Inventory Increases Slightly as Median Price Surpasses $500k in Charleston County

INVENTORY INCREASES SLIGHTLY AS MEDIAN PRICE SURPASSES $500K IN CHARLESTON COUNTY

Charleston, SC – (July 11, 2022) 2,024 homes sold in June in the Charleston region at a median price of $420,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Year-to-date data shows 11,001 homes sold at a median price of $395,870, 10% fewer sales than at this point last year, but at a price point that is 16% higher.

Inventory data shows 20% more homes, for sale, with 2,305 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month—representing just over one month’s available inventory.

“While sales volume is still lower than last year’s record-breaking pace, the great news is that we’ve seen inventory increase over the last month. While higher interest rates have reduced some consumer’s buying power, there’s no shortage of buyers interested in our market and we continue to see demand remain stable” said 2022 CTAR President Jon Stroud.

“Most prospective buyers understand that even with additional borrowing costs, house prices are not going to decline significantly as sales normalize back to a sustainable level” said Stroud.

May Adjustment

Preliminary data showed 2,012 homes sold in May in the Charleston region at a median price of $425,000. Updated figures now show 2,032 homes sold at the same median price.

 

Berkeley County

619 homes sold at a median price of $353,875 in Berkeley County in June, 542 single-family homes and 77 condos/townhomes.

Year-to-date, 2,944 single-family homes have sold at a median price of $385,472. Today’s report shows a sales decline of 4% with a nearly 19% increase in median sale price. 373 condos/townhomes have sold at a median price of $278,891 so far this year—sales are 5% lower than 2021 while median price has increased by 29%.

There are currently 639 residential properties for sale in Berkeley County; 585 single-family homes and 54 condos/townhomes.

Charleston County

891 homes sold at a median price of $503,250 in Charleston County in June, 652 single-family homes and 239 condos/townhomes.

Year-to-date, 3,596 single-family homes have sold at a median price of $575,000. Today’s report shows 16% fewer sales with a 17% increase in median sale price compared to this point last year. 1,369 condos/townhomes have sold at a median price of $368,000 so far this year—15% fewer sales with a 31% increase in median price.

There are currently 1,008 residential properties for sale in Charleston County; 790 single-family homes and 218 condos/townhomes.

Colleton County

36 homes sold at a median price of $317,625 in Colleton County in June, 30 single-family homes and 6 condos/townhomes.

Year-to-date, 176 single-family homes have sold at a median price of $286,500. Today’s report shows a slight dip of 1% in sales with a 3% decline in median sale price compared to this point last year. 40 condos/townhomes have sold at a median price of $393,750 so far this year—sales have increased 48% compared to this point in 2021 with an 73% increase in median price.

There are currently 77 residential properties for sale in Colleton County, 74 single-family homes and 3 condos/townhomes.

 

Dorchester County

355 homes sold at a median price of $319,982 in Dorchester County in June, 317 single-family homes and 38 condos/townhomes.

Year-to-date, 1,682 single-family homes have sold at a median price of $360,000. Today’s report shows 10% fewer sales with a 19% increase in median sale price compared to this point last year. 196 condos/townhomes have sold at a median price of $250,000 so far this year—36% fewer sales in that market segment with a 15% increase in median price.

There are currently 339 residential properties for sale in Dorchester County; 327 single-family homes and 12 condos/townhomes.

 

May Market Report: Median Price Passes $400k for the Region

MEDIAN PRICE PASSES $400K FOR THE REGION IN MAY HOME SALES AT A STEADY AND SUSTAINABLE PACE

Charleston, SC – (June 13, 2022) 2,012 homes sold in May in the Charleston region at a median price of $425,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Year-to-date data shows 8,942 homes sold at a median price of $390,000, 8% fewer sales than at this point last year, but at a price point that is 16% higher.

Inventory data shows 1,775 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month—representing less than one month’s available inventory.

