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Charleston, SC updated market facts

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Sales Up 29%, Prices Continue Pattern of Consistency

CHARLESTON, SC-(June 10, 2010) Preliminary data released by the Charleston Trident Association of REALTORS® (CTAR) shows 878 closings took place last month.  This not only marks a 29% increase from the 678 sales in May 2009 but the highest level of closed sales in this region since September of 2007.

"We are pleased to see such high sales volume, but it's equally important that home prices are continuing this pattern of stabilization.  So far this year, price fluctuations have been minimal, which is ideal as we see inventory gradually returning to a healthy level" said Jeremy Willits, President of CTAR.

The median sale price for May 2010 settled at $186,497.   In May 2009, preliminary reports showed a median sale price of $187,000.  Last month, figures showed this year's lowest median price of $180,175.

Year-to-date, 3,277 homes have sold in the Charleston region.  This represents a 28% increase in sales activity when compared to the same period last year-at this point in May 2009, 2,553 homes had changed hands.

Mortgage rates remain at historically low levels, currently 4.81% for a 30-year fixed loan.  "Low rates and an affordable selection of property should continue to support healthy market activity.  This month's sales show high seasonal activity and the lingering effect of the tax credit, which we anticipate will continue into June and possibly July.  We're optimistic that this is setting the stage for a healthy market in the fall and later months" said Rob Woodul, President-Elect of CTAR.

There were 9,867 properties listed as actively for sale with the Charleston Trident Multiple Listing Service as of May 31, 2010.

Berkeley County led the way in both sales and price increases in May.  Bolstered by a flurry of recent activity on Daniel Island, sales in the county increased 46% and median price increased 10% over 2009 levels.  202 homes sold at a median price of $165,517 last month.  In May 2009, 138 homes sold at a median price of $150,964.

 The majority of Berkeley County activity occurred in Goose Creek and Moncks Corner from Highway 52 to the Cooper River.   Daniel Island had a strong showing this month with 22 homes sold at a median price of $540,450, the strongest month so far this year.

Charleston County also posted impressive increases in May-475 sales resulted in a 31% increase over May 2009's 363 sales and prices increased 6% from $215,000 to $228,000.

The majority of activity took place in Mount Pleasant, south of Highway 41.  99 homes sold at a median price of $341,236 in that area.  An unprecedented 32 homes sold for a median price of $245,988 on Johns Island-the most sales on the island since March 2007.

170 homes sold in Dorchester County last month, representing a 10% increase from May 2009, when 155 homes sold at a median price of $168,000.  Prices showed a quiet decline of less than 2%, settling at $165,050.

The increase in sales was led by consistently strong activity in the Summerville/Ridgeville area, where 86 homes sold at a median price of $169,272.

Preliminary numbers reported for April 2010 indicated 784 homes had sold at a median price of $180,175.  Adjusted numbers now show that 844 homes sold at a median price of $181,000.

Charleston Residential Real Estate Sales Up 50%, Prices Remain Stable

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