The Market is definitely strong in the Lowcounrty...days on markets down and sellers getting close or more than list price. Low interest rates, more options for first time home buyers, and desire for new construction are just a few factors that are driving the market. Speaking of driving, Mercedes announced last week that they will be establishing a new full van manufacturing plant in Charleston Country and will be creating over 1,300 new jobs!
Homebuyer Activity Strong in the Charleston Region in 2015
CHARLESTON, SC—(March 11, 2015) 1,000 homes sold in February in the tri-county area, at a median price of $212,145, according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). The last time February sales passed the 1,000-transaction mark was February 2006.
Year-to-date, 1,898 homes have sold in the region, 19% more sales than at this point in 2014. The year-to-date median price, currently $211,007, has fluctuated less than 1%, compared to last year.
“For several years, the tri-county region has been the focus of worldwide attention and now, our local economy is enjoying the benefits. Through the efforts of organizations like the Charleston CVB, the Chambers of Commerce, the Charleston Regional Development Alliance (CRDA) as well as the local colleges and universities, Charleston has been well marketed and it has resulted in an influx of business, industry and people to our area. Whether coming to retire, to work, or to simply enjoy living in one of the most beautiful cities in the world, the buyers are speaking—Charleston is the place to call home” said 2015 CTAR President, Matt DeAntonio.
As expected, inventory has increased—nearly 3%—since last month. There are currently 5,655 homes listed as “active” for sale with the Charleston Trident Multiple Listing Service (CTMLS). Berkeley County data shows 1,174 homes for sale, representing 21% of the inventory; Charleston County has 2,980 homes for sale, constituting 53% of total available inventory; and 920 homes are for sale in Dorchester County, representing about 16% of the MLS inventory. The remaining 10% of available homes are outside of the tri-county area.