Home sales increase as spring approaches

By Daily Journal Staff

Local home sales appear to be picking up as the spring season approaches, the Charleston Trident Association of Realtors reported.

February home sales increased by nearly 10% to 636 from 579 in January, the association reported. The number of homes under contract in February also increased. There were 1,144 under contract last month, compared with 1,006 homes under contract in January, a jump of almost 14%.

“Spring is historically busy in real estate, but home sellers and buyers may be finding equal ground,” said Wil Riley, president of the association and a broker associate with Century 21 Properties Plus.

Not surprisingly, year-over-year numbers have fallen despite the month-to-month increases. February 2007 home sales totaled 881, a difference of nearly 28% from this February’s figures.

The median price of a home in the Charleston tri-county area decreased slightly in February to $200,000 from $205,000 in January.

As of March 10, there were 10,672 homes available for purchase through the Multiple Listing Service, including condominiums and single-family homes.

The most homes sold in the tri-county area in February were in Charleston County, where homes also spent more days on the market. Of the 311 homes sold in Charleston County last month, the median sales price was $240,000 and the average amount of days on the market was 139.

In Berkeley County, 187 homes sold last month at a median price of $170,000 and at an average of 111 days on the market.

There were 126 homes sold in Dorchester last month at a median price of $176,934 and at an average of 121 days on the market.