The real Charleston real estate market - in a new and better format
Thanks to some excellent feedback, here is another view of this valuable information on the market trends in Charleston. I previously used the mls format but looking at the information by month year to year really shows the trends very nicely.
Month Monthly Sales 05 Monthly Sales 06 Change Yr/Yr
January 1031 1161 +12.6%
February 1093 1148 +5.0%
March 1739 1602 -7.8%
April 1514 1422 -6.1%
May 1674 1641 -1.9%
June 1854 1697 -8.5%
July 1544 1407 -8.9%
August 1687 1382 -18.0%
September 1519 1396 -8.1%
October 1389 1071 -22.9%
November 1405
December 1573
Month Monthly Inventory 05 Monthly Inventory 06 Change Yr/Yr
January 4224 5199 +23.1%
February 4232 5906 +39.6%
March 4211 6271 +48.9%
April 4173 6600 +58.2%
May 4111 6908 +68.0%
June 3988 7302 +83.1%
July 4282 7736 +80.7%
August 4346 7884 +81.4%
September 4505 7997 +77.5%
October 4745 8252 +73.9%
November 5015
December 5167
As you can see, unit sales began to decline in March 06 and have declined on a year over year basis every month since. Inventory started to accelerate the last quarter of 05 and has greatly increased during all of 06.
As to pricing, it remains strong based on the average selling price.
Total sales volume Jan-Oct 05 $4,193,140,429 Total sales volume Jan-Oct 06 $4,134,908,703
Total units sold Jan-Oct 05 15,044 Total units sold Jan-Oct 06 13,927
Average selling price Jan-Oct 05 $278,725 Average selling price Jan-Oct 06 $296,899
Bottom line, unit sales have decreased by 7.42% and the average price has increased by 6.52%.