed in the Charleston Trident Multiple Listing Service, CTAR said.
Tyler said a 3% year-over-year increase in median price was in line with what the association expected for this time of year.
“Our market is healthier than it has been in a long time, however with inventory low and demand high, artificial price inflation can start to occur, which we do not want to see,” Tyler said. “Market conditions need to be understood from a hyper-local perspective.”
County-specific numbers for residential real estate in March
CTAR reported that 191 homes sold at a median price of $166,400 in Berkeley County last month. The area bordered by Jedburg Road, U.S. Highway 17A and College Park was the most active, with 55 sales at a median price of $166,400.
More than half of the homes sold in March across the region were sold in Charleston County, where 635 transactions resulted in a median price of $245,037. Of those, 210 sales were in Mount Pleasant and sold at a median price of $342,500. West Ashley, outside of Interstate 526, was the next most active area, with 77 sales at a median price of $189,295, CTAR said.
CTAR reported that 184 homes sold at a median price of $162,500 in Dorchester County in March. The Summerville/Ladson area was the most active area, with 72 sales at a median price of $181,950.