April 2009 Real Estate Update Continued

I read an article yesterday by Molly Parker in the Charleston Business Journal that I thought you all would find helpful and informative.  She recapped the month of April in real estate for the Tri-County.  Here are a few excerpts:

“Slightly fewer home sales posted in April than in March — and the numbers are still off significantly from last year…
In April, 518 homes were sold, compared with 568 sales in March, according to multiple listing service data released Monday by the Charleston Trident Association of Realtors. The median price last month was $181,303, compared with $185,000 in March.
Home sales last month were down 26% from the 700 sales in April 2008. The year-over-year percentage declines are narrowing somewhat compared to the beginning of the year, though not enough to make up for steep sales declines that continue to hammer the tri-county market…
Some positive movement has occurred in the average number of days a home sits on the market before selling. In April, it was 124 days, 18 fewer days than the homes that sold in March. The Realtors’ association credited the start of the summer season for the improvement…
Currently, 10,271 homes are listed for sale in the tri-county area, a decrease of 1,000 from a month ago.  The majority of home sales in April tilted to the lower end of the price scale. The main activity, accounting for 66 home sales, was in the range between $200,000 and $249,000. An additional 56 homes sold for $140,000 to $160,000. Thirty-seven homes sold for less than $120,000. An additional 100 homes sold for $250,000 to $500,000, and 26 homes sold were priced more than $750,000.

Dorchester County
For the fourth consecutive month, Dorchester County showed a month-over-month increase in sales, as April’s 125 closed transactions resulted in a 6% sales increase and a 2% increase in median price — now at $160,000. The majority of the market activity took place in the southern portion of the county, with 54 homes sold at a median price of $177,372. Homes for Sale in Wescott Plantation showed the most activity among neighborhoods.

Charleston County
April brought another strong month in Charleston County — median sale prices rose again, to $239,500, and sales remained steady at 249. Significant movement took place in and around Mount Pleasant, with 44 sales and a median sales price of $343,450. The Belle Hall, I’On and Rivertowne subdivisions supported much of the area’s activity.

Berkeley County
After unprecedented gains in March, the Berkeley County residential market normalized in April, with 124 residential properties changing hands at a median sale price of $154,945. The highest volume of sales occurred in the Brickhope Greens and Coker’s Commons subdivisions.”

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