May Market Update
May Homes Sales Neutral as Lack of Inventory Continues to Challenge the Market
CHARLESTON, SC—(June 11, 2018) 1,811 homes sold in May in the Charleston region at a median price of $273,438 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last May, 1,813 homes sold at a median price of $259,900.
Inventory data shows about 15% fewer homes for sale over the last 12-month period, with 5,244 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of May.
“The slower start to the summer buying season is likely a result of the ongoing lack of inventory in our market. We have plenty of buyers, eager and ready to buy, but the market is being held back because there are simply not enough homes for sale in accessible and affordable price ranges to satisfy the demand” said 2018 CTAR President Kimberly Lease. “Hopefully we will see an uptick of inventory as we go into the summer months, but it will likely remain an incredibly competitive market for buyers, which can be a challenge to navigate. There’s never been a more important time to make sure you’re working with a professional and qualified Realtor®” Lease said.
Preliminary data showed 1,614 homes sold in April in the Charleston region at a median price of $270,000. Updated data now shows 1,626 sales at a median price of $270,562.
445 homes sold at a median price of $198,110 in Berkeley County in May, 384 single-family homes and 61 Condos/townhomes. Year-to-date, single-family home sales have increased by about 2% in the County, as median home price has increased by 4%, to $239,515. Condo and townhome sales increased by about 3% as median price rose 2% to $164,078 so far this year.
There are currently 1,065 residential properties for sale in Berkeley County—894 single-family homes and 111 condos/townhomes.
941 homes sold at a median price of $300,000 in Charleston County in May, 709 single-family homes and 232 Condos/townhomes. Single-family home sales have increased by 1% in the County, as median home price has increased by about 5% so far this year, to $375,000. Condo and townhome sales declined by 6% as median price increased about 3% to $230,000.
There are currently 2,950 residential properties for sale in Charleston County—2,288 single-family homes and 662 condos/townhomes.
319 homes sold at a median price of $198,725 in Dorchester County in May, 291 single-family homes and 28 Condos/townhomes. Single-family home sales have increased by almost 3% in the County, as median home price has increased by about 5% so far this year, to $233,685. Condos and townhome sales declined by nearly 11% as median price increased 15% to $157,000.
There are currently 723 residential properties for sale in Dorchester County—671 single-family homes and 52 condos/townhomes.