January was the 12th consecutive month that more than 1,000 homes sold in the Lowcountry, according to a monthly report from the Charleston Trident Association of Realtors.
Last month, 1,029 homes sold in the region at a median price of $238,900, which is a 6% increase in sales volume and a 9.5% increase in price compared with January 2016. The association classifies the Lowcountry region as Berkeley, Charleston, Dorchester and Orangeburg counties, as well as some outlying areas.
It was also the first time in a decade that January sales exceeded 1,000 homes, the report said.
“We are pleased to see the residential market starting on such solid ground in 2017,” CTAR President Dave Sansom said in the report. “Last year was a strong year of growth in our market, and starting the year with such substantial increases bodes well for both buyers and sellers. We’re poised to see another year of consistent growth in our market, supported by the flourishing local economy.”
Over the past year, inventory dropped about 20%. As of Jan. 31, there were 4,746 homes listed as active for sale in the Charleston Trident Multiple Listing Service, the report said.
“We expect that inventory will begin increasing slightly in the coming months,” the report said.
The county currently has 914 residential properties for sale, including 781 single-family homes and 133 condos and town houses. In January, 299 properties sold at a median price of $214,500 in Berkeley County, the report said.
Currently, 2,545 residential properties are for sale in Charleston County, including 1,920 single-family homes and 625 condos and town houses. Last month, 500 homes sold at a median price of $308,750 in the county, according to the report.
There are 663 residential properties currently for sale in the county, including 618 single-family homes and 45 condos and town houses. In January, 189 homes sold at a median price of $195,000 in Dorchester County, the report said.