"The town's name is evocative of its history. Situated on a pine-forested ridge, it was first inhabited in the late 1700's as Charlestonians and other inhabitants of the SC Lowcountry sought respite from the summer heat, mosquitos and disease. From May to September plantation families along the nearby Ashley River and other coastal areas, headed for higher elevation to live temporarily or "maroon," in the tiny forest colony soon dubbed Summerville. Other pioneer residents descended from those 1696 puritans who settled the nearby former colonial settlement of Dorchester, endowing Summerville with a heritage spanning three centuries."
"Summerville's beauty is mirrored in her motto, "The Flower Town in the Pines." Since the early 1900's day tourists have flocked to the town during early spring to enjoy millions of spring blossoms, particularly azaleas, in private and public gardens, including the mid-town Azalea Park. It's no wonder perhaps that the motto on the town's official seal is Sacra Pinus Esto- The Pine is Sacred."
In 2000 Summerville sold 1200 single family detached homes and by 2005 reached 3200 homes per year. The number of homes sold averaged 28.4% growth per year from 2002 to 2005. The sales dollar volume grew from $161.3 million to a high of $700 million in 2006. The average home sold for $209,567 in 2006 with a median sales price of $194,170 and on average sold for 99.7% of the listing price. During that year homes averaged 46 days on the market (DOM) and there was a 3.5 months supply of homes in inventory at the end of 2006.
In 2007 the Summerville homes sold declined by -23% from the previous year to 2472 homes. In 2008 the home sales dropped -32.5% to 1668 homes sold. This sharp decline in home sales resulted in only a -4% average sold price and -5% median sales price in 2008.
The average and median sale price decline from 2008 to 2009 YTD (5/18/09) averaged -13.7% and -14% respectively to $176,926 average and $169,098 median price. There were 381 homes sold in 2009 through May 18th which will probably remain below the 2008 levels. The homes have sold on average 96.94% of the list price.
The decline in Summerville single family detached home is similar to the greater Charleston area. The average and median sales price have remained strong compared to other areas across the country. Summerville is a highly desirable place to live offering a rich history, wonderful life style and exceptional value to buyers moving into the area.
The slides below show the development of the Summerville single family detached home market. I hope this information is helpful to agents and their clients.
Figure 1: Monthly Home Sales
Figure 2: Yearly Home Sales
Figure 3: List, Average and Median Price
Figure 4: Sold Price as % of List Price
