Dwindling inventory and eager homebuyers equate into two things: rising prices and faster sales.
In March 2012, a home in the tri-county region averaged 112 days on the market before being sold. The region fell below the 100-day threshold in September.
Homes sold in March averaged 87 days on the market, according to the Charleston Trident Association of Realtors. Still, that pales in comparison to periods of 2005 and 2006, when 50 days or less was not uncommon.
The region’s residential rental occupancy rate slipped over the fall and winter, and the trend could continue as more multifamily developments are built, according to Real Data.
The Charlotte firm said in a recent report that demand was flat for Charleston-area apartments since September and that the occupancy rate had edged down to 91.7 percent.
Real Data said rates “will likely experience a slight decline going into 2014 as nearly 2,500 units come on-line.” The March report showed average monthly rent was $842, down from $853 in September.
Reach Tyrone Richardson at 843-937-5550 and follow him on Twitter @tyrichardsonPC.