May 2011 Indicators: Charleston Trident Association of Realtors

Homeownership is about painting a room fluorescent fuchsia without asking anyone’s permission. The recent market challenges have forced some homeowners to become begrudging renters or unintentional landlords. For the nation as a whole, the National Association of REALTORS® reports that the homeownership rate has shifted from 69.0 percent in 2005 to 66.5 percent so far in 2011. While that’s not a tectonic shift, let’s see what other indicators reveal since that first fateful month after the 2010 tax credit.

New Listings in the Charleston region decreased 73.3 percent to 449. Pending Sales were down 45.8 percent to 362. Inventory levels shrank 15.3 percent to 8,764 units, but there are still plenty of great choices out there.Prices gained some traction. The Median Sales Price increased 2.7 percent to $189,950. Days on Market increased 15.2 percent to 126 days.

Consumers were absorbing homes more quickly as Months Supply of Inventory was down 6.7 percent to 11.8 months. Affordability also improved.

Read more: Download the May 2011 Indicators (PDF)