Despite the government shutdown last month, October showed more promising numbers for the Charleston Market. According to the Charleston Trident Association of REALTORS® (CTAR), 1,020 homes sold at a median price of $190,000, which is up from 920 homes sold at a median price of $185,000 in October 2012.
Year-to-date, sales numbers and prices aren’t showing any sign of decline. Compared to last year, the Charleston Region Real Estate Sales are up 23%, with an 8.5% increase in median sales prices. At this time in 2012, homes were selling at a median price of $187,894 and there were 8,842 sales. A total of 10,897 homes have sold at a median price of $203,947 so far this year. Homes are also closing in less than 90 days.
In Charleston County 566 homes were sold last month, which is up by almost 14%.
A common trend in the markets both locally and nationally is low inventory. In the Charleston Region, inventory is down by 11%. In it’s latest report on existing-home sales, the National Association of REALTORS® states that this tight inventory is a contributor to the rising home prices. The NAR’s chief economist, Lawrence Yun, attributes low inventory to “holding back sales while at the same time pushing up home prices in most of the country.”