Local Home Sales See Spike

Charleston's home market in May saw the strongest sales recent years, according to data released today by the Charleston Trident Association of Realtors.

Home closings grew to 994 in May, CTAR reports. That's the best total since June 2010, when the homebuyer tax credit was in place; the last time this happened in a non-incentivized market was August 2007, CTAR reported.

“Sales are closing at a faster pace than we anticipated this early in the season and showings continue to rise—there is a lot of pent-up demand in the market and those choosing to buy now are benefitting from incredibly low rates and affordable pricing" said Herb Koger, 2012 CTAR President.

The May figures follow strong showings over the rest of 2012. Closings have increased by nearly 9 percent over 2011, and home prices grew 3 percent year over year, CTAR reports.

Homes sold in May at a median price of $200,000, the association reported. Year-to-date figures show 3,910 closings at a median price of $182,000.

The home price and the sales closings don't compare to pre-recession numbers, but there is cause for optimism, the association says.

“The measure of a local real estate recovery is not a return to 2005 sales and pricing levels, but  balanced supply and demand as well as sustainable growth—and we’re finally seeing that absorption rate rise and a recovery take shape in our market” said Chip Reeves, 2012 Charleston Trident MLS President.

The most encouraging news to sellers and Realtors is the region's home inventory. Charleston currently has 6.4 months of inventory with 6,314 homes listed as actively for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of June 10, 2012.

There were 26,040 property showings recorded by the MLS in May—approximately 2,000 more showings than last month.

Charleston’s overall economic recovery, of which real estate has been the lagging component, appears to be coming full-circle.  "Our local economy is growing and thriving, thanks to solid activity at the State Ports Authority, Boeing, growth in the technology sector and other major manufacturers entering the market" said Koger.

A year ago, May’s preliminary figures showed 804 closings at a median price of $179,945 and year-to-date figures showed 3,594 closings at a median price of $177,000. 

Berkeley County

205 homes sold at a median price of $175,375 in Berkeley County in May.  The most active area of the county was Goose Creek/Moncks Corner bordering the Cooper River with 50 sales at a median price of $174,495.  The most affordable area of the county is Cross/St. Stephen, where the median sale price was $62,500.

Charleston County

Sales in Charleston County accounted for more than half of the area’s total sales, with 563 homes sold at a median price of $239,500.  In Mount Pleasant, the County’s largest geographic area, 185 homes sold at a median price of $341,625.  Outside of Mount Pleasant, the County’s most active area was West Ashley (outside I-526) with 74 sales at a median price of $185,652.  The most affordable area of the county is North Charleston (inside I-526) where the median sale price was $83,000 in May.

Dorchester County

188 homes sold at a median price of $167,450 in Dorchester County in May.  The most active area of the County was Summerville/Ridgeville, with 92 sales at a median price of $180,470.  The most affordable area of the County is Summerville/Ladson, where the median sale price was $135,000.