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DECEMBER SALES SOAR AS THE CHARLESTON REAL ESTATE MARKET ENDS THE YEAR UP

homes-soldCHARLESTON, SC— (January 10, 2016) 1,389 homes sold in December in the region at a median price of $241,250 according to preliminary

data released today by the Charleston Trident Association of Realtors® (CTAR). In December 2014, 1,293 homes
sold at a median price of $202,000.

Year-to-date data shows that sales volume is 14% ahead of where it was last year, with 16,202 sales through the end of the year and the regional median price has increased  by 6.5%, currently $229,000. 2014 saw 14,256 home sales at a median price of $215,000.

There are 19% fewer homes for sale than in 2014. Inventory dipped below 5,000 homes at the close of the year, but it is not uncommon to see inventory decline during the holiday season. There were 4,985 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of January 12.

During yesterday’s Charleston Residential Market Update hosted by CTAR and CTMLS, two expert economists, Steven Slifer and Dr. Joey Von Nessen told the crowd of 650 that South Carolina, and the Charleston region in particular are enjoying a period of exciting economic growth—tracking at approximately 3% statewide—and broad-based expansion, particularly in the construction, retail and professional/business services sectors.

Echoing the concerns of 2016 CTAR President Michael Sally, Dr. Von Nessen cited inventory as one of the major obstacles in the Charleston market specifically, and cautioned that the ongoing trend of demand outpacing supply was the key factor in the significant  price growth in our area.

“Exceeding 6% growth in median price on an annual basis is a bit higher than we want to see for long-term, sustained growth” Sally said, “it’s at the higher end of what’s sustainable, and we’re already seeing this pace of growth start to price people out of the market” he continued. “We will continue to partner with key organizations in our region to address the need for workforce housing to ensure that Charleston is a place that everyone can call home” Sally concluded.

November Adjustment
1,029 homes sold in November in the region at a median price of $246,000. Adjusted data now shows 1,038 sales at the same median price.

Tri-County Overview
1,334 homes sold in Charleston, Berkeley or Dorchester counties at a median price of $245,000.

Berkeley County
SINGLE FAMILY HOMES
297 single-family homes sold at a median price of $214,950 in Berkeley County in December. Year-to-date, sales volume for single-family homes is up 19% in Berkeley County and median price has increased by about 10%, compared to 2014 figures.

CONDOS/TOWNHOUSES
27 condos or townhouses sold at a median price of $184,550 in Berkeley County in December. Year-to-date, sales volume for condos/townhouses has grown nearly 29% and median price has increased nearly 7%.

Find Berkeley County area reports here. 

Charleston County
SINGLE FAMILY HOMES
571 single-family homes sold at a median price of $345,000 in Charleston County in December. Year-to-date, sales volume for single-family homes is up 14% in Charleston County and median price has increased by about 6.7%, compared to 2014 figures.

CONDOS/TOWNHOUSES
170 condos or townhouses sold at a median price of $205,000 in Charleston County in December. Year-to-date, sales volume for condos/townhouses has grown 6% and median price has increased nearly 5%.

Find Charleston County area reports here. 

Dorchester County
SINGLE FAMILY HOMES
230 single-family homes sold at a median price of $199,950 in Dorchester County in December. Year-to-date, sales volume for single-family homes is up 14% in Dorchester County and median price has increased by about 5%, compared to 2014 figures.

CONDOS/TOWNHOUSES
25 condos or townhouses sold at a median price of $143,000 in Dorchester County in December. Year-to- date, sales volume for condos/townhouses has grown 13% and median price has increased nearly 10%.

Find Dorchester County area reports here. 

Media Contact:
Meghan Byrnes Weinreich | 843.793.5208
Marketing and Communications Director
Charleston Trident Association of REALTORS