Charleston Real Estate Market Update
Here I will compare the past two Octobers to the pre real estate bubble year of 2002.
October 2006 2007 2002
DOM 77 96 90
Average Price 300k 294k 220k
Median Price 206k 207k 155k
Under Contract 976 401 746
Contingent 988 796 429
As you can see, the market has slowed conciderably in one year. The selling prices are doing well but the DOM (days on Market) and homes under contract show less demand which means the prices will eventually slip a little as well. Charleston is fairing quite well considering how bad other parts of the country like Florida are doing. We are seeing steady sales and a healthy demand similar to pre bubble times. I would expect the market to flatten out over the winter and throughout 2008 with steady sales in the 200k to 300k range.
The high end market should continue at the usual pace but the excess inventory from spec homes coming on the market may slow things for areas like Kiawah and Seabrook and could possibly cause some competitive pricing as well.
If you are concidering listing your home, it would be a good idea to consult a Realtor who knows your area well. The key to selling your home in this market is pricing it right and getting it as presentable as possible. The better your home looks compared to your neighbors could make a huge difference to a buyer.
Dustin
