Published Sept. 11, 2013
Charleston-area home sales were up 23% in August, with a 9% increase in median home prices compared to the year prior, the Charleston Trident Association of Realtors reported this week.
The region sold 1,278 homes at a median price of $217,462 in August, compared to 1,034 homes sold at a median price of $199,414 in 2012.
The number of days on the market has declined by an average of 27 days, meaning homes are selling nearly a month faster than they were a year ago.
Year to date, 8,706 homes have sold in the Charleston region at a median price of $205,417 and in an average of 87 days.
In August 2012, figures showed 7,030 closings for the calendar year at a median price of $190,907.
“Looking at the year-to-date figures, we are positioned to finish 2013 with significant gains in sales volume and healthy, steady growth in prices,” Charleston Multiple Listing Service President said Dave Sansom in a news release. “Thus far, we’ve made more progress than we anticipated in 2013 and this level of growth is sustainable for our market.”
Inventory has held steady throughout the year, with 5,702 homes listed as “active” for sale in the MLS database. This figure represents approximately five months of inventory available in the region.
“As we expected, the minimal increases in mortgage rates have not soured the demand for residential real estate in Charleston” Owen Tyler, president of the Charleston Realtors group, said in a news release. “Buyer activity and interest is still very strong — the mix of cash buyers/investors and traditional buyers who recognize the long-term value of Charleston-area real estate have helped keep the pace of sales high and our prices strong and stable.”
In August, 257 homes sold at a median price of $180,000. The most active area in the county was the area bordered by Jedburg Road, U.S. Highway 17A and College Park Road, with 66 sales at a median price of $175,045.
Charleston County sales and median price increased in August, with 731 sales at a median price of $270,000. Homes in the county are spending an average of 77 days on market, the lowest average recorded this year. Aside from Mount Pleasant, where 250 homes sold at a median price of $381,125, the county’s most active area was James Island, with 83 sales at a median price of $245,000.
In August, 253 homes sold at a median price of $165,000. The most active areas of the county were Summerville and Ridgeville, where 101 homes sold at a median price of $184,990.