Home sales, median price up in Charleston in May

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Home sales, median price up in Charleston in May
June 24, 2009
Charleston Regional Business Journal

lthough numbers are still down compared with last year, home prices and home sales rebounded somewhat from April to May in the Charleston area.

Most regions in the state enjoyed an increase in the number of homes sold in May, according to a report from the S.C. Association of Realtors.

“With the first-time homebuyer tax credit expected to boost sales, Realtors in South Carolina are already seeing summer activity heating up,” said Nick Kremydas, CEO of the association.

for sale sign The Charleston area reported that 663 homes sold in May, down 19.1% from May 2008, but up 28% from the 518 sold in April. The median price is following suit, up 5.5% to $191,000 in May, compared with $181,000 in April.

Homes are staying on the market an average of 128 days, four days longer than in April but almost even with May 2008 at 129.

Statewide, the median price was $142,000, down 1.4% from last month. The report indicates 3,704 homes were sold statewide, about 16.5% more than were sold in April.

Still, May 2009 sales are down 21.4% compared with May 2008, and the price is off 7.6% from last year.

The state’s two other major metropolitan areas saw mixed results for May. In Columbia, 16% more homes were sold, and they stayed on the market eight fewer days (107), but the median price of $139,000 was 24% less than April’s figure.

Greenville saw 14% more homes sold, for a median price of $141,000, or 6% more than in April. They took four days longer to sell (104).

Of the 15 regions that reported home sales for the association, all but Cherokee County, Spartanburg and the Western Upstate MLS reported increases in May. The change in median home price was split nearly even — seven of the regions reported higher median sale prices, and eight reported lower.

Nationwide, home sales also increased in May, with the National Association of Realtors reporting a 2.4% increase over April. That represented the first back-to-back monthly gain since September 2005. Still, year-over-year numbers were down 3.6%.