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Lowcountry home inventory remains low

Real Estate - Residential
Ashley Heffernan
  • Ashley Heffernan
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As of April 30, the Charleston Trident Multiple Listing Service had just shy of 5,200 homes listed as active for sale, which is a 17% drop from a year ago, according to the Charleston Trident Association of Realtors.

“We are still looking for an uptick in inventory to help regulate the growth in prices and increase sustainability, but overall we are seeing consistent numbers month over month and high but healthy increases from last year,” CTAR President Dave Sansom said in the association’s monthly report. “May through July are usually very busy months for the residential market, so we do anticipate activity to increase over the next few months.”

Through the first four months of 2017, 5,481 homes have sold in the Charleston region at a median price of $248,500. (Photo/file)In April, 1,514 homes sold in the region at a median price of $248,500, up from the 1,478 homes that sold in April 2016 at a median price of $239,700, the report said. The association classifies the region as Berkeley, Charleston, Dorchester and Orangeburg counties, as well as some outlying areas.

Through the first four months of the year, 5,481 homes have sold at a median price of $248,500, marking a 9% increase in sales volume and a 6% boost in price since the same time last year, the report said.

Berkeley County

There are 1,052 residential properties for sale in Berkeley County, including 885 single-family homes and 167 condos and town houses. In April, 350 properties sold at a median price of $201,987. For the year to date, single-family home sales increased about 7% from the previous year, and the median price was about 6% higher than in 2016. Condo and town house sales increased 55%, and the median price went up 14%, according to the report.

Charleston County

Currently, the county has 2,859 residential properties for sale, including 2,173 single-family homes and 686 condos and town houses. Last month, 1,193 homes sold at a median price of $275,987 in Charleston County. For the year to date, single-family home sales grew 2% from the previous year, and buyers paid almost 10% more than in 2016. Condo and town house sales increased about 21%, and the median price grew 6% since last year, the report said.

Dorchester County

The county currently has 703 residential properties for sale, including 645 single-family homes and 58 condos and town houses. In April, 303 homes sold at a median price of $186,320 in Dorchester County. Single-family home sales increased 15%, and the median price of homes went up 9% compared with 2016. Condo and town house sales increased 21%, and the median price fluctuated by about 2%, according to the report.

Reach Ashley Heffernan at 843-849-3144.

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