Despite Hurricane Matthew Home Sales Remain Steady
October ushered in Hurricane Matthew and a massive evacuation of South Carolina’s low-country. However, October’s home sales stayed steady and strong. Our region saw a higher number of homes sold, and a higher median sales price compared to October 2015. Sales volume is expected to quiet some heading into the holiday season, but price growth is expected to remain steady due to the limited inventory of homes, according to CTAR President Michael Sall.
Inventory has declined by 19% over the last 12-month period, with 5,285 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of October 31. We expect that inventory will remain low, as it traditionally does, through the winter.
According to data released by CTAR, 1,272 homes sold in October in the Charleston region at a median price of $240,000. Sales volume and median price declined slightly, as expected, heading into the Fall. In October 2015, 1,264 homes sold at a median price of $225,000.
Year-to-date figures show 14,963 homes sold at a median price of $240,000 in our area. Comparing year-to-date figures from 2015, sales volume has increased 9% and buyers are paying 6% more for homes in the region than they did last year.
Source: CTAR: Market Reports