Residential Real Estate
Sales Peak in August
CHARLESTON, SC—(September
12, 2011) According to preliminary
figures released today by the
Charleston Trident Association of
REALTORS® (CTAR), 904 homes sold at
a median price of $185,000 in
August.
This marks
the most active month of sales and
second highest median price recorded
so far this year, reflecting an
encouraging end to the summer buying
season. In August 2010, 681 homes
sold at a median price of $199,055.
33% more sales closed than in August
of 2010, while the median sale price
was 7% lower.
“Every
month, we take another small step in
the right direction—our market
remains fragile, but sales volume
has increased steadily throughout
the year. When we look at
year-to-date figures, sales volume
is outpacing last year by 3%. The
region-wide median sale price is 4%
lower, year-to-date” said 2011 CTAR
President Rob Woodul.
While
consistent increases in sales volume
is an encouraging sign of buyer
interest in the local market and an
important component of market
stability, foreclosures and short
sales will continue to have an
impact on pricing until they clear
from local inventory. “The addition
of jobs and increased consumer
confidence remain the driving forces
behind the housing market recovery”
said Woodul.
However,
Woodul points out, locality is key.
“We have such a diverse market in
the Charleston region; areas are
making pricing corrections at
different paces. For example, in
Dorchester County, the increase in
sales volume has been coupled with
pricing stability, or even slight
increases, since May” he said. Last
summer, while Berkeley and
Charleston Counties were still
showing pricing gains of 8-10%,
prices in Dorchester County were
declining. Conversely, prices in
both Berkeley and Charleston
Counties have been making
corrections this summer.
There were
8,001 homes listed as actively for
sale with the Charleston Trident
Multiple Listing Service as of
August 31, 2011. This reflects a 10%
decrease in inventory over the last
12 months.
July Adjustment
Preliminary numbers reported for
July 2011 indicated 829 homes sold
at a median price of $180,000.
Adjusted numbers now show 838 sales
at a median price of $179,250.
BERKELEY COUNTY
226 homes
sold at a median price of $158,950
in Berkeley County during August.
Sales volume has increased by 52%
and median price has decreased 11%
compared to August of 2010 when 149
homes sold at a median price of
$177,990.
The most
sales activity took place between
Jedburg Road, Highway 17A and
College Park Road, where 61 sales
closed at a median price of
$157,890. The most affordable area
of the County is Saint Stephens/Bonneau,
where 7 sales resulted in a median
price of $117,000. Daniel Island
boasts the highest priced property
in the county, where 34 sales
resulted in a median price of
$330,000.
CHARLESTON COUNTY
483 homes
sold at a median price of $219,900
in Charleston County in August,
reflecting a 23% increase in sales
volume and 13% decline in median
price from last August, when 370
homes sold at a median price of
$253,145.
As the
county’s largest geographic area,
Mount Pleasant had the highest sales
volume, with 142 homes sold at a
median price of $324,250; followed
by West Ashley (outside I-526 to
Rantowles) where 75 homes sold at a
median price of $171,920. The most
affordable area of Charleston County
is North Charleston (inside I-526),
where 17 sales resulted in a median
price of $100,000. The most
expensive homes in the county sold
on Sullivan’s Island, where 6 sales
resulted in a median price of
$1,275,000.
DORCHESTER COUNTY
174 homes
sold at a median price of $165,500
in August—31% more sales than August
of last year and a very slight
increase in median price. Last
August, 133 homes sold at a median
price of $165,000.
The
Summerville-Ridgeville area had the
highest sales volume and the highest
median price, with 78 homes sold at
a median price of $191,700. The most
affordable area of the county was
Saint George/Harleyville, where 7
sales resulted in a median price of
$120,000. |
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