Charleston SC Real Estate Blog: Residential Real Estate Sales Peak in August

Charleston SC Real Estate Blog:  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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