Thursday, June 10, 2010

Sales Continue Upward Trend

RESIDENTIAL REAL ESTATE SALES REACH HIGHEST LEVEL SINCE SEPTEMBER 2007
Sales Up 29%, Prices Continue Pattern of Consistency

According to the Charleston Trident Association of Realtors

CHARLESTON, SC—(June 10, 2010) Preliminary data released by the Charleston Trident Association of REALTORS® (CTAR) shows 878 closings took place last month. This not only marks a 29% increase from the 678 sales in May 2009 but the highest level of closed sales in this region since September of 2007.

The median sale price for May 2010 settled at $186,497. In May 2009, preliminary reports showed a median sale price of $187,000. Last month, figures showed this year’s lowest median price of $180,175.

Year-to-date, 3,277 homes have sold in the Charleston region. This represents a 28% increase in sales activity when compared to the same period last year—at this point in May 2009, 2,553 homes had changed hands.

Our Office at RE/MAX actually has increased production YTD as of 5/31/2010 by 237% and # of Transactions by 183%, when compared to activity thru 5/31/2009 with an average sales price of $227,000, according to David Wertan, Broker in Charge of RE/MAX Advanced Realty. So we are outpacing our competition by agressively marketing our listings not only locally but nationally thru the # 1 real estate company website in the world which is www.remax.com.

There were 9,867 properties listed as actively for sale with the Charleston Trident Multiple Listing Service as of May 31, 2010 which has continued to drop. 6,975 of them are single family homes which continue to be the best sellers and only 185 of those are listed as Lender Owned in our MLS.

BERKELEY COUNTY
Berkeley County led the way in both sales and price increases in May. Bolstered by a flurry of recent activity on Daniel Island, sales in the county increased 46% and median price increased 10% over 2009 levels. 202 homes sold at a median price of $165,517 last month. In May 2009, 138 homes sold at a median price of $150,964.

The majority of Berkeley County activity occurred in Goose Creek and Moncks Corner from Highway 52 to the Cooper River. Daniel Island had a strong showing this month with 22 homes sold at a median price of $540,450, the strongest month so far this year.

CHARLESTON COUNTY
Charleston County also posted impressive increases in May—475 sales resulted in a 31% increase over May 2009’s 363 sales and prices increased 6% from $215,000 to $228,000.

The majority of activity took place in Mount Pleasant, south of Highway 41. 99 homes sold at a median price of $341,236 in that area. An unprecedented 32 homes sold for a median price of $245,988 on Johns Island—the most sales on the island since March 2007.

DORCHESTER COUNTY
170 homes sold in Dorchester County last month, representing a 10% increase from May 2009, when 155 homes sold at a median price of $168,000. Prices showed a quiet decline of less than 2%, settling at $165,050.

The increase in sales was led by consistently strong activity in the Summerville/Ridgeville area, where 86 homes sold at a median price of $169,272.

APRIL 2010 ADJUSTMENT
Preliminary numbers reported for April 2010 indicated 784 homes had sold at a median price of $180,175. Adjusted numbers now show that 844 homes sold at a median price of $181,000.

What all this means to you? Call me and lets talk about getting your home sold or buying your new home before the values start increasing and the rates go up. I look forward to hearing from you,

Sincerely, David Wertan & The Wertan Team of RE/MAX 843-270-6455