August marked another period of strong home sales gains for the region.
The Charleston Trident Association of Realtors said today that 1,278 homes sold at a median price of $217,462 last month, respective increases of 24 percent and 9 percent from a year ago.
The figures are preliminary.
So far this year, 8,706 homes have sold at a median price of $205,417. Compared to this point in 2012, sales are up 24 percent and median price is 7.6 percent higher.
“As we expected, the minimal increases in mortgage rates have not soured the demand for residential real estate in Charleston” said Owen Tyler, the association’s president.
Days on market have declined by an average of 27 days, meaning homes are selling nearly a month faster than a year ago.
“Looking at the year-to-date figures, we are positioned to finish 2013 with significant gains in sales volume and healthy, steady growth in prices,” said Dave Sansom, president of the group’s Multiple Listing Service. “Thus far, we’ve made more progress than we anticipated in 2013, and this level of growth is sustainable for our market.”
The region has about 5,700 homes listed for sale in the group’s marketing database, or about five months of inventory based on recent volume. That’s considered an ideal balance of supply and demand, according to real estate industry experts.