Residential Real Estate Sales Increase Again in December

Rounding out a year of stabilization, 618 residential real estate sales in December shows an increase of 30% when compared to sales one year ago today.

The $195,534 median home price reflects the peak of prices in 2009 and a slight 2% increase over December 2008.   December 2008 posted 476 total closings, with a median sale price of $191,600.

Several months of strong sales, prices that are growing at a sustainable rate and decreasing inventory are excellent indicators that a Charleston market recovery is underway.

“Last December, we were looking at a 33% drop in sales and a 9% decrease in median prices from December 2007.  We’re in a much more positive place at the end of 2009, actually seeing market increases.  While we don’t anticipate tremendous growth in 2010, we do expect to see continued steady growth over the next year”, said CTAR President, Jeremy Willits.

                      3 Year Review: December

     #Sales        %Change              Median Price      %Change

2009     618      +30%                      $195,534               +2%
2008     476      -33%                       $191,600               -9%
2007     713        –                             $210,000                  –

*this data reflects the market activity as of the 10th of January for each year.

At the close of the month, there were 8,940 homes listed for sale with the Charleston Trident Multiple Listing Service.

The Berkeley County market remains stable when compared with December of 2008.  Last year, 145 properties were sold at a median price of $173,000.  In December 2009, 141 properties changed hands at a median price of $170,112.

Once again, Charleston County leads the region in sales and price increases.  Last December, 239 properties changed hands at a median price of $235,000.  This year, 313 properties were sold at a median price of $250,000, equating to a 31% increase in sales and a 6% increase in sale price.

Dorchester County showed a slight 3% increase in sales over December 2008—142 homes sold in 2008 and 146 sold in December 2009.  Prices show a 14% decline from last December’s uncharacteristic peak of $195,808 to a more typical price of $167,830.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for homes anywhere in the tri-county area go to my website at 

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"Carolina Joe" Idleman

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