Housing had a slow start to the year but ongoing market improvements across various areas and segments continue. Nowadays, it's important to assess market performance by price point. Also watch for long-awaited and yet still-uneven inventory gains. For the 12-month period spanning September 2013 through August 2014, Pending Sales in the Charleston area were up 9.5 percent overall. The price range with the largest gain in sales was the $350,001 and above range, where they increased 18.9percent.
The overall Median Sales Price was up 7.5 percent to $215,000. The property type with the largest price gain was the Single-Family segment, where prices increased 7.2 percent to $225,760. The price range that tended to sell the quickest was the $150,001 to $200,000 range at 63 days; the price range that tended to sell the slowest was the $350,001 and Above range at 94 days.
Market-wide, inventory levels were down 3.8 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 3.5 percent. That amounts to 5.4 months’ supply for Single-Family homes and 5.2 months’ supply for Condos.
