1. Monthly Indicators
A RESEARCH TOOL PROVIDED BY THE CHARLESTON TRIDENT ASSOCIATION OF REALTORS®
March 2011 Quick Facts
This month's numbers are stuck in the shadow of the spring 2010 incentive
market. A number of factors hinder a full-scale housing recovery, yet there are
+ 8.3% - 3.6% - 16.4%
positives that suggest improving consumer confidence. Slowing unemployment
claims, strong corporate balance sheets and 13 months of private job growth Change in Change in Change in
Closed Sales Median Sales Price Inventory
are cause for long-dormant optimism. Let's see if our local glass is half empty
or half full.
New Listings in the Charleston region decreased 20.6 percent from last March
to 1,739 new homes. Pending Sales decreased 7.5 percent to land at 980
Market Overview 2
contracts written. As a result, inventory levels decreased 16.4 percent from last New Listings 3
year to reach 8,663 active listings. Pending Sales 4
Prices lost some ground – the March Median Sales Price of $177,737 Closed Sales 5
decreased 3.6 percent. Negotiations moved toward buyers as Percent of Days On Market Until Sale 6
Original List Price Received at Sale decreased 2.1 percent to 89.1 percent. The Median Sales Price 7
market moved toward balance as Months Supply of Inventory decreased to
11.3 months. Average Sales Price 8
Percent of Original List Price Received 9
The national interest rate is 5.11 percent on a 30-year fixed; the national Housing Affordability Index 10
unemployment rate dropped to 8.8 percent in March. Several important
changes to the mortgage industry are on the horizon. Ensuring access to Inventory of Homes for Sale 11
adequate mortgage capital for qualified buyers is key to housing recovery. This Months Supply of Inventory 12
will require substantial reforms to Fannie and Freddie.
Click on desired metric to jump to that page.
All data from the Charleston Trident Association of REALTORS®. Powered by 10K Research and Marketing. Data deemed reliable but not guaranteed. Consult your agent for market specifics. | 1
2. Market Overview
Key market metrics for the current month and year-to-date figures.
Key Metrics Historical Sparklines 3-2010 3-2011 +/– YTD 2010 YTD 2011 +/–
New Listings 2,190 1,739 - 20.6% 5,752 4,715 - 18.0%
3-2008 3-2009 3-2010 3-2011
Pending Sales 1,059 980 - 7.5% 2,512 2,514 + 0.1%
3-2008 3-2009 3-2010 3-2011
Closed Sales 758 821 + 8.3% 1,767 1,910 + 8.1%
3-2008 3-2009 3-2010 3-2011
Days on Market Until Sale 104 116 + 11.2% 115 116 + 0.3%
3-2008 3-2009 3-2010 3-2011
Median Sales Price $184,414 $177,737 - 3.6% $185,000 $173,995 - 5.9%
3-2008 3-2009 3-2010 3-2011
Average Sales Price $263,410 $253,372 - 3.8% $265,608 $246,446 - 7.2%
3-2008 3-2009 3-2010 3-2011
Percent of Original
91.0% 89.1% - 2.1% 90.4% 88.6% - 2.0%
List Price Received
3-2008 3-2009 3-2010 3-2011
Housing Affordability Index 135 147 + 8.5% 135 149 + 10.7%
3-2008 3-2009 3-2010 3-2011
Inventory of Homes for Sale 10,363 8,663 - 16.4% -- -- --
3-2008 3-2009 3-2010 3-2011
Months Supply
13.9 11.3 - 18.5% -- -- --
of Homes for Sale
3-2008 3-2009 3-2010 3-2011
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3. New Listings
A count of the properties that have been newly listed on the market in a given month.
March Year To Date Month
Prior Current
+/–
Year Year
April 1,695 1,932 +14.0%
2,190 May 1,710 1,670 -2.3%
5,752 June 1,652 1,716 +3.9%
1,877 5,315
1,739 July 1,639 1,558 -4.9%
4,715
August 1,626 1,666 +2.5%
September 1,619 1,399 -13.6%
October 1,605 1,238 -22.9%
November 1,217 1,101 -9.5%
December 1,133 961 -15.2%
January 1,808 1,514 -16.3%
February 1,754 1,462 -16.6%
+16.7% -20.6% +8.2% -18.0%
March 2,190 1,739 -20.6%
2009 2010 2011 2009 2010 2011 12-Month Avg 1,637 1,496 -8.6%
Historical New Listing Activity
3,000
2,500
2,000
1,500
1,000
500
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011
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4. Pending Sales
A count of the properties that have offers accepted on them in a given month.
