March Market Update
First Quarter Home Sales Show Steady Market But Low Inventory, Affordability Hamper Progress
CHARLESTON, SC—(April 10, 2018) 1,700 homes sold in March in the Charleston region at a median price of $260,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last March, 1,670 homes sold at a median price of $246,000.
Through the first quarter of this year, 3,940 homes have sold in the region at a median price of $259,000; at the end of Q1 last year, 3,979 homes had sold at a median price of $243,750—a 1% decline in sales and 6% increase in median price, comparatively.
Inventory data shows about 12% fewer homes for sale over the last 12-month period, with 5,118 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of March. Months Supply of Inventory in the first quarter is 3.3, a slight decline from last quarter when it was 3.6.
“As expected, this month’s sales activity is steady, but a slower pace than last year. Available inventory and affordability are putting downward pressure on our otherwise healthy market” said 2018 CTAR President Kimberly Lease. “There’s certainly not a shortage of people who are interested in or are moving to our region, but there are simply not enough homes on the market in a variety of price ranges. If we want our market to remain healthy in the long term, we have to tackle both of these issues—we have to be open to smart growth and development that makes sense for a particular area or municipality and ensure that what’s being built will serve a wide range of consumers, not just the higher end of the market” said Lease.
Preliminary data showed 1,122 homes sold in February in the Charleston region at a median price of $257,500. Updated data now shows 1,123 sales at a median price of $257,250.
414 homes sold at a median price of $207,915 in Berkeley County in March, 348 single-family homes and 66 Condos/townhomes. Year-to-date, single-family home sales have declined by about 3% in the County, as median home price has increased by 4%, to $236,795. Condo and townhome sales increased by about 2% as median price rose 9% to $165,000 so far this year.
There are currently 1,006 residential properties for sale in Berkeley County—897 single-family homes and 109 condos/townhomes.
864 homes sold at a median price of $301,796 in Charleston County in March, 632 single-family homes and 232 Condos/townhomes. Single-family home sales have increased by just over 1% in the County, as median home price has increased by about 9% so far this year, to $372,470. Condo and townhome sales declined by 14% as median price increased 3% to $231,000.
There are currently 2,831 residential properties for sale in Charleston County—2,161 single-family homes and 669 condos/townhomes.
330 homes sold at a median price of $187,950 in Dorchester County in March, 286 single-family homes and 44 Condos/townhomes. Single-family home sales have increased by just over 2% in the County, as median home price has increased by about 3% so far this year, to $227,164. Condos and townhome sales declined by 2% as median price increased 12% to $150,700.
There are currently 712 residential properties for sale in Dorchester County—668 single-family homes and 44 condos/townhomes.