“While it appears that the market has been on a downward trend in terms of sales, what we are seeing is a re-settling, or normalization of the market, after two years (2021 and 2020) of irregular market activity” said 2022 CTAR President Jon Stroud. “When you look at May 2019, there were nearly 1,900 homes sold in that month. In May 2018, there were just over 1,800, so when you remove the two outliers, that’s our evidence that the market is growing in a steady, sustainable way on the sales side” said Stroud.

“While we do have to account for the increased cost of homeownership overall—mortgage rate increases and prices are up 16% over last year, which is a significant jump—we have not seen a slow in demand for homes in our market, which is what is going to continue driving sustainable buying activity” said Stroud.

 

April Adjustment
Preliminary data showed 1,897 homes sold in April in the Charleston region at a median price of $399,000. Updated figures now show 1,916 homes sold at the same median price.

Berkeley County
607 homes sold at a median price of $342,646 in Berkeley County in May, 539 single-family homes and 68 condos/townhomes.

Year-to-date, 2,395 single-family homes have sold at a median price of $380,000. Today’s report shows a slight decline of 1.5% in sales with an 18% increase in median sale price. 294 condos/townhomes have sold at a median price of $273,866 so far this year—sales are 6% lower than 2021 while median price has increased by 27%.

There are currently 491 residential properties for sale in Berkeley County, an increase of more than 100 properties from last month; 444 single-family homes and 47 condos/townhomes.

Charleston County
935 homes sold at a median price of $504,975 in Charleston County in May, 661 single-family homes and 274 condos/townhomes.

Year-to-date, 2,933 single-family homes have sold at a median price of $567,000. Today’s report shows 14% fewer sales with a 17% increase in median sale price compared to this point last year. 1,127 condos/townhomes have sold at a median price of $365,000 so far this year—12% fewer sales with a 30% increase in median price.

There are currently 764 residential properties for sale in Charleston County; 600 single-family homes and 164 condos/townhomes.

Colleton County
23 homes sold at a median price of $385,500 in Colleton County in May, 22 single-family homes and 1 condo/townhouse.

Year-to-date, 146 single-family homes have sold at a median price of $290,000. Today’s report shows 1% fewer sales with a 4% decline in median sale price compared to this point last year. 34 condos/townhomes have sold at a median price of $399,000 so far this year—sales have increased 42% compared to this point in 2021 with a 71% increase in median price.

There are currently 68 residential properties for sale in Colleton County, 67 single-family homes and one condo/townhouse.

 

Dorchester County

348 homes sold at a median price of $314,148 in Dorchester County in May, 314 single-family homes and 34 condos/townhomes.

Year-to-date, 1,365 single-family homes have sold at a median price of $358,000. Today’s report shows 9% fewer sales with a 19% increase in median sale price compared to this point last year. 158 condos/townhomes have sold at a median price of $246,950 so far this year—31% fewer sales in that market segment with a 16% increase in median price.

There are currently 229 residential properties for sale in Dorchester County; 221 single-family homes and 9 condos/townhomes.

2022 SC Primary Realtor Friendly Voter Guides Are Here!

As a service to all Realtor® members, a volunteer group of your Realtor® peers takes the time each election season to interview the candidates running for office. If you’d like to participate in our candidate screening committee, please email Josh Dix. This committee is open to all Realtor® members.

These voter guides identify candidates who are pro-business, pro-public property rights and whose values closely align with Realtor® interests.

Not sure where to vote or which district is yours? Find out here.

There are Realtor®-friendly voter guides available for each county, linked below.

Berkeley County | Charleston County | Dorchester County

April Market Report – Home Sales Continue to Normalize, Prices Climb

HOME SALES CONTINUE TO NORMALIZE TO PRE-COVID LEVELS AS PRICES CONTINUE TO CLIMB

Charleston, SC – (May 10, 2022) 1,897 homes sold in April in the Charleston region at a median price of $399,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Year-to-date data shows 6,907 homes sold at a median price of $382,900, 8% fewer sales than at this point last year, but at a price point that is 15% higher.

Inventory data shows 30% fewer homes, with 1,331 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month—representing just over half of a month’s available inventory.