March Year To Date Month
Prior Current
+/–
Year Year
April 781 1,213 +55.3%
1,059 May 848 667 -21.3%
980 2,512 2,514
June 808 699 -13.5%
July 846 740 -12.5%
1,798 August 825 744 -9.8%
695
September 775 732 -5.5%
October 820 612 -25.4%
November 578 642 +11.1%
December 514 533 +3.7%
January 706 709 +0.4%
February 747 825 +10.4%
+52.4% -7.5% +39.7% +0.1%
March 1,059 980 -7.5%
2009 2010 2011 2009 2010 2011 12-Month Avg 776 758 -2.3%
Historical Pending Sales Activity
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011
All data from the Charleston Trident Association of REALTORS®. Powered by 10K Research and Marketing. Data deemed reliable but not guaranteed. Consult your agent for market specifics. | Click for Cover Page | 4
5. Closed Sales
A count of the properties that have closed in a given month.
March Year To Date Month
Prior Current
+/–
Year Year
April 578 865 +49.7%
821 May 742 943 +27.1%
758
June 791 1,109 +40.2%
1,910
625 1,767 July 880 677 -23.1%
1,506 August 754 712 -5.6%
September 771 703 -8.8%
October 803 663 -17.4%
November 851 616 -27.6%
December 656 678 +3.4%
January 450 508 +12.9%
February 559 581 +3.9%
+21.3% +8.3% +17.3% +8.1%
March 758 821 +8.3%
2009 2010 2011 2009 2010 2011 12-Month Avg 716 740 +5.2%
Historical Closed Sales Activity
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011
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6. Days on Market Until Sale
The average number of days between when a property is first listed and when an offer is accepted. Sold properties only.
March Year To Date Month
Prior Current
+/–
Year Year
April 119 111 -6.3%
123 May 114 109 -4.0%
116 115 115 116
June 112 96 -14.6%
104
July 119 107 -9.7%
August 115 105 -9.0%
September 105 99 -6.3%
October 102 99 -3.0%
November 97 103 +6.5%
December 117 110 -5.6%
January 128 116 -9.8%
February 120 115 -3.9%
-15.4% +11.2% -0.2% +0.3%
March 104 116 +11.2%
2009 2010 2011 2009 2010 2011 12-Month Avg 112 107 -4.4%
Historical Days on Market Until Sale
140
120
100
80
60
40
20
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011
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7. Median Sales Price
The median sales price for all closed sales in a given month. Sold properties only. Does not account for seller concessions.
March Year To Date Month
Prior Current
+/–
Year Year
April $182,500 $178,950 -1.9%
$184,990 $184,414 $181,925 $185,000
$177,737 $173,995 May $185,000 $186,000 +0.5%
June $193,638 $186,827 -3.5%
July $185,000 $195,000 +5.4%
August $187,000 $199,990 +6.9%
September $176,026 $189,990 +7.9%
October $170,370 $194,995 +14.5%
November $174,000 $193,500 +11.2%
December $194,938 $180,000 -7.7%
January $193,000 $173,990 -9.8%
February $179,900 $166,500 -7.4%
-0.3% -3.6% +1.7% -5.9%
March $184,414 $177,737 -3.6%
2009 2010 2011 2009 2010 2011 12-Month Avg $183,050 $185,000 +1.1%
Historical Median Sales Price
$220,000
$210,000
$200,000
$190,000
$180,000
$170,000
$160,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011
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8. Average Sales Price
The average sales price for all closed sales in a given month. Sold properties only. Does not account for seller concessions.
March Year To Date Month
Prior Current
+/–
Year Year
April $270,880 $253,030 -6.6%
$263,410 $265,608 May $257,561 $262,696 +2.0%
$252,688 $253,372 $254,669 $246,446 June $263,392 $254,601 -3.3%
July $258,672 $275,297 +6.4%
August $249,894 $295,771 +18.4%
September $234,350 $264,200 +12.7%
October $242,476 $263,727 +8.8%
November $224,112 $259,382 +15.7%
December $286,550 $262,802 -8.3%
January $271,665 $252,335 -7.1%
February $263,719 $231,327 -12.3%
+ 4.2% - 3.8% + 4.3% - 7.2%
March $263,410 $253,372 -3.8%
2009 2010 2011 2009 2010 2011 12-Month Avg $255,438 $260,837 +2.1%
Historical Average Sales Price
$325,000
$300,000
$275,000
$250,000
$225,000
$200,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011
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9. Percent of Original List Price Received
The average percentage found when dividing a property's sales price by the original list price.
