Residential sales increase 18% in first four months of 2013

Staff Report
Published May 13, 2013

Charleston-area home sales rose 18% for the first four months of 2013 compared with the same time last year, according to recent data from the Charleston Trident Association of Realtors.

Closings were down 3.2% from March, which saw 1,062 homes sold in that month compared with 1,028 in April. The $200,000 median home price in April was a decline of $940 from March. Sales figures and median prices for March and April are still higher than February, which saw 732 homes sold at a median price of $181,750.

Next month

The Charleston Regional Business Journal will hold a Power Breakfast panel to discuss “The Rise of Residential” real estate in the Charleston area and statewide. For more information, click here.

Year to date, the Realtors’ group reported 3,472 closings in the Charleston area through April. The numbers are being driven mostly by investors and relocations to the Charleston market, CTAR said in a news release.

“Our region’s ability to create and retain quality jobs has been a crucial component to the recovery of our market,” said Dave Sansom, 2013 president of the Charleston Trident Multiple Listing Service. “Increased activity in the construction sector will continue to strengthen our local real estate economy and will create additional inventory as we expect the higher rate of home sales to continue as we enter the busy summer months.”

Inventory levels have somewhat stabilized with 5,636 homes currently for sale, which is about 100 fewer homes than the previous month, Charleston MLS numbers show.

Homes were on the market for an average of 90 days before a sale in the Charleston market, CTAR reported. The association said smaller pockets of the Charleston area are beginning to see shorter periods between putting a home up for sale and closing.

The area’s year-to-date median price is $191,275 through April, which is an increase from the first four months of 2012, CTAR reported.

“Our market continues to expand and progress in a positive direction. We have a stable inventory paired with prices increasing at a steady and healthy pace — up 7% year to date — which is a great indicator for the sustainability of our market,” CTAR President Owen Tyler said.

County figures for April

A county-by-county listing of residential real estate numbers for April from the Charleston Trident Association of Realtors.

Berkeley County
Sales:
210 homes sold.
Median price: $169,500.
Most active area: Jedburg Road, U.S. Highway 17A and College Park with 49 sales at a median price of $167,000.

Charleston County
Sales:
587 homes sold.
Median price: $239,000.
Most active area: 171 sales were in Mount Pleasant at a median price of $315,000.

Dorchester County
Sales:
196 homes sold.
Median price: $167,357.
Most active area: Summerville/Ridgeville was the most active area with 87 sales at a median price of $173,000.

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