Jan
16

Charleston Area Home Sales Up 6% in 2011

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The Charleston residential real estate market closed out 2011 with a 6% increase in closings, according to data from the Charleston Trident Association of Realtors. The annual sales also showed a 3% difference in pricing from 2010. The incoming president of CTAR said the numbers are even more dramatic because they weren’t buoyed by federal tax incentives for first-time home buyers that helped prop up the market in past years.

“We anticipated the slight decline in median price, with the amount of distressed inventory in our market,” said CTAR President Herb Koger. “However, seeing sales growth at a sustainable and healthy level — that was not encouraged by tax incentives — clearly demonstrates that there are buyers who understand the value of owning a home in the Charleston area.”

The end-of-year numbers came after the market posted the strongest December sales figures since 2006, CTAR said.

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