Residential Real Estate Market Sees Growth in November
CHARLESTON, SC—(December 13, 2017) According to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR) 1,356 homes sold in November in the region at a median price of $252,733. Last November, 1,267 homes sold at a median price of $242,920.
The year-to-date pace of growth in sales and median price in the region stayed constant through November, tracking 3% growth in sales for the year and 4% growth in median price. 16,832 homes have sold in the region at a median price of $250,000 thus far in 2017. At this time last year, 16,302 homes had sold at a median price of $240,000.
“We are in a position to finish this year on a path of sustainable growth for the residential real estate market” said 2017 CTAR President, Dave Sansom. “About halfway through the year, sales started leveling off from double-digit gains and brought us to growth of 3% for the year. I suspect that figure would be higher if we had more inventory, since there is still considerable demand in our market” said Sansom.
5,120 homes were listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of the month, slightly higher than last month but about 12% fewer homes available than in 2016.
October Adjustment
Preliminary data showed 1,316 homes sold in October in the region at a median price of $250,080. Adjusted numbers now show 1,327 sales at a median price of $249,450.
Berkeley County
393 homes sold at a median price of $191,750 in Berkeley County in November. Year-to-date, single-family home sales have increased about 6% in the County, with buyers paying about 4.5% more than they did a year ago. Condo and townhome sales have increased almost 28% with a 12% increase in price.
There are currently 1,014 residential properties for sale in Berkeley County—893 single-family homes and 121 condos/townhomes.
Find Berkeley County area reports here.
Charleston County
656 properties sold at a median price of $293,836 in Charleston County in November. Year-to-date, single-family home sales volume is flat in the County, with buyers paying about 6% more than they did a year ago. Condo and townhome sales and prices have both increased by about 5%.
There are currently 2,713 residential properties for sale in Charleston County—2,094 single-family homes and 619 condos/townhomes.
Find Charleston County area reports here.
Dorchester County
240 properties sold at a median price of $191,150 in Dorchester County in November. Year-to-date, single-family home sales have increased less than 1% in the County, with buyers paying about 6% more than they did a year ago. Condo and townhome sales have increased 4% with a 3% increase in price.
There are currently 760 residential properties for sale in Dorchester County—706 single-family homes and 54 condos/townhomes.
Find Dorchester County area reports here.
The Ebb and Flow Real Estate Team
843-338-4898
