January Market Update
CHARLESTON REAL ESTATE MARKET FEELS THE CHILL OF THE JANUARY GOVERNMENT SHUTDOWN
CHARLESTON, SC—(January 11, 2019) 942 homes sold in January in the Charleston region at a median price of $265,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last January, 1,121 homes sold at a median price of $258,000.
Inventory data shows almost 2% fewer homes for sale over the last 12-month period, with 5,276 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of January.
“The local impact of the longest government shutdown in history—which ran all the way to January 25—is here. Without the ability to process some types of loans, and the IRS unable to process financials, some self-employed buyers weren’t able to show a ‘salary’ history and therefore were unable to close” said 2019 CTAR President Edward Oswald. “The level of uncertainty that a shutdown brings to the economy is significant. It’s an ongoing concern, as we have just a few days before the next shutdown deadline. This market has already been feeling the pinch of ongoing low inventory and growing affordability challenges” said Oswald. “The federal issues are compounding the challenges we’re facing in our market. Coupled with instability in local government regulations—permitting restrictions and the threat of building moratoriums which would further restrict inventory growth—it creates an atmosphere than can be very uncertain for buyers and certainly investors” he said. “Outside of these political issues, our market has been growing steadily for the last several years, so I believe we’ll see a return to ‘normal’ once we see more stability on the political front” he concluded.
260 homes sold at a median price of $224,250 in Berkeley County in January, 228 single-family homes and 32 Condos/townhomes. Year-to-date, single-family home sales have declined 13% in the County, as median home price has increased by 8.5%, to $255,000. Condo and townhome sales are down 3% as median price rose less than 1% to $193,500 so far this year.
There are currently 1,049 residential properties for sale in Berkeley County; 919 single-family homes and 130 condos/townhomes.
440 homes sold at a median price of $306,103 in Charleston County in January, 315 single-family homes and 125 Condos/townhomes. Single-family home sales have slowed by about 27% in the County this year, as median home price has declined just under 2% to $373,000. Condo and townhome sales declined by 4% as median price increased 6% to $239,206.
There are currently 3,018 residential properties for sale in Charleston County—2,258 single-family homes and 760 condos/townhomes.
14 homes sold at a median price of $139,250 in Colleton County in January, 14 single-family homes and no Condos/townhomes. Single-family home sales are even with last year’s pace, as median home price has increased by 2% to $139,250. Condo and townhome sales showed no variance from last year.
There are currently 114 residential properties for sale in Colleton County—113 single-family homes and 1 condos/townhome.
171 homes sold at a median price of $207,945 in Dorchester County in January, 566 single-family homes and 65 Condos/townhomes. Single-family home sales declined by 15% in the County, as median home price increased nearly 13% so far this year, to $250,890. Condo and townhome sales saw a decline of 17% as median price increased 3% to $165,000.
There are currently 632 residential properties for sale in Dorchester County—566 single-family homes and 65 condos/townhomes.