Charleston metro home sales still up over 2010; Inventory still shrinking
The Charleston metro real estate market is once again boasting to bits of good news: September 2011 home sales were up 17% compared to 2010, and the available home inventory has shrunk to its lowest level in five years.
The Charleston Trident Association of Realtors has released preliminary figures showing 774 homes sold at a median price of $183,822 this September; 659 homes sold at a median price of $188,840 in September 2010. The median price is a slight 3% lower than it was at this time last year.
The most significant development in the Charleston market this month was inventory—the number of homes for sale in the tri-county area dropped below 8,000 for the first time since June 2006. Inventory peaked in April 2008 with 11,879 homes for sale. As of September 30, 2011 there were 7,792 homes listed as actively for sale with the Charleston Multiple Listing Service—a 19% decrease from the 9,605 homes in inventory last September.
Year-to-date, sales volume continues to build on its gains—last month, sales were 3% ahead of where they were last year; that figure has now grown to 5%. 7,076 homes have sold thus far in 2011, versus 6,766 homes sold at this point in 2010. Median price is holding steady, down just 4% year-to-date, settling at $179,900 through September 2011.
Preliminary numbers reported for August 2011 indicated 904 homes sold at a median price of $185,000. Adjusted numbers now show 928 sales at a median price of $183,822. After adjustment, August's sales figures indicate peak volume thus far in 2011.
BERKELEY COUNTY: 190 homes sold at a median price of $175,237 during September in Berkeley County. This reflects a 10% increase in sales and a 4% increase in median price. Last September, 172 homes sold at a median price of $168,948.
The area of the county bordered by Highway 52 and the Cooper River showed the most activity—56 homes sold at a median price of $165,343. The most expensive homes in the county can be found on Daniel Island, where 22 sales resulted in a median price of $309,962; while the most affordable homes can be found in St. Stephens and Bonneau, where 4 sales resulted in a median price of $31,450.
CHARLESTON COUNTY: Just under 400 homes changed hands in Charleston County this September—399 homes sold at a median price of $215,000. These figures represent a 14% increase in sales and a 4% decline in pricing when compared to September 2010, when 351 homes sold at a median price of $224,500.
Outside the county's largest geographic area of Mt. Pleasant, where 121 homes sold at a median price of $312,375, West Ashley (outside I-526) had the highest sales volume—66 homes sold at a median price of $190,000. The most expensive homes in the county can be found in Wild Dunes, where 4 sales resulted in a median price of $557,500. The most affordable homes can be found in North Charleston (inside I-526) where 14 homes sold for a median price of $78,500.
DORCHESTER COUNTY: Dorchester County sales rose sharply this September, with 163 homes sold at a median price of $162,500. This represents a 36% increase in sales, but an 8% decline in prices from September 2010, when 120 homes sold at a median price of $176,000.
The Summerville/Ridgeville area had the most activity, with 73 closings at a median price of $170,559. This was also the most expensive area of the county in which to buy a home. The most affordable properties can be found in Summerville/Ladson, where 37 sales resulted in a median price of $143,000.
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