Charleston market report, April
It's that time again, let's take a look at the Charleston market trends by first presenting and then analyzing the April statistics for Charleston South Carolina real estate. I'll preface the results with these 6 words, no change, more of the same.
Condos and Townhomes
Date Sales Cur Mo Inv Date Sales Cur Mo Inv Y/Y Sales Y/Y Inv
Inv Inv
01/06 331 1159 3.50 01/07 126 2170 17.22 -61.9% +87.2%
02/06 276 1628 5.90 02/07 133 2339 17.59 -51.8% +43.7%
03/06 374 1720 4.60 03/07 194 2519 12.98 -48.1% +46.5%
04/06 434 1685 3.88 04/07 203 2722 13.41 -53.2% +61.5%
05/06 405 1883 4.65 05/07
06/06 329 1989 6.05 06/07
07/06 343 2141 6.26 07/07
08/06 312 2160 6.92 08/07
09/06 282 2246 7.96 09/07
10/06 264 2407 9.12 10/07
11/06 206 2348 11.40 11/07
12/06 239 2202 9.21 12/07
Single Family
Date Sales Cur Mo Inv Date Sales Cur Mo Inv Y/Y Sales Y/Y Inv
Inv Inv
01/06 783 3697 4.72 01/07 565 5451 9.65 -27.8% +47.4%
02/06 855 4000 4.68 02/07 673 5666 8.42 -21.3% +41.6%
03/06 1170 4300 3.68 03/07 816 6021 7.38 -30.3% +40.0%
04/06 963 4654 4.83 04/07 691 6368 9.22 -28.2% +36.8%
05/06 1185 4845 4.09 05/07
06/06 1312 5156 3.93 06/07
07/06 1016 5486 5.40 07/07
08/06 1039 5691 5.48 08/07
09/06 1091 5758 5.28 09/07
10/06 833 5815 6.98 10/07
11/06 875 5658 6.47 11/07
12/06 837 5406 6.46 12/07
The "Current Inventory" column reflects the number of active listings on the market on the 16th day of each Month. The "Months of Inventory" column is equal to the "Current Inventory" divided by the "Monthly Sales". This reflects how many months it would take to sell out of inventory at the current month’s rate of sale.
Condos and Townhomes
Date Sales Avg List Avg Sale %LP/SP DOM Median Change
04/06 434 $242,081 $239,540 98.95% 54 $193,093
04/07 203 $226,181 $222,081 98.19% 94 $168,900 -12.53%
Single Family
Date Sales Avg List Avg Sale %LP/SP DOM Median Change
04/06 963 $327,703 $320,090 97.68% 62 $215,000
04/07 691 $339,747 $328,889 96.80% 91 $225,000 +4.66%
Median price for all sold properties
2006 $206,218
2007 $211,000 +2.32%
Once again, prices have held steady to slightly higher in single family homes but have finally started to decline in condos and townhomes where the inventory situation is much more bloated. Unit sales have steadied this year with single family off from 20% to 30% and condos and townhome sales off 50% to 60%. Inventory continues to grow in both segments of the market.
I'm still amazed at the lack of activity in the overall market since my personal activity seems to be much busier. I'm further amazed that prices have not declined considering the inventory levels in single family homes.
As a buyer's agent, I would be analyzing the comps for anyone considering making an offer on a property, take a look at days on the market and in most cases, offer anywhere from 5% to 10% below listing price if the property was priced reasonably close to market. In a buyers market and with a lot of selection, I think that as long as you don't "fall in love" with a house and have second and third choices that will work equally well, you can purchase today at a very attractive price. If you are selling, consider two things: if you have to sell, price it right and expect an even lower offer than you might have hoped for. If you don't have to sell, wait a bit for inventory to level out. This is not the time to be testing the waters.