Redfin: Charleston area housing market shows improving signs in March

Redfin released figures for March showing a slight uptick in home inventories in the Charleston area.

More homes were on the market last month locally, yet prices climbed a little and buyers snapped up properties in a shorter time frame than a year ago. Sales dropped slightly, however, according to new findings from a national agency.

Redfin, which entered the market last year, reported the findings in its Charleston Market Tracker for the metro area in March.

According to the Seattle-based real estate brokerage, new home listings in the Lowcountry jumped 9.6 percent last month from a year earlier to 2,266, “leading to an overall 5.1-month supply of homes for sale.” The available inventory, based on the time it would take to sell out at a normal sales pace, increased slightly from 4.9 months a year ago.

The median sale price rose to $238,000, up 3.5 percent from a year before. At the same time, homes stayed on the market an average 77 days, down more than 20 percent from 100 days in 2015.

Redfin figures also showed that 6,567 houses were for sale in March, up 1.8 percent over the past 12 months, while 1,288 sold, down 1.5 percent.