Home sales continue upward trend in Lowcountry
The number of homes under contract in the Lowcountry continues to outpace 2012, according to recent data.
There were 244 homes under contract in the region at the end of last week, a high that hasn’t been marked since 255 for the same week in 2006, according to local real estate data website CharlestonRealEstateStats.com.
Doug Holmes, an agent with Carolina One Real Estate who analyzes market statistics for the website, recently predicted that the region should see weekly contract totals of 300 or more very soon.
The last time the Lowcountry’s real estate market had 300 homes under contact in a week was in 2010, helped by a federal tax credit program for buyers.
The Lowcountry is in the midst of a home sales rebound, lead by cheap home prices and low mortgage rates.
Last week’s data comes on the heels of a report showing the housing market is off to a strong start this year with sales volume up 16 percent and median price up 3 percent compared to January 2012.
Last month, 634 homes were sold at a median price of $181,750 last month, according to Charleston Trident Association of Realtors.
The association reported it was the highest sales volume for the month since 2008, when 648 homes changed hands in Charleston, Dorchester and Berkeley counties.
The report showed continued momentum from last year, which has been described as a turning point for the local housing market.
The association releases its February housing report on March 11.
Check postandcourier.com for more updates.