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Real Estate Market Sales Continues to Rise In Tri-County Area
7/17/2013 12:09:47 PM

Darryl Robinson

By Darryl Robinson 

The local real estate market is still holding strong. Closed Sales are up twenty three percent over last year and up thirty five percent over 2011. Also median sale price s have risen eight percent over 2012 and over thirteen percent since 2011!! We've sold almost 6,000 residential units this year and will likely sell 12,000 for the year, which hasn't been done since 2007. 

In the Tri-County area, below $350,000 there is more demand than supply, with generally three to four months of supply. Six months of inventory is the leading indicator of a balanced market. Comparatively in January 2012 there was a fourteen-month supply of homes! Many of the areas are deep into sellers markets with less than 5 months of inventory such as West Ashley, Mount Pleasant, Ladson, and Downtown outside of the cross town. The number of closed sales in West Ashley has increased forty five percent just in the past year and the median sales price has seen a ten percent rise. Similarly downtown outside the cross town and Ladson have seen the number of sales climb fifty percent. 

Meanwhile Mt. Pleasant has only a two to three month supply of homes below $700,000! Ryland and David Weekly homebuilders have had their hands full in Carolina Park since they resumed construction in the subdivision earlier this year. Interest rates are expected to rise this year, but as long as rates stay below six percent it should not cause a significant drop in home sales. 

Darryl Robinson
Carolina One, Realtor

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