With a Record Low Number of Homes Available 2021 Home Sales are Off to a Strong Start
Released: February 10, 2021
1,421 homes sold in January in the Charleston region at a median price of $314,900 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).
Last January, 1,165 homes sold at a median price of $287,545—today’s report reflects a 22% increase in sales and nearly 10% growth in median price over 2020 figures.
Inventory data shows 71% fewer homes for sale over the last 12-month period, with 2,062 homes listed as “active” for sale in the CHS Regional MLS database at the end of January—representing just 1 months of available inventory, a new record low.
“Following the record number of contracts that were signed in December and continued unprecedented demand, we expected to see strong sales figures to kick off the year” said 2021 CTAR President, Rusty Hughes. “The big challenge we have is the number of properties that are available for sale—we’re close to a month of inventory now, which has created a very lucrative selling market, however has presented real challenges for those trying to buy” said Hughes. “With so few homes to choose from, multiple offers are an expectation for most properties and the time on market for most homes is minimal—24 hours or less, in many cases” he said. “Without an efficient solution to the inventory issue, we expect to continue to see an upward trend on pricing and the buying market to remain extremely competitive” said Hughes.
“This is the most active market we have ever seen in our region and it has never been more important for the transaction to be managed by a Realtor®, a professional who is trained to navigate multiple offers and will abide by a Code of Ethics that requires them to protect their client’s best interests” said Hughes.
December Adjustment
Preliminary data showed 2,058 homes sold in December in the Charleston region at a median price of $314,500. Updated data now shows 2,072 sales at the same median price.
Berkeley County
398 homes sold at a median price of $253,781 in Berkeley County in January, 352 single-family homes and 46 condos/townhomes.
Last January, 271 single-family homes sold at a median price of $277,900. Today’s report shows a 30% increase in sales and 8% increase in median sale price. 39 condos/townhomes sold at a median price of $184,600 last January—today’s report reflects 18% more sales at a median price that is 12% higher.
There are currently 476 residential properties for sale in Berkeley County; 410 single-family homes and 66 condos/townhomes.
Charleston County
679 homes sold at a median price of $360,287 in Charleston County in January, 515 single-family homes and 164 condos/townhomes.
Last January, 430 single-family homes sold at a median price of $385,000. Today’s report shows a 20% increase in sales and 18% increase in median sale price. 117 condos/townhomes sold at a median price of $248,900 last January—today’s report reflects 40% more sales at a median price that is 7% higher.
There are currently 1,077 residential properties for sale in Charleston County; 724 single-family homes and 353 condos/townhomes.
Colleton County
30 homes sold at a median price of $206,750 in Colleton County in January, 26 single-family homes and 4 condos/townhomes.
Last January, 22 single-family homes sold at a median price of $189,750. Today’s report shows a 18% increase in sales and 13% increase in median sale price. 2 condos/townhomes sold at a median price of $246,000 last January—today’s report reflects twice the number of sales at a median price that is 19% lower.
There are currently 59 residential properties for sale in Colleton County; 55 single-family homes and 4 condos/townhomes.
Dorchester County
252 homes sold at a median price of $230,250 in Dorchester County in January, 224 single-family homes and 28 condos/townhomes.
Last January, 203 single-family homes sold at a median price of $266,545. Today’s report shows a 10% increase in sales and 1.5% increase in median sale price. 37 condos/townhomes sold at a median price of $187,000 last January—today’s report reflects 24% fewer sales at a median price that is 1.6% higher.
There are currently 224 residential properties for sale in Dorchester County; 207 single-family homes and 17 condos/townhomes.
