Charleston Real Estate Market Snapshot May 2013
Last Week, CTAR reported on the Charleston real estate market statistics through May 2013. Year to date figures show a lot of movement in the market. Here’s a peek:
• Charleston Area Home Sales Volume Is Up 21% From 2012.
• 2013 Year-to-date Prices Are Up Almost $20k.
• Mortgage Rates Are Up .6% to 4.1% since May 1.
• 2013 Inventory Has Not Increased Significantly.
• Homes Are Selling at a Faster Rate than 2012.
CTAR President Owen Tyler says, “Buyers are acting quickly, as the market gets more and more competitive. Banks are also processing short sales, specifically, much faster than they have in the past—the long, drawn out process of purchasing such a property is beginning to wane”
Another interesting highlight is that West Ashley inside I-526 has become “an area to watch.” With most of its activity centered on the Byrnes Down, Avondale and South Windermere areas, the sales volume in this area has increased by 57%, and median price is up nearly 12% from $174,700 to $195,000.
To read the entire article and see all the market stats through May 2013 visit The Charleston Realtors May Market Report