If you need assistance, please call 843-501-0760

Charleston home sales up 23% year over year

Thursday, September 19, 2013   /   by Fra Jamir

Charleston home sales up 23% year over year

Home sales in Charleston, South Carolina are up from 2012, which means great news to buyers and sellers alike! 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.

In August of this year, 1,278 homes were sold in the region at a median price of $217,462, compared to 1,034 homes sold at a median price of $199,414 this time in 2012.

 August 2012 figures showed 7,030 closings for the calendar year at a median price of $190,907. While August of this year’s data shows 8,706 homes have sold in the Charleston region year-to-date at a median price of $205,417.

The average number of days a home stays on the market has also declined and homes are selling nearly a month faster than they were a year ago.

Berkeley County
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, with 66 sales at a median price of $175,045.

Charleston County
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. Outside of 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.

Dorchester County
In August, 253 homes sold at a median price of $165,000. The most active area of the county was Summerville and Ridgeville, where 101 homes sold at a median price of $184,990.

“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,” said 2013 Multiple Listing Service President 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” said 2013 CTAR President Owen Tyler 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.”

Interested in selling your Charleston Area home? Visit: www.JeffCookRealEstate.com

Interested in buying a Charleston Area home? Visit: www.discovercharlestonareahomes.com