Charleston Market Report

CHARLESTON MARKET ACTIVITY REPORTS

Below is from an email from Charleston Trident Area Reltors

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Sales Slow Slightly in September, Median Price Passes $200k in all Three Counties
CHARLESTON, SC—(October 13, 2016) According to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR) 1,608 homes sold in September in the region at a median price of $243,457. Sales volume declined slightly but the regional median price is up from last month. In September 2015, 1,456 homes sold at a median price of $234,250. This data reflects a 10% increase in sales volume and 4% growth in median price, comparing last September to this September.
Homes-soldYear-to-date figures show 13,675 homes sold in 2016 at a median price of $240,000 in our area. Comparing year-to-date figures from 2015, sales volume has increased 10% and buyers are paying 6% more for homes in the region than they did last year. Inventory has declined by 19% over the last 12-month period, with 5,491 homes listed as "active" for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of September 30.
"The median home price in each of the three counties is now over $200,000, and we expect that figure to stay constant through the end of the year" said 2016 CTAR President Michael Sally. "While these increases are good news for sellers, many buyers are facing a significant affordability problem in all three counties" he continued, "It is increasingly more expensive to live in this region—housing costs are up more than 6% in just a year's time, we're spending more time—and therefore money—commuting around the region" he said. "As we begin looking at how to solve our inventory problem through smart growth and development, we need to be sure we are adding housing inventory for all levels of income" Sally concluded.
August Adjustment
Preliminary data showed 1,732 homes sold during August in the region at a median price of $241,530. Adjusted data now shows 1,742 sales at the same median price.
Tri-County Overview
1,546 of the homes sold this month in the region were in Charleston, Berkeley or Dorchester counties at a median price of $246,087.
Berkeley County
400 homes sold at a median price of $206,583 in Berkeley County in September. There are currently 940 residential properties for sale in Berkeley County—795 single-family homes and 145 condos/townhomes.

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Original source: Charleston Market Report.