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May Brings Strong Sales, Shrinking Inventory

homes-sold

CHARLESTON, SC—(June 10, 2016) 1,695 homes sold during May in the region at a median price of $245,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In May 2015, 1,469 homes sold at a median price of $235,000. This data reflects a 15% increase in sales volume and 4.2% growth in median price, comparing last May to this May.

Year-to-date figures show 6,715 homes sold in 2016 at a median price of $235,725 in the region. Comparing 2015 figures to 2016 thus far, year-to-date sales volume has increased 7.8% and median price has grown by 7.1%. Inventory has declined by 15% over the last 12-month period, with 5,230 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of June 10.

“Sales numbers for the region continue to be strong; however, the shrinking regional inventory is a concern,” said 2016 CTAR President Michael Sally. “Several large developments beginning to complete construction and closing contracted to-be-built homes could impact our sold numbers” said Sally.

April Adjustment
Preliminary data showed 1,464 homes sold in April in the region at a median price of $239,500. Adjusted data now shows 1,476 sales at a median price of $239,700.

Tri-County Overview
1,629 of the homes sold in the region sold in Charleston, Berkeley or Dorchester counties at a median price of $246,500.

Berkeley County
407 homes sold at a median price of $211,000 in Berkeley County in May. There are currently 790 residential properties for sale in Berkeley County.

Find Berkeley County area reports here. 

Charleston County
911 homes sold at a median price of $318,000 properties for sale in Charleston County. There are currently 2,132 residential properties for sale in Charleston County.

Find Charleston County area reports here. 

Dorchester County
311 homes sold at a median price of $206,500 in Dorchester County in May. There are currently 743 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