Midyear Sales Show A Slowed But Consistent Pace for Charleston-area Residential Real Estate
CHARLESTON, SC—(July 10, 2017) According to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR) 1,987 homes sold in June in the region at a median price of $260,000. Last June, 1,936 homes sold at a median price of $250,000.
After starting the year with significant growth, particularly in terms of median price, the market trajectory seems to be leveling off to a more sustainable level six months in, notably during what is typically one of the busiest periods of the year. Year-to-date, 9,285 homes have sold in the region at a median price of $250,000. Sales volume has increased about 7% compared to 2016, with homes selling for about 4% more than they did at this point last year.
Inventory has declined about 16% over the last 12-month period, with 5,287 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of the month. While inventory has declined over the year, the number of available homes is slightly higher than last month.
“We’ve kicked off a busy start of the summer buying season” said 2017 CTAR President Dave Sansom. “We had a fairly significant increase in sales from month to month, but the year to date figures are steady and consistent. The interest in our market has only continued to grow in the last 12 months—for reasons on both ends of the spectrum—most people are either moving here for a job or to retire” he said. “That’s keeping a variety of price ranges active and the market incredibly competitive right now” he concluded.
5,329 homes were listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of the month.
“After more than a year of rapid growth, we welcome this slight calming of the market” said 2017 CTAR President Dave Sansom. “We started the year with some significant gains—10% growth in median price and sales growth topping 12% in March, we were hopeful that the pace would calm a bit to help our market remain sustainable in the long term. Halfway through the year, sales volume is still well ahead of where we were last year (8% growth) and prices are now growing at what we consider to be a healthy and sustainable rate (4%)” he said. “We still have plenty of demand and we fully expect that the residential market in Charleston will continue to grow, but ideally at this less frenetic pace” he concluded.
Preliminary data showed 1,801 homes sold in May in the region at a median price of $260,000. Adjusted figures now show 1,806 homes sold at the same median price.
492 properties sold at a median price of $219,389 in Berkeley County in June. Year-to-date, sales have increased about 9% in the County and median price has grown by 4%.
1,055 homes sold at a median price of $335,000 in June in Charleston County. Sales volume and median price have both increased by 6%, year-to-date.
374 homes sold at a median price of $220,000 in Dorchester County in June. Year-to-date, sales volume has increased almost 10% and median prices are up about 7.5% in the county.
Meghan Byrnes Weinreich | 843.793.5208
Marketing and Communications Director
Charleston Trident Association of REALTORS