Charleston, SC January Residential Real Estate Sales Approach 2008 Levels
Charleston Trident Association of Realtors reports that increased market interest and consumer confidence help to fuel strong sales increases and sustainable price growth.
Charleston-area January sales see 5 year high
634 homes sold at a median price of $181,750 in the Charleston region in January, according to data released by the Charleston Trident Association of REALTORS® (CTAR). These figures represent the highest rate of January sales activity in the region since January 2008, when 648 homes sold. Activity and buyer interest were notably higher during the typically slow first month of the year as many REALTORS® reported a significant increase in calls from prospective buyers.
As sales volume continues to make consistent, sustainable progress, prices remain stable, approaching the $200,000 range, where local REALTORS® and expert economists looking at our region expect them to stay for the short-term future. “As was the case in 2012, we expect to see nominal, but sustainable, growth in prices this year”. “2012 closed out with a 4.4% increase in median price, which is an excellent rate of growth in a recovering market. It’s all about sustainability” said 2013 CTAR President Owen Tyler.
Comparing the beginning of 2012 to 2013, sales volume is up 16% and median price reflects 3% growth thus far in 2013. As the uptick of buyer interest in our market seems to be an enduring trend, inventory may become an issue in some areas. The number of available properties has consistently remained at a lower level than we’ve seen in the past five years, but will likely increase as the spring buying season draws closer. There were 5,520 homes actively for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of January 31, 2013.
During the 2012 Year-In-Review residential market update hosted by CTAR in late January, expert economists Steve Slifer and Joey Von Nessen praised the real estate market activity in our region in 2012, but warned that uncertainty based on what’s going on in the government and Washington DC may have an effect on consumer confidence in 2013.
More detailed information about housing trends in Charleston, Dorchester, Berkeley and Colleton Counties are available from SC Land and Homes.
Jim Bobo, Jr., Realtor, BIC, ABR, RSPS, MBA
SC Land and Homes LLC
PO Box 1182
Johns Island, SC 29457-1182
Call or text (843) 442-7275
Fax (888) 456-6618