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Residential Real Estate Sales Pace Slows, Prices Continue To Grow; Likely A Result Of Inventory Shortages

homes-sold

CHARLESTON, SC—(April 11, 2016) 1,469 homes sold during March in the region at a median price of $233,097 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In March 2015, 1,439 homes sold at a median price of $221,000. This data reflects a 2% increase in sales volume and 5% growth in median price, comparing last March to this March.

Year-to-date figures show 3,534 homes sold in 2016 at a median price of $230,000 in the region. Comparing 2015 figures to 2016 thus far, year-to-date sales volume has increased 5.5% and median price has grown by 10%.

Inventory has declined by 20% over the last 12-month period, with 5,256 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of April 11.

“The 2% growth in sales volume is a much more sustainable pace for our market—that’s close to an ideal rate for sales to increase year-over-year—though the driving force behind the decline in pace is the ongoing lack of inventory in the market” said 2016 CTAR President Michael Sally. “Prices are still rising at too fast a pace, tracking at 10% growth year-to-date, also a likely side affect of the minimal inventory” he continued. “Unfortunately, there aren’t many ‘quick-fix’ solutions to the inventory problem—investors are holding on to the single family homes they’re renting because they’re profiting from rising rents and their properties are rapidly appreciating; move-up buyers are essentially frozen and builders are hesitant to produce and potentially create an oversupply of inventory” said Sally.

February Adjustment
Preliminary data showed 1,088 homes sold in February in the region at a median price of $236,484. Adjusted data now shows 1,096 sales at the same median price.

Tri-County Overview
1,397 of the homes sold in the region sold in Charleston, Berkeley or Dorchester counties at a median price of $236,000.

Berkeley County
390 homes sold at a median price of $213,125 in Berkeley County in March. There are currently 1,070 residential properties for sale in Berkeley County.

Find Berkeley County area reports here. 

Charleston County
749 homes sold at a median price of $293,550 in March in Charleston County. There are currently 2,831 residential properties for sale in Charleston County.

Find Charleston County area reports here. 

Dorchester County
258 homes sold at a median price of $189,500 in Dorchester County in March. There are currently 870 residential properties for sale in Dorchester County.

Find Dorchester County area reports here. 

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