June Market Update
Inventory Shortage Keeps Home Sales Down in Charleston Region
CHARLESTON, SC—(July 11, 2018) 1,927 homes sold in June in the Charleston region at a median price of $270,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last June, 2,003 homes sold at a median price of $260,000.
This year’s 10,584 closings show transactions up less than half a percent, likely due to the lack of available inventory in a variety of affordable price ranges—median price is up 6%, to $265,000 for the region.
Inventory is about 12% lower than it was at this point last year, with 5,369 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of June.
“We have yet to see the increase in inventory that we really need to balance out our market” said 2018 CTAR President Kimberly Lease. “The market is flush with buyers, but there’s just not enough out there to accommodate the variety of needs. Well-priced, move-in ready homes are not staying on the market long and prices continue to climb as well” Lease said, “However, we are seeing a trend of prices increasing at a slower and more sustainable pace, which is good news” she concluded.
Preliminary data showed 1,811 homes sold in May in the Charleston region at a median price of $273,438. Updated data now shows 1,825 sales at a median price of $274,900.
454 homes sold at a median price of $204,000 in Berkeley County in June, 407 single-family homes and 47 Condos/townhomes. Year-to-date, single-family home sales have increased by about 2% in the County, as median home price has increased by 5%, to $241,000. Condo and townhome sales declined by almost 6% as median price growth has slowed to 1% for they year.
There are currently 1,051 residential properties for sale in Berkeley County—939 single-family homes and 112 condos/townhomes.
961 homes sold at a median price of $370,250 in Charleston County in June, 714 single-family homes and 247 Condos/townhomes. Single-family home sales have declined by almost 2% in the County, as median home price has increased by about 5% so far this year, to $379,975. Condo and townhome sales declined by 4% as median price increased about 3% to $229,000.
There are currently 3,009 residential properties for sale in Charleston County—2,329 single-family homes and 680 condos/townhomes.
396 homes sold at a median price of $198,725 in Dorchester County in June, 348 single-family homes and 48 Condos/townhomes. Single-family home sales have increased by 3% in the County, as median home price has increased by about 5% so far this year, to $235,000. Condos and townhome sales increased by less than 1% as median price increased almost 14% to $156,000.
There are currently 714 residential properties for sale in Dorchester County—661 single-family homes and 53 condos/townhomes.