October Market Stats
HOME SALES STEADY THROUGH OCTOBER; PRICES CONTINUE TO TICK UPWARDS AS DEMAND OUTPACES SUPPLY
CHARLESTON, SC—(November 13, 2019) 1,376 homes sold in October in the Charleston region at a median price of $271,973 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last October, 1,377 homes sold at a median price of $259,585.
This year’s 15,667 closings show transactions up half a percent and median price up 5%, to $278,603 for the region.
There are 14% fewer homes for sale than at this point last year, with 5,461 homes listed as “active” for sale in the CHS Regional MLS database at the end of October.
“The Charleston market has performed consistently through the last 10 months, despite an ongoing lack of inventory. The challenge in our market is basic economics” said 2019 CTAR President Edward Oswald. “Sales are essentially flat because we simply don’t have sufficient inventory to support the demand we’re seeing and prices continue to drive upwards because that demand is outpacing supply” he continued.
Last week at the National Association of Realtors® (NAR) annual convention in San Francisco, Chief Economist Dr. Lawrence Yun said “People may say we have a high stock market, (good) job creation, low unemployment. But you ask people about housing, especially renters, and they are extremely frustrated. If we continue (to have) a housing shortage, inflation will pick up and mortgage rates will pick up.”
Oswald concurred, “If we cannot appropriately address the housing inventory shortage, prices will continue to inflate, past sustainable levels and compound the affordability challenges we’re facing in our region”.
1,406 homes sold in September in the Charleston region at a median price of $285,000. Updated data now shows 1,410 sales at a median price of $284,950.
358 homes sold at a median price of $224,085 in Berkeley County in October, 314 single-family homes and 44 Condos/townhomes. Year-to-date, single-family home sales have increased by 2.4% in the County, with 3,601 closed sales, and median home price has increased nearly 7%, to $262,102. Condo and townhome sales increased just under 3%, with 522 total closings bringing the median price to $177,013—a gain of almost 9% for the year.
There are currently 1,071 residential properties for sale in Berkeley County—918 single-family homes and 153 condos/townhomes.
660 residential properties sold at a median price of $305,475 in Charleston County in October, 510 single-family homes and 150 Condos/townhomes. Year-to-date, single-family home sales in the County are even compared to last year with 5,809 total transactions, as median home price has increased by about 3% so far this year, to $385,000. Condo and townhome sales are up 4% based on 1,963 closings at a median price of $235,000, a gain of 3.4%.
There are currently 3,118 residential properties for sale in Charleston County—2,277 single-family homes and 841 condos/townhomes.
24 residential properties sold at a median price of $172,500 in Colleton County in October, 21 single-family homes and 3 Condo/townhomes. Single-family home sales have declined by 12% in the County, with 241 closings this year as median home price increased by 3.5% this year, to $192,500. Condo and townhome sales have declined about 7% with 39 total transactions, as median price declined 6% to $153,500.
There are currently 166 residential properties for sale in Colleton County—148 single-family homes and 18 condos/townhomes.
266 homes sold at a median price of $222,750 in Dorchester County in October, 237 single-family homes and 29 Condos/townhomes. Single-family home sales have declined by 4% in the County based on 2,533 closings, as median home price has increased by 7% so far this year, to $254,750. Condos and townhome sales declined by almost 2% with 321 transactions, as median price increased nearly 9% to $169,200.
There are currently 679 residential properties for sale in Dorchester County—586 single-family homes and 93 condos/townhomes.