Charleston SC Real Estate Blog: October 2011 Residential Real Estate Sales Increase Again, Inventory Continues Decline
Home sales volume and inventory levels continue to show positive movement as the Charleston real estate market heads into the typically slower fall and winter months.
According to preliminary figures released by The Charleston Trident Association of REALTORS® (CTAR) 670 homes sold at a median price of $190,000 in October, while inventory declined to 7,524—an additional drop from last month’s five-year low of 7,792. Last October, 630 homes sold at a median price of $194,887 and the number of homes for sale was significantly higher, at 8,991.
“While it is typical to see lower inventory levels toward the end of the year, we haven’t had this few homes for sale in half a decade” said Rob Woodul, 2011 President of CTAR.
Woodul cautions that while declining inventory is often a sign of a recovering market, it may be short-lived. “We will have an increase in available homes when lenders finally release the next group of bank-owned homes on to the market, which we expect in late 2011 or early 2012. Fortunately, since our supply has declined significantly, we’ll have a bit of room to absorb the additional inventory” said Woodul.
Year-to-date, 7,779 homes have sold at a median price of $179,575, which indicates nearly 5% sales growth, but a 4% decline in prices compared to this point in 2010, when 7,443 homes had sold at a median price of $186,914.
September Adjustment
Preliminary numbers reported for September 2011 indicated 774 homes sold at a median price of $183,822. Adjusted numbers now show 794 sales at the same median price.
BERKELEY COUNTY
166 homes sold at a median price of $168,217 in Berkeley County in October—an improvement from last October’s 161 sales at a median price of $151,990.
The most active area of the county was Goose Creek/Monck’s Corner from Highway 52 to the Cooper River, where 45 homes changed hands at a median price of $166,397. The most expensive homes in the County can be found on Daniel Island, where the median home price last month was $477,000. The most affordable homes in Berkeley County are in the area of Goose Creek/Monck’s Corner between Highway 17A and Highway 52, where the median home price was $115,000 in October.
CHARLESTON COUNTY
Sales volume continued to increase in Charleston County, while the price of homes declined year-over-year. 346 homes sold at a median price of $227,000 in October; compared to 328 sales at a median price of $258,000 last October.
Outside of the county’s largest geographic area of Mount Pleasant, where 106 homes sold at a median price of $300,250, the most active area of the county was in West Ashley (outside I-526) where 51 homes sold at a median price of $169,000. The most expensive homes in the County sold on Sullivan’s Island, where 5 sales resulted in a median price of $1.3 million. The most affordable homes in the county sold in North Charleston (inside I-526) where 13 homes changed hands at a median price of $55,300.
DORCHESTER COUNTY
140 homes sold at a median price of $155,950 in October in Dorchester County. A significant increase in sales volume and noticeable decline in price, compared to last October’s 116 sales at a median price of $164,200.