“It’s important to remember that 2021 was an outlier in terms of sales volume, so it’s not so much that the market is declining, but returning to what was normal. In 2021 there was a lot of pent-up demand from a year of Covid restrictions the previous year. When you look at data from 2018-20, the sales volume is quite comparable to what we’re seeing now—even a little ahead” said 2022 CTAR President Jon Stroud.

“While we have seen the most significant adjustment to interest rates since 2011, along with local affordability challenges creating an even more challenging market for buyers, we continue to have strong buyer interest from outside markets and I don’t anticipate that will decline any time soon” said Stroud. “Charleston is an incredibly attractive place for young professionals and retirees alike, so our pool of potential homebuyers remains strong” said Stroud.

March Adjustment

Preliminary data showed 2,093 homes sold in March in the Charleston region at a median price of $385,000. Updated figures now show 2,112 homes sold at the same median price.

 

Berkeley County

559 homes sold at a median price of $352,750 in Berkeley County in April, 491 single-family homes and 68 condos/townhomes.

Year-to-date, 1,851 single-family homes have sold at a median price of $375,000. Today’s report shows a slight decline of 1% in sales with a 17% increase in median sale price. 225 condos/townhomes have sold at a median price of $272,000 so far this year—sales are 1% lower than 2021 while median price has increased by 27%.

There are currently 375 residential properties for sale in Berkeley County; 338 single-family homes and 37 condos/townhomes.

Charleston County

866 homes sold at a median price of $482,774 in Charleston County in April, 616 single-family homes and 250 condos/townhomes.

Year-to-date, 2,262 single-family homes have sold at a median price of $551,000. Today’s report shows 15% fewer sales with a 16% increase in median sale price compared to this point last year. 848 condos/townhomes have sold at a median price of $355,889 so far this year—17% fewer sales with a 29% increase in median price.

There are currently 498 residential properties for sale in Charleston County; 430 single-family homes and 107 condos/townhomes.

Colleton County

46 homes sold at a median price of $298,200 in Colleton County in April, 41 single-family homes and 5 condos/townhomes.

Year-to-date, 124 single-family homes have sold at a median price of $285,000. Today’s report shows 4% more sales with a 13% decline in median sale price compared to this point last year. 33 condos/townhomes have sold at a median price of $399,000 so far this year—sales have increased 74% compared to this point in 2021 with an 85% increase in median price.

There are currently 48 residential properties for sale in Colleton County, all single-family homes.

Dorchester County

336 homes sold at a median price of $303,337 in Dorchester County in April, 297 single-family homes and 39 condos/townhomes.

Year-to-date, 1,050 single-family homes have sold at a median price of $355,000. Today’s report shows 8% fewer sales with a 20% increase in median sale price compared to this point last year. 124 condos/townhomes have sold at a median price of $245,000 so far this year—17% fewer sales in that market segment with a 23% increase in median price.

There are currently 170 residential properties for sale in Dorchester County; 159 single-family homes and 11 condos/townhomes.

 

April 4: At Home with Diversity Designation!

April 4, 2022 live on Zoom 
10am – 5pm

Register for this non-CE, virtual CTAR member course opportunity today while free slots are available! Completion of the AHWD course meets the extra 6 hour CTAR member education requirement.

Cultivating multicultural relationships is good for business. By developing a business practice rooted in inclusion and equality, you can help buyers of all cultural backgrounds achieve the dream of homeownership.

With funding provided by the Cookie Owens Scholarship fund, up to 225 CTAR members can enroll at no cost! This course will be taught by NAR 2020 CIPS Instructor of the Year Carla Rayman Kidd and instructor Patricia Tan.

The AHWD certification course provides the latest information on working effectively with diverse populations to build business success in today’s multicultural real estate market. The free course registration fee (valued at $99) is on a first come, first serve basis. Each attendee will then be required to complete the AHWD NAR application process and pay the one-time $40 AHWD NAR application fee to obtain the NAR AHWD certification.

View full details for earning the AHWD NAR certification

Register for the AHWD course today!

