Charleston sales up almost 20% from 2012; Upper Peninsula as the area to watch

The Charleston Trident Association of Realtors released their February reports, and they are promising.Β 722 homes sold at a median price of $181,334 in the Charleston region in February, with sales figures very similar to market activity in 2008 before the recession, but with the average price more like 2009 levels. Although the inventory has declined with 1,000 less properties for sale than this time last year, sales are still almost 20% ahead of what they were and show a stable 4% growth. CTAR President Own Tyler, pointed out a positive trend that we are beginning to see nationwide, which is a more balanced market. Pre-recession in the early 2000’s the sales activity was “abnormal,” compared to what we’re seeing today, which are homes that are reasonably priced that are selling much faster than they were during the recession. Here’s Charleston County report:

Even more exciting is that in the Charleston County Area, CTAR believes that the Upper Charleston Peninsula is the area to keep an eye on. At the end of last year the inventory had decline 35%, but sales volume was up by 50% and the median price was up 8.2%. February continued this upward rise with sales doubling from 2012 from 11 transactions to 20. Here’s the full report: