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.

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.

CTAR Retains its Position of Support for the Expansion of I-526 

As our region continues to grow, the conversations regarding traffic and infrastructure have intensified. We should care how citizens move about the region, and we have a responsibility to ensure every citizen is moving safely from place to place.

Safety and the ease of mobility should be the focus of any discussion on transportation.  That is why the Charleston Trident Association of Realtors® is in full support of extending 526 from West Ashley to Johns Island. We need to protect every member of our communities, those here today and those yet to come.

Johns Island has roughly 4,500 entitlements in the City of Charleston alone.  Kiawah has the opportunity to develop roughly 500 acres around Freshfields and roughly 1,500 units will be developed just outside of Kiawah Island.  That will lead to a great deal of stress on an already over-extended network of roads.

Mark Clark is not the silver bullet that will immediately remedy our congestion issues but it is an important part of a bigger solution.  Addressing the North and South Pitchforks, implementation of the Main and 17 Flyover, getting CARTA access to the islands, examining bike and pedestrian options and completing 526 are all part of the strategy to begin addressing the transportation needs of our region.

Safe options are how we develop thriving communities.  The comfort in safety creates better drivers and better drivers means eased road congestion.  We cannot safely move the number of residents coming to the barrier islands without a comprehensive strategy, and that strategy must include 526.

We cannot view these islands and their future needs through a static lens.  Just as we are working to anticipate future needs in housing, the economy and workforce development, Lowcountry Rapid Transit, education, public safety and more, the islands deserve all the assets we have as a community.  Our infrastructure is stressed because we have not had visionary direction.  We need to address 526 with the same drive and direction as the other community initiatives we have taken on.

There is no denying the updated costs gave us all a bit of sticker shock—but those numbers aren’t going to decline, they will only continue to grow. The reality is that there is not a project whose future costs will not be higher, and perhaps a bigger cost to consider is the safety of those who travel our roadways. Overtaxed roads with constant traffic congestion, residents stranded on islands, unable to get to where they need to go is a safety issue. Instead of discussing increasing costs, we should be discussing how to increase the safety of our roads.

We need to come together as a community and decide what community we want to be.  Do we want to be stuck with the same infrastructure in worse conditions or do we want to embrace that we need to be thinking of the future and not our static condition?  We believe in planning for the future and our future generations’ needs.

Planning for the future are what thriving communities do.  They anticipate the growing needs and implement smart strategies that address those concerns.  We believe 526 is part of the solution to the infrastructure and safety dilemmas the barrier islands face.  We encourage our leadership to continue putting safety above all else and protect the citizens of our Charleston region.

Wil Riley, CEO, Charleston Trident Association of Realtors®

Wil Riley is the CEO of the Charleston Trident Association of Realtors® with a membership of over 7,000 across Berkeley, Charleston, Colleton, and Dorchester Counties.

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.

MEDIAN HOME PRICE CONTINUES TO CLIMB, SALES SLOWED BY LACK OF INVENTORY

1,398 homes sold in January in the Charleston region at a median price of $360,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).

Sales volume declined slightly, by 3% when compared to last January’s sales of 1,447 homes. Median price increased by 14% from the January 2021 figure of 315,000.

Inventory data shows 53% fewer homes, with 1,203 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month—representing just under one month’s worth of available inventory.

“We expect to see sales volume to slow a bit in the first part of this year, due to our extremely limited inventory” said 2022 CTAR President Jon Stroud. “If we had the number of homes the current market demands, sales would likely continue to grow and prices would normalize—there are many prospective buyers who can’t buy in this market because prices have increased so much” said Stroud.

December Adjustment
Preliminary data showed 1,919 homes sold in December in the Charleston region at a median price of $385,000. Updated figures now show 1,946 homes sold at the same median price.

Berkeley County
402 homes sold at a median price of $315,850 in Berkeley County in January, 354 single-family homes and 48 condos/townhomes.

There are currently 340 residential properties for sale in Berkeley County; 304 single-family homes and 36 condos/townhomes.

Charleston County
631 homes sold at a median price of $412,079 in Charleston County in January, 455 single-family homes and 176 condos/townhomes.

There are currently 495 residential properties for sale in Charleston County; 383 single-family homes and 112 condos/townhomes.

Colleton County
34 homes sold at a median price of $332,500 in Colleton County in January, 23 single-family homes and 11 condos/townhomes.

There are currently 48 residential properties for sale in Colleton County; 47 single-family homes and 1 condo/townhome.

Dorchester County
249 homes sold at a median price of $284,750 in Dorchester County in January, 219 single-family homes and 30 condos/townhomes.

There are currently 123 residential properties for sale in Dorchester County; 116 single-family homes and 7 condos/townhomes.

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.

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 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.

Ethics is a Code – commercial case studies (virtual)
October 5 | 10 – 2pm | Instructor: David Jaffee
CEE3000 | 4 Elective Hours | meets NAR Code of Ethics requirement (1/1/2019 – 12/31/2021)

This course clarifies the differences between requirements in the S.C. Code of Laws / Real Estate Practice Act and those of a Code of Ethics from a professional organization such as the National Association of REALTORS. Four commercial case studies highlight the course.

REGISTER HERE!

Big League Hardball: A Rental Property Workshop (virtual)
October 6 | 12pm-4pm | Instructor Tom Lundstedt
CEE3593 | 4 Elective Hours

This course is designed and will be presented in a manner to benefit the general public. The focus will be on how to reduce investment risk by being knowledgeable about issues such as rental income, operating expenses, depreciation, property management and valuation.

REGISTER HERE!

Exploring Commercial Finance (virtual)
October 7 | 9am-1pm | Instructor: Brian Woods
CEE3564 | 4 Elective Hours

In commercial and investment real estate, it’s vitally important the buyer either has the cash or a strong financing to have the ability to close the deal.  No money, no transaction.  The fundamentals for commercial lending are quite different than for owner-occupied residential properties.  In this course, we will explore the topics it is important you understand related to commercial and investor financing.  Learn what it takes to understand the financing aspect of your real estate deals, have good financing options for your clients and get your transactions to successfully close.

REGISTER HERE!

Exploring Commercial Real Estate (virtual)
October 8 | 9am-1pm | Instructor: Brian Woods
CEE3565 | 4 Elective Hours

While in many cases, your existing real estate license is what is required for you to practice commercial real estate, commercial is fundamentally different from residential real estate.  We will explore the differences and introduce you to key commercial concepts, terminology and resources designed to assist your success in commercial real estate.

REGISTER HERE!