Lora Goolsby Named CTAR Global REALTOR® of the Year

Lora Goolsby, CIPS, Carolina One Sales Associate was recognized as the CTAR 2021 Global REALTOR® of the Year at the CTAR Global Business Chapter meeting on January 26, 2022. Lora joined CTAR in 2014 and served as Global Business Chapter president in 2019- the first year our global council committee moved to becoming an official chapter of CTAR. Under her leadership in 2019, our Global Business Chapter conducted our first trade mission to the country of Panama and was also awarded our first Platinum Level Global Achievement Award by the National Association of REALTORS®. Lora served as GBC immediate past president in 2020 and has continued her active support and involvement in every aspect of our chapter in 2021 and 2022.

Realtor Ethics Training Deadline is Dec 31!

Realtors® are required to complete ethics training of not less than 2 hours, 30 minutes of instructional time within three-year cycles. The training must meet the specific learning objectives and criteria established by the National Association of Realtors®.

A new three-year cycle began on January 1, 2019. The deadline for this Cycle 6, NAR code of ethics course completion is December 31, 2021.

To see if your Ethics requirement has been completed and recorded:

Login to our IMS System here. (link will open in a new tab)

  1. Under “Other Services”
    2. Choose “Education Information”
    3. Choose “Personal Education Tracking”
    4. Check for completion under “Cycle 6 Code of Ethics”

If your record status shows pending, but you have completed a Code of Ethics training course online or with a provider other than CTAR or NAR after January 1, 2019, please upload your certificate of completion here.

Failure to complete the course by December 31, 2021, will result in membership suspension until course completion, regardless of the status of dues payment. Suspension of services includes all Board, State Association and NAR dues-based services.

(NOTE: the core course you took for license renewal is NOT a NAR code of ethics course)

If you still need to complete your NAR Code of Ethics training prior to the December 31, 2021 deadline, complete one of the options here to meet the NAR requirement and update your completion status in one easy step.

2022 Gold Cards are Sold Out!

The Gold Card provides free CE courses January – December and are available to members who have paid their annual Realtor® dues.

2022 Gold Cards are SOLD OUT!

Gold Card Benefits
You can knock out 2 renewal cycle requirements for $125 instead of paying the member price of $440 for 32 CE hours.  For the June 2022 renewal cycle obtain your 16 hours of education (January-June).  Then use the Gold Card again July-December for another 16 hours of education to complete your next renewal cycle!

You will also receive discounts on some designation and certification courses and enjoy a $150 discount on Broker A & B licensing course combo (some restrictions apply).

Not sure when your license expires? Look it up with the LLR, here.

You can read more about your continuing education requirements, here.

Please note:  Gold Cards are electronically based (you will not receive a physical card) and are not activated for use until January. You MUST pay online to qualify for the dues billing pre-sale. 

Realtor Party Broker Resources

In this section, you will find tools, resources and information that will help you communicate the value of RPAC and the Realtor Party to your agents.

Download the “Value of RPAC” presentation here.

Download talking points for the presentation here.

VIDEO RESOURCES

Legislative Division Overview

Why Invest in RPAC?

Join Us for RPAC Party on the Porch!

Join us for CTAR’s annual Realtor® Party event on Thursday, October 21 from 5-7pm on the porch at Firefly Distillery.

Attendees will receive 2 drink tickets* to enjoy Firefly’s signature cocktails, delicious eats from Victor’s Lab food truck, live music, plus networking with local elected officials and candidates running for office throughout the Tri-County.

A suggested contribution of $35 to the Realtors Political Action Committee is encouraged.* *

Realtors who make their contribution prior to the event will be entered into a drawing for a door prize!

*Please note beer/wine will not be available. Guests will enjoy liquor drinks and non-alcoholic beverage options. Cash bar is available after drink tickets have been used.

**Contributions to RPAC are voluntary and are used for political purposes. The Association will not favor or disadvantage anyone by reason of the amount of their contribution, and you may refuse to contribute without reprisal by the Association. 70 percent of each contribution is used by your State RPAC to support state and local political candidates. The other 30 percent is sent to National RPAC to support Federal candidates and is charged against your limits under 2 U.S.C 441a. Contributions are not deductible for Federal income tax purposes.