May Market Data Shows Summer Buying Season Off To A Busy Start

May Market Data Shows Summer Buying Season Off To A Busy Start

CHARLESTON, SC—(June 12, 2017) According to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR) 1,801 homes sold in May in the region at a median price of $260,000. Last May, 1,715 homes sold at a median price of $243,500.

While the increase in sales and median price seems extreme compared to last month’s sales of 1,514 homes at a median price of $248,500, the year-to-date figures continue to show a stable market. Year-to-date, 7,291 homes have sold in the region at a median price of $248,000. Sales volume in the region is up about 8% compared to 2016, with median price about 5% higher than this point last year—growth rates that have remained consistent so far this year.

Inventory has declined about 16% over the last 12-month period, with 5,287 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of the month. While inventory has declined over the year, the number of available homes is slightly higher than last month.

“We’ve kicked off a busy start of the summer buying season” said 2017 CTAR President Dave Sansom. “We had a fairly significant increase in sales from month to month, but the year to date figures are steady and consistent. The interest in our market has only continued to grow in the last 12 months—for reasons on both ends of the spectrum—most people are either moving here for a job or to retire” he said. “That’s keeping a variety of price ranges active and the market incredibly competitive right now” he concluded.

April Adjustment
Preliminary data showed 1,514 homes sold in April in the region at a median price of $248,500. Adjusted figures now show 1,522 homes sold at the same median price.

Berkeley County
435 properties sold at a median price of $220,750 in Berkeley County in May. Year-to-date, single-family home sales have increased about 6% in the County, with buyers paying about 7% more than they did a year ago. Condo and townhome sales have increased 43% with a 15% jump in price.

There are currently 1,102 residential properties for sale in Berkeley County—942 single-family homes and 160 condos/townhomes.

Find Berkeley County area reports here. 

Charleston County
1,008 homes sold at a median price of $337,750 in May in Charleston County. Single-family home sales have grown 3%, year-to-date, with buyers paying almost 10% more than in 2016. Condo and townhome sales are up about 19% with a 7% increase in median price.

There are currently 2,885 residential properties for sale in Charleston County—2,191 single-family homes and 694 condos/townhomes.

Find Charleston County area reports here. 

Dorchester County
300 homes sold at a median price of $213,583 in Dorchester County in May. Sales of single-family homes in Dorchester County are up 9% and homes are about 8% more expensive than last year. Sales of condos and townhomes have increased by 21% and the median price has fluctuated in that sub-market by about 1%.

There are currently 705 residential properties for sale in Dorchester County—647 single-family homes and 58 condos/townhomes.

Find Dorchester County area reports here. 

Jerod Coulter Headshot
Phone: 843-513-3741
Dated: June 19th 2017
Views: 250
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