When looking at the MLS statistics for the Charleston SC real estate market as a whole, we’re seeing positive trends when we compare 2012 to 2011. This past year saw a 14% increase in the number of homes closed (from 8,992 to 10,215), a 5% increase in the median sales price (from $183,000 to $192,970), and also a 6% increase in the average price per square foot (from $117/sq ft to $124/ sq ft).
If we focus on specific markets for Charleston’s real estate, we see that Charleston County has had a 20% increase in the number of homes closed (from 4,982 to 5,985) and a 4% increase in the median sales price (from $219,900 to $228,000). Now let’s look at some of the specific MLS areas for Charleston County:
- West Ashley inside 526: 33% increase in homes closed, 11% increase in median sales price
- West Ashley outside 526: 10% increase homes closed, 6% increase median sales price
- James Island: 10% increase in homes, and also a 10% increase in price
- Johns Island: 25% increase in homes, 4% price increase
- Mt. Pleasant north of IOP Connector: 24% increase in closed homes, but a loss of 5% in median sales price
- Mt. Pleasant south of IOP Connector: 20% increase in homes, 2% increase in price
- Downtown Charleston inside of Crosstown: 24% increase in homes, 8% price increase
- Downtown Charleston outside of Crosstown: 50% increase in homes, 9% increase in price
Dorchester County saw an 8% increase in homes closed (from 1,784 to 1,930) and a 5% increase in the sales price ($160,000 to $167,750). Berkeley County saw a 3% increase in homes closed (from 2,226 to 2,300) and a 3% increase in price (from $162,475 to $167,250).
If you’d like to see more MLS statistics, we have plenty of charts and graphs to share based on absorption rate, new listings taken, closed volume, and many other factors – so just let us know if you’d like more information. Also, we wanted to conclude this market update by sharing that our company Carolina One Real Estate had more sales in 2012 (6,220 sales to be exact) than the next top nine companies in Charleston combined (they totaled 6,127). Whether you’re looking to buy or sell in Charleston, contact us to get started!
Read Part 1 of this Charleston real estate market update
Part 2 of the market update