Sold properties only. Does not account for seller concessions.
March Year To Date Month
Prior Current
+/–
Year Year
April 88.7% 91.0% +2.6%
89.6% 91.0% 89.1% 89.7% 90.4% 88.6% May 89.0% 91.2% +2.5%
June 90.0% 92.2% +2.4%
July 90.3% 91.0% +0.8%
August 90.2% 90.0% -0.3%
September 91.4% 90.1% -1.4%
October 91.9% 89.7% -2.4%
November 92.2% 89.6% -2.8%
December 90.2% 89.2% -1.1%
January 89.9% 87.9% -2.3%
February 90.0% 88.5% -1.6%
+1.5% -2.1% +0.8% -2.0%
March 91.0% 89.1% -2.1%
2009 2010 2011 2009 2010 2011 12-Month Avg 90.5% 90.2% -0.4%
Historical Percent of Original List Price Received
100%
98%
96%
94%
92%
90%
88%
86%
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011
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10. Housing Affordability Index
This index measures housing affordability for the region. An index of 120 would mean the median household income was 120% of what's necessary
to qualify for the median priced home under prevailing interest rates. The higher the number, the more affordable our housing is.
March Year To Date Month
Prior Current
+/–
Year Year
April 136 139 +1.7%
147 149
May 130 134 +3.1%
134 135 135 135
June 125 137 +9.3%
July 131 135 +2.8%
August 132 133 +0.8%
September 141 140 -0.6%
October 144 137 -4.9%
November 144 139 -3.5%
December 127 146 +15.0%
January 130 149 +14.4%
February 138 154 +11.5%
+1.2% +8.5% -0.5% +10.7%
March 135 147 +8.5%
2009 2010 2011 2009 2010 2011 12-Month Avg 135 141 +4.9%
Historical Housing Affordability Index
160
150
140
130
120
110
100
90
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011
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11. Inventory of Homes for Sale
The number of properties available for sale in active status at the end of the month.
March Month
Prior Current
+/–
Year Year
April 11,068 10,296 -7.0%
11,095
10,363 May 11,008 10,415 -5.4%
June 10,815 10,350 -4.3%
8,663 July 10,630 10,198 -4.1%
August 10,521 10,018 -4.8%
September 10,374 9,763 -5.9%
October 10,281 9,524 -7.4%
November 10,082 9,215 -8.6%
December 9,638 8,592 -10.9%
January 9,777 8,648 -11.5%
February 10,072 8,632 -14.3%
-6.6% -16.4%
March 10,363 8,663 -16.4%
2009 2010 2011 12-Month Avg 10,386 9,526 -8.4%
Historical Inventory of Homes for Sale
12,000
11,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011
All data from the Charleston Trident Association of REALTORS®. Powered by 10K Research and Marketing. Data deemed reliable but not guaranteed. Consult your agent for market specifics. | Click for Cover Page | 11
12. Months Supply of Inventory
Compares the number of active listings available to the average monthly pending sales for the last 12 months.
March Month
Prior Current
+/–
Year Year
April 16.7 13.3 -20.5%
16.4 May 16.9 12.8 -24.0%
13.9 June 16.7 13.0 -22.2%
July 16.5 13.0 -21.5%
11.3 August 16.2 12.9 -20.5%
September 15.7 12.6 -19.5%
October 15.3 12.4 -18.8%
November 14.4 12.3 -14.9%
December 13.6 11.4 -16.5%
January 13.7 11.4 -16.4%
February 13.8 11.4 -17.3%
-15.2% -18.5%
March 13.9 11.3 -18.5%
2009 2010 2011 12-Month Avg 15.3 12.3 -19.4%
Historical Months Supply of Inventory
18
16
14
12
10
8
6
4
2
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011
All data from the Charleston Trident Association of REALTORS®. Powered by 10K Research and Marketing. Data deemed reliable but not guaranteed. Consult your agent for market specifics. | Click for Cover Page | 12