Local home values rise, market stabalizes
From the Charleston Regional Business Journal
By Daily Journal Staff
The Charleston real estate market showed signs of healthy appreciation in January, the Charleston Trident Association of Realtors reported.
The median price of a Charleston area home rose 5.7% in January from January 2006. The number of units sold in January decreased 23.8% from January of last year. The average number of days a home stays on the market is currently 89 days, while about half the homes that sold last month (360 units) sold in 60 days or less.
Association president David Kent said the real estate market is now more normal and steady.
“Home sales are back to the healthy, stable markets we saw in 2003 and 2004, before the frantic pace of 2005,” Kent said.
There were 5,246 single-family residential properties on the market for sale last month compared with 3,687 homes for sale in January 2006.
Kent said there are advantages for both buyers and sellers in the current market. Sellers are benefiting from home values that are still rising, while buyers can take advantage of low interest rates and have large inventories from which to choose
