Charleston home sales continue to improve in July
Yes, that's nearly the same headline we used for the release of June numbers — and for good reason, the story is much the same good news.
Year over year from January to June, 2012, Charleston-area home sales were up 8.4% and prices up 4.5%. July 2012 compared to July 2011 was better yet: home sales were up 17.2% and prices up 13.9%.
In a release the Charleston Trident Association of Realtors wrote, "
“If three months of data is the minimum for statistical relevance, nine months of data showing positive month-over-month increases is indisputable evidence of stability returning to the Charleston market” said Herb Koger, 2012 President of the Charleston Trident Association of REALTORS."
Inventory has declined 26% from a year ago, with 6,328 homes currently listed as actively for sale in the MLS. Days on market dropped below 100 days for the first time since December 2008, to an average of 97 days in July.
Here's the local county-by-county breakdown:
- Berkeley County
Sales in Berkeley County remained constant as compared to last July, while prices are on the rise and year-to-date figures keep the county ahead of 2011 activity levels. 185 homes sold in Berkeley County this July at a median price of $173,515. Last July, the same number of homes sold at a median price of $152,000. Year-to-date, 1,238 homes have sold in the county at a median price of $162,232. In 2011, 1,234 homes had sold at a median price of $152,000.
The area bordered by Jedburg Road/Highway 17-A and College Park was the most active, with 42 sales at a median price of $164,950. The most expensive homes in the county can be found on Daniel Island, where 24 sales resulted in a significantly increased median price of $552,250. The county’s most affordable homes can be found in Cross/St. Stephens where 9 sales resulted in a median price of $54,000. (Find additional reports on Berkeley County, here.)
- Charleston County
Sales in Charleston County increased from a year ago by nearly 100 sales, as 564 homes sold at a median price of $237,000 in July. Last July, 468 homes sold at a median price of $209,500. The county’s year-to-date sales are up 16% compared to this point last year and median price has increased a healthy 2%. Year-to-date, 3,391 homes have sold at a median price of $225,000; at this point in 2011, 2,931 homes had sold at a median price of $219,949.
Mount Pleasant (the county’s largest geographic area) saw 171 closings at a median price of $311,768. West Ashley (outside of I-526) ranked the second most active area with 82 sales at a median price of $194,854. The most expensive homes in the county can be found on Sullivan’s Island, where 3 closings resulted in a median price of $1.43 million. The most affordable homes can be found in North Charleston (inside I-526) where 23 sales resulted in a median price of $108,000. (Find additional reports on Charleston County, here.)
- Dorchester County
2012 has been a busy year for real estate in Dorchester County. While foreclosure rates remain relatively high in the county, sales are closing and prices are increasing. In July, 190 homes sold at a median price of $172,706. Last July, 144 homes sold at a median price of $167,500. Year-to-date, the county’s sales and median price reflect 5% and 7% growth, respectively. 1,086 homes have sold at a median price of $167,222 through the end of July 2012. Last year, 1,032 homes had sold at a median price of $155,940 at the end of July and despite the increase in foreclosure filings, inventory has declined 32% since last year.
Summerville/Ridgeville showed the most activity and most expensive pricing in July—89 homes sold at a median price of $185,323. The most affordable homes can be found in St. George/Harleyville, where 3 sales resulted in a median price of $75,000. (Find additional reports on Dorchester County, here.)
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