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Residential real estate sales volume down 10% in April; prices up

Staff Report //May 18, 2020//

Residential real estate sales volume down 10% in April; prices up

Staff Report //May 18, 2020//

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Residential real estate sales volume in the Lowcountry was down approximately 10% year over year last month, according to preliminary data released by the Charleston Trident Association of Realtors.

Last month, 1,441 homes were sold, at a median price of $290,000; in April 2019, 1,608 homes were sold at a median price of $270,713.

 src=Year to date, 5,593 homes have been sold, at a median price of $289,900, for a year-over-year increase of 4% in sales and 7% in median price.

By this time last year, 5,387 homes had been sold, at a median price of $270,695.

CTAR President Bobette Fisher said in a news release that the association expects last month’s drop in sales to be temporary.

“The demand for housing in the Charleston region was so strong prior to COVID-19 spreading in our community, we have been very lucky to experience a minimal … drop in sales during April,” she said.

She added that the pandemic’s biggest impact on the Lowcountry real estate market has been on the inventory level, which has continued to tighten over the past eight weeks.

CTAR data shows 24% fewer homes for sale over the past 12 months, with 4,860 homes listed as currently for sale at the end of April.

“Prices are up and sales will rebound quickly once people feel more comfortable interacting in public spaces again, but we need to see significant additions to our inventory to maintain the long-term health of our market,” Fisher said.

County

Homes sold

Median price

Properties currently for sale

Berkeley

386

$234,000

966

Charleston

719

$329,950

2,730

Dorchester

247

$209,575

624

 

 

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