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Courtesy of WilliamsSChomes.com
Charleston Home Sales Post Third Straight Month of Double-Digit Increases
Inventory shrinks to lowest level in five years
The Charleston-area real estate market celebrated another small victory this month, as sales volume increased by double-digits for the third straight month. Sales increased 17% over September 2010, as inventory shrunk to its lowest level in five years.
The Charleston Trident Association of REALTORS® released preliminary figures showing 774 homes sold at a median price of $183,822 this September; 659 homes sold at a median price of $188,840 in September 2010. The median price is a slight 3% lower than it was at this time last year.
The most significant development in the Charleston market this month was inventory—the number of homes for sale in the tri-county area dropped below 8,000 for the first time since June 2006. Inventory peaked in April 2008 with 11,879 homes for sale. As of September 30, 2011 there were 7,792 homes listed as actively for sale with the Charleston Multiple Listing Service—a 19% decrease from the 9,605 homes in inventory last September.
