Stable Pricing Keeps the Charleston-area Residential Real Estate Market Healthy in April
CHARLESTON, SC—(May 11, 2015) 1,386 homes sold in April in the tri-county area at a median price of $220,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In April 2014, 1,162 homes sold at a median price of $215,000.
Year-to-date, 4,727 homes have sold in the region, at a median price of $217,489, representing 22% growth in sales volume for the year, and 2% growth in median price. At this point in 2014, 3,887 homes had sold at a median price of $213,990.
“The pace of sales this year is unprecedented” said 2015 CTAR President Matt DeAntonio, “We generally expect to see about half this rate of growth. Median price, however, is very stable and growing at a healthy and sustainable rate” he continued. “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 concluded.
Inventory is at its highest level thus far in 2015, but is still lagging behind the demand from buyers in certain areas, like Mt. Pleasant, West Ashley and James Island. There are currently 5,803 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS).
Preliminary figures released for March 2015 stated that 1,420 homes sold at a median price of $221,000. The adjusted figures now show 1,433 sales at the same median price.
744 homes sold at a median price of $296,963 in April in Charleston County. The most active area outside of Mt. Pleasant, where 215 homes sold at a median price of $453,000, was West Ashley (outside I-526), where 93 homes sold at a median price of $220,000.