Local real estate continues rise

The Charleston region's residential real estate market showed continuing improvement in November, as the number of homes for sale declined again and sales picked up, according to the Charleston Trident Association of Realtors.

Preliminary figures show that 648 homes changed hands last month, up about 10 percent compared to November 2010.

The median price was $191,500.

While prices have continued to fall throughout most of this year in the three-county area, ongoing reductions in the inventory of homes for sale is seen as a hopeful sign for sellers.

There were 7,258 homes listed for sale in November, marking a new five-year low.

For contrast, in the spring of 2008, there was a glut of 11,879 homes for sale in Berkeley, Charleston and Dorchester counties.

But the Realtors group warned that there are still plenty of foreclosed properties seized by lenders that haven't hit the market.

"The continued decline of inventory is an important factor in maintaining the stability and health of our local market, as we anticipate the addition of bank-owned inventory in the early stages of 2012," said group President Rob Woodul.

For real estate buyers, the good news is that pricing remains soft -- the median sale price declined 3 percent this year through November -- and mortgage interest rates are hovering around generational lows.

The greater Charleston real estate market has been the strongest in the state this year, and year-to-date sales in the area were up 5 percent over 2010.