The Charleston area home sales market is expected to be strong this year, but conservative compared to the highs of 2013.
It doesn't appear that the region's condominium market got the memo.
After a long post-recession period of oversupply, the local condo stock is shedding inventory at a faster pace compared to single-family homes, according to a new market report. Prices are rising as a result.
The Charleston Trident Association of Realtors' January home sales report highlights how condos are flying off the availability list. Local real estate experts attribute the comeback in part to first-time buyers and empty-nesters.
The report says the average condo was on the market 83 days from the time it was listed to the point of sale, a 30 percent improvement from January 2013. By comparison, the average single-family home sat on the market for 75 days before sold, down 20 percent from a year earlier.
The median price of condos sold in January was $163,000, up 11.6 percent, while single-family homes posted 7.7 percent growth, according to the data.
The pepped-up sales pace has depleted the region's condo inventory below the 1,000-unit threshold.
That's prompted several projects, including Palmetto Place, an apartment community that xCelsior Ventures LLC is coverting into condos near Clements Ferry and Jack Primus roads on the Cainhoy peninsula.
A private flood insurance program mentioned in this space last week has been extended to include nonresidential and commercial properties. The program, available in South Carolina and 14 other states, previously covered only residential properties of no more than four units. Details can be found at www.privatemarketflood.com.
Reach Tyrone Richardson at 937-5550 or twitter.com/tyrichardsonPC.
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