Home sales continue to sizzle; up 19.3% in April

Home sales continue at a brisk pace across the Lowcountry.

Real estate agents stayed busy in April as the Lowcountry’s home sales market bloomed in the spring.

Home sales rose 19.3 percent last month over April 2014 as 1,386 homes changed hands in the region at a median price of $220,000, according to preliminary data released Monday by the Charleston Trident Association of Realtors. The median price is about $5,000 higher than a year ago.

So far this year, sales volume is up 22 percent with 4,727 homes sold in the region at a median price of $217,489. The median price is up 2 percent for the year. For the first four months of 2014, 3,887 homes sold at a median price of $213,990.

“The pace of sales this year is unprecedented,” said Matt DeAntonio, the association’s 2015 president. “We generally expect to see about half this rate of growth.”

He called the median price “stable and growing at a healthy and sustainable rate.”

“When we look at the sustainability of a market, we want to see prices grow at a steady, tempered pace, which is favorable for our market in the long-term,” DeAntonio added.

Home inventory is at its highest level so far this year but is still lagging behind demand from buyers in certain areas, such as Mount Pleasant, West Ashley and James Island, the association reported. There are currently 5,803 homes for sale under the “active” classification in the Charleston Trident Multiple Listing Service.

The association adjusted March’s figures slightly to show that 1,433 homes sold, up by 13, at an unchanged median price of $221,000.

Reach Warren L. Wise at 937-5524 or twitter.com/warrenlancewise.