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Charleston Residential Real Estate Sales Exceed 1000 Transactions in June

By
Real Estate Agent with Carolina One Real Estate; Realtor, SFR,ABR,CIAS

CHARLESTON, SC-(July 12, 2010) More than 1,000 homes sold in June, marking the highest number of residential real estate transactions in nearly three years.  According to the Charleston Trident Association of REALTORS® (CTAR), 1,022 homes changed hands at a median sale price of $185,612 in June.  The last time more than one thousand transactions closed was August of 2007. 

While the median sales price of $185,612 is approximately 4% lower than last June's peak price of $192,626, it is consistent with median prices thus far in 2010. 

Homes are selling on average, almost 2 weeks faster than they were one year ago, with days on market for June 2010 averaging 105, as compared to the June 2009 average of 118.

"The most encouraging data are the year-to-date statistics" said Jeremy Willits, CTAR President, "They exemplify the ongoing stability and minimal yet healthy growth of our recovering market-sales volume has been steadily increasing since the beginning of this year and median prices remain firmly in the mid $180-range."

Year-to-date, 31% more homes have sold than in the first half of 2009, and median prices have remained stable, increasing by a slight 1% margin.

"The extension of the closing date for those who qualified for the Homebuyer Tax Credit will help thousands of people across the state of South Carolina who would not have been able to close by the original June 30 deadline, due to the high volume of loan activity the banks are trying to work through" said Willits.

As of June 30, 2010 there were 9,869 homes listed as actively for sale with the Charleston Trident Multiple Listing Service.

Mid-Year Market Recap*

 

 

2009

2010

 

Sales

Median Price

 

Sales

Median Price

January

372

$176,750

416

$194,000

February

417

$179,450

509

$179,900

March

568

$185,000

690

$184,914

April

518

$181,303

784

$180,175

May

678

$187,000

878

$186,497

June

732

$192,626

1022

$185,612


Mid Year YTD


3,285


$183,688


4,299


$185,183

             

*all figures cited are preliminary figures recorded on the 10th of each month

BERKELEY COUNTY
Berkeley County led the way with the largest sales increase among the three counties and also showed the most stability in median price.  251 closed transactions reflect a 57% increase from June 2009, when 160 homes sold in the County. 

Median sale prices varied by 1%--down slightly from $172,361 in June 2009 to $169,875 in June 2010.
Again, the most active area of the County was Goose Creek/Moncks Corner, from Highway 52 to the Cooper River where 57 homes sold at a median price of $148,071.

CHARLESTON COUNTY
Charleston County also showed a significant sales increase, with 41% more properties changing hands than in June 2009.  513 homes sold this June, compared with 364 sales in June 2009.  Following several months of consistent price gains in the early part of this year, Charleston County median prices declined by nearly 7% when compared to last June, settling at $237,500. 

The area of Mount Pleasant that lies south of Highway 41 recorded the most sales in the County, with 105 closed transactions at a median price of $340,000.

DORCHESTER COUNTY
234 homes sold at a median price of $154,854 in June in Dorchester County.  These sales reflect a 24% increase in sales when compared to last June, when 188 homes sold at a median price of $162,250. 

While median sale prices dipped approximately 5% in Dorchester County when compared to last June, homes are selling significantly faster in this area-average days on market decreased by more than a month's measure, dropping 39 days to an average of 64.

The most active area of Dorchester County was the Summerville/Ridgeville area, with 115 sales at a median price of $157,327.

MAY 2010 ADJUSTMENT
Preliminary numbers reported in May 2010 indicated 878 homes had sold at a median price of $186,497. 
Adjusted numbers now show that 933 homes sold at a median price of $185,000