Charleston market exceeding 2013 expectations
With home sales 24% higher than they were at this time in 2012, it’s no surprise that the Charleston market has made more progress than was predicted in 2013. In 2012 the market stabilized with home sales and prices, but 2013 has seen local and national rises in median prices and home sales that have been higher than most expected they would be at this point. The time that property is on the market has also dropped significantly, not only in the Charleston area, but nationwide as well, according to the National Association of Realtors.
Nationally, NAR found that the median time for all homes on the market was 43 days last month, which is almost half the time that homes were for sale in August of 2012. More great news is that almost half of homes sold last month were on the market for less than a month.
After August numbers were released, the NAR also saw an increase in existing-home sales that reached the highest level in six-and-a-half years, and the median price shows nine consecutive months of double-digit year-over-year increases. In the South alone, existing-home sales are 13.5% higher than they were in August 2012 with the median price at $181,000, which is 14.6% higher than one year ago.
These numbers are definitely reflected in the Charleston market, where the first half of 2013 saw a 28% increase in single-family home transactions. Compared to the first half of 2012, median sales prices increased by 10%. With the current high home demand and low inventory in the area, this upward trend is sure to continue for the local market.