The Charleston Trident Association of REALTORS® announced that home sales are up 22% year over year. The changes vary by county and by market. Houses under $500,000 are still the most likely to move. For the full details, see the full text of the press release below.

March 2010: Residential Real Estate Sales Up 22%; Prices Hold Steady

Preliminary data from the Charleston Trident Association of REALTORS® shows 691 homes sold at a median price of $185,000 in March. This represents a 22% increase in sales and maintenance of the median price from March 2009, when 568 homes sold at a median price of $185,000.

Year-to-date, 23% more homes sold at prices 3% higher than this time last year. Thus far in 2010, 1,670 homes sold at an average median price of $185,501. At this time last year, 1,357 homes had sold at an average median price of $180,473.

This suggests a strong beginning to the typically busy spring and summer seasons, which got off to a slow start in 2009. “The activity in the early months of 2010 is incredibly encouraging—every month, we’re seeing sustainable growth in home sales and prices are holding steady” said Jeremy Willits, 2010 CTAR President. “We didn’t have sales numbers in this range until May or June in 2009” said Willits.

Though no one is sure what the months following the expiration of the tax credit will look like, Willits concurs that the homebuyer tax credit appears to have done what it was supposed to do. “The tax credit was not intended to be a long-term initiative. It incentivized the purchase of a home, following a year of uncertainty and volatile market activity. It was designed to help stabilize the market and that’s exactly what we’ve seen it do in Charleston” said Willits.

Rising mortgage rates and the uptick in buyer activity could encourage potential buyers looking to make an investment in real estate before they are priced out of the market. Following last week’s rise in mortgage rates, from 5.03% to more than 5.20% last Wednesday, some potential buyers realize that low rates and market affordability won’t last forever. For every 1 percentage point rise in rates, 300,000 to 400,000 would-be buyers are priced out of the market in a given year, according to the National Association of REALTORS®.

There were 9,849 active listings on the market as of March 31, 2010. March represents the third consecutive month with less than 10,000 properties on the market.

FEBRUARY 2010 ADJUSTMENT

Preliminary numbers reported for February 2010 indicated 509 properties had sold at a median price of $179,900. Adjusted numbers now show that 541 properties sold at a median price of $179,755.

BERKELEY COUNTY

In March, 145 homes sold at a median price of $163,343 in Berkeley County reflecting a 6% increase in sales volume and a 1% change in median prices when compared to last March, when 137 homes sold at a median price of $165,000.

CHARLESTON COUNTY

378 residential properties changed hands in March in Charleston County, increasing by 31% when compared to March 2009’s 288 sales. Median prices have risen 9% since last year, settling at $246,000 this month.

DORCHESTER COUNTY

142 homes sold in Dorchester County in March at a median price of $148,400. Sales activity has increased by 27% when compared to March of last year, when 112 homes sold. Median prices have dipped 8% to $148,400 as compared to March 2009, when the median home price was $161,000.

Please note: “Preliminary number” indicates all sales and values for closings posted within 10 days following the close of the month. “Adjusted number” indicates the value after all sales have been posted.

According to the 13th Annual of Best Of Awards by the Charleston City Paper, I’On in Mount Pleasant, SC is the Best Neighborhood in Charleston.

The City Paper briefly describes the neighborhood this way:

“Pond-front homes and community squares and sidewalks, oh my. Modern suburbia has never been so lush and so close.”

Close to the Mount Pleasant library and backing up to Hobcaw Creek, Point Pleasant offers a friendly place to live in the heart of Mount Pleasant. Click the triangular play button to watch a video snapshot of the neighborhood.

This video celebrates the impending arrival of spring in the Charleston Lowcountry. The photos and video clips were all taken this week, most of them yesterday, by photographer Judy Drew Fairchild from BluePixy.com.

Whispers of a Lowcountry Spring from BluePixy on Vimeo.

Reggie Fairchild, a Simplistate Co-founder and Realtor, has a number of houses for rent on Dewees Island. See the possibilities at DeweesRentals.com.

Here’s a great time lapse video of the Charleston Port and Arthur Ravenel Bridge (the new bridge).