Charleston’s home sales continues to track pre-recession levels, report says
In a strong burst of springtime activity, April home sales in the Charleston region jumped 22 percent from a year ago, with families moving to the area and investors fueling the rise.
By the numbers
County breakdown of April home salesCharleston: 587 sales at a median price of $239,000. Of those, 171 sales were in Mount Pleasant and sold at a median price of $315,000.Berkeley: 210 sales at a median price of $169,500. The area bordered by Jedburg Road, Highway 17A and College Park was the most active, with 49 sales at a median price of $167,000.Dorchester: 196 sales at a median price of $167,357. The Summerville/Ridgeville area was the most active, with 87 sales at a median price of $173,000. Charleston Trident Association of Realtors
The Charleston Trident Association of Realtors said in a preliminary report Friday that 1,028 homes sold last month at a median price of $200,000, which was 10 increase higher from April 2012.
The early numbers for last month came in just shy of the 1,089 homes that changed hands at a median price of $210,000 in April 2007, eight months before the start of the recession.
The latest data show that the local housing market is continuing to “expand and progress in a positive direction,” said Owen Tyler, the association’s president.
“We have a stable inventory paired with prices increasing at a steady and healthy pace — up 7 percent year to date — which is a great indicator for the sustainability of our market,” Tyler said in a written statement Friday.
A total of 3,472 homes have changed hands in the region through the first four months of the year, up 18 percent from that same period of 2012. The year-to-date median price is $191,275.
Home sales have been posting month-over-month sales growth for more than a year, helped by low mortgage rates and the region’s rebounding economy.
At the same time, residential values have been lifted by a decline in inventory. As of Friday, 5,636 homes were listed for sale in the Charleston Multiple Listing Service database as of Friday. That’s down from 6,361 from a year ago and from 8,899 in 2011.
Real estate information firm CoreLogic recently reported the region’s home prices increased by 11.2 percent in the 12 months ended in March, outpacing the state and national averages.
The local sales momentum from April appears to be carrying into May, one of the busiest months for the industry. CharlestonRealEstateStats.com reported that 354 homes went under contract from May 3 through Thursday.
The Realtors group also revised its March sales number slightly higher Friday to reflect 1,062 transactions, while the updated median price declined slightly to $200,940.
Reach Tyrone Richardson at 937-5550.