Month-over-month declines in both the price and number of homes sold in October across the Lowcountry were expected, according to a monthly report from the Charleston Trident Association of Realtors.
Last month, 1,272 homes sold in the region — which the organization classifies as Berkeley, Charleston, Dorchester and Orangeburg counties, as well as some outlying areas — at a median price of $240,000. In September, 1,608 homes sold for $243,457, the report said.
The results are an improvement, though, when compared to October 2015, when 1,264 homes sold at a median price of $225,000, according to the report.
Year-to-date data also show sales volume and price remain higher than in 2015. Nearly 15,000 homes have sold at a median price of $240,000 from the beginning of the year, which is a 9% increase in volume and 6% increase in price from the last year, the report said.
“October’s home sales remained strong and steady, particularly considering we had to contend with Hurricane Matthew that evacuated much of the Lowcountry for multiple days,” association President Michael Sally said in the report. “We expect that sales volume will quiet some as we head into the holiday season, but price growth will likely remain steady as we are still working with a very limited inventory of homes.”
Inventory dropped by about 19% over the past 12 months. As of Oct. 31, there were 5,285 homes listed as active for sale in the Charleston Trident Multiple Listing Service, the report said.
Currently, there are 941 residential properties for sale in the county, including 808 single-family homes and 133 condos and townhomes. In October, 323 homes sold at a median price of $213,690, the report said.
There are currently 2,890 residential properties for sale, including 2,190 single-family homes and 700 condos and townhomes. Last month, 622 homes sold at a median price of $313,205 in the county, according to the report.
There are 769 residential properties on the market currently in the county, including 708 single-family homes and 61 condos and townhomes. In October, 282 homes sold at a median price of $208,696, the report said.