CHARLESTON SC HOME PRICES ON THE RISE AND EXPECTED TO CONTINUE

CHARLESTON SC REAL ESTATE MARKET SHOWS SIGNS OF STABILIZATION AS MEDIAN HOME PRICES INCREASES DURING THE MONTH OF FEBRUARY. ADDITIONALLY, CHARLESTON HOME BUYERS ARE GETTING INTO THE SWING OF THINGS AS THE NUMBER OF SHOWINGS ON LISTINGS ARE ON THE RISE. THESE TWO FACTORS COMBINED WITH THE SPRING MARKET SHOULD LEAD TO IMPROVEMENTS IN CHARLESTON HOMES SALES.

Residential Real Estate Sales Remain Stable in February, Median Price Increases Slightly

Date: 3/10/2009

Residential Real Estate Sales Remain Stable, Median Price Increased Slightly In February

Region shows little collective movement during the shortest sales period of the year

CHARLESTON, SC—(March 10, 2009) The tri-county residential real estate market remained stable month-to-month, with 363 sales closing in the month of February—a variable dip from January’s 372 closings. The median sale price for the region rebounded from January’s low, climbing 4%, to $183,180.

Year-over-year statistics continued to show a slower pace of sales, with 43% less sales compared with February 2008’s 636 closed transactions, and an 8% decrease in the region’s median sale price, which sat at $200,000 a year ago.

The number of potential buyers continued to rise and showed the fifth consecutive month of increased showings—a total of 18,212 for the month.

There are 10,051 homes currently listed for sale with the Charleston Trident Multiple Listing Service.

DORCHESTER COUNTY

Dorchester County closings resulted in the largest statistical gains, showing a 26% increase in sales over January’s levels, with 87 closed transactions. The median sale price for the county also showed an increase, up 12% to $169,990. The southern portion of the county (Ladson Road to Bacon’s Bridge/Hwy.165) supported the majority of the County’s increases, as sales in that area picked up significantly, and median price rose 18%, from $134,000 to $158,000.

CHARLESTON COUNTY

As a whole, Charleston County showed slowing sales and a slight decline in median price from January, down 11% and 5%, respectively. However, several of its municipalities showed signs of promise—North Charleston saw a 5% increase in median sale price; sales increased 6% in Mount Pleasant, and James Island and West Ashley markets both remained stable for the month.

BERKELEY COUNTY

Berkeley County saw minimal movement in the residential market for February. Sales slowed just 3%, with 93 closings and median price dipped less than 2%, settling at $162,400. A significant increase of sales on Daniel Island likely helped stabilize this market. A total of 13 homes sold on the Island during February, versus 4 sales in January, with a median sale price of $385,000.

Data provided by Charleston Trident Association of Realtors

EXIT Realty Charleston Group A full service Charleston Area Real Estate Brokerage with 4 offices located in the Goose Creek, Mount Pleasant, Sullivan's Island, and West Ashley Areas of Charleston SC. Services include residential sales and property management including long term and vacation rentals, and commercial sales and leasing.