MARKET ACTIVITY REPORTS
Home Sales Steady Through October Despite Hurricane Matthew
CHARLESTON, SC—(November 10, 2016) According to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR) 1,272 homes sold in October in the region at a median price of $240,000. Sales volume and median price declined slightly, as expected, heading into the Fall. In October 2015, 1,264 homes sold at a median price of $225,000.
Year-to-date figures show 14,963 homes sold at a median price of $240,000 in our area. Comparing year-to-date figures from 2015, sales volume has increased 9% and buyers are paying 6% more for homes in the region than they did last year.
Inventory has declined by 19% over the last 12-month period, with 5,285 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of October 31. We expect that inventory will remain low, as it traditionally does, through the winter.
“October’s home sales remained strong and steady, particularly considering we had to contend with Hurricane Matthew, that evacuated much of the Lowcountry for multiple days” said 2016 CTAR President Michael Sally. “We expect that sales volume will quiet some as we head into the holiday season, but price growth will likely remain steady as we are still working with a very limited inventory of homes” he concluded.
“The Association is proud to extend the opportunity to apply for hurricane relief funds, to any South Carolina resident impacted by Hurricane Matthew” Sally said. “Together with the South Carolina Association of Realtors® and the Realtor® Relief Fund, managed by our National Association, we are making funds available to South Carolina residents who have suffered property damage to their primary residence as a result of Hurricane Matthew. Assistance is limited to $1,000 per applicant and one grant per residence” he said.
Preliminary data showed 1,608 homes sold in September in the region at a median price of $243,457. Adjusted data now shows 1,618 sales at the same median price.
323 homes sold at a median price of $213,690 in Berkeley County in October. There are currently 941 residential properties for sale in Berkeley County—808 single-family homes and 133 condos/townhomes.
Find Berkeley County area reports here.
622 homes sold at a median price of $313,205 in October in Charleston County. There are currently 2,890 residential properties for sale in Charleston County—2,190 single-family homes and 700 condos/townhomes.
Find Charleston County area reports here.
282 homes sold at a median price of $208,696 in Dorchester County in October. There are currently 769 residential properties for sale in Dorchester County—708 single-family homes and 61 condos/townhomes.
Find Dorchester County area reports here.
Meghan Byrnes Weinreich | 843.793.5208
Marketing and Communications Director
Charleston Trident Association of REALTORS