Charleston South Carolina real estate market report, Feb 08
This year, the Charleston real estate market report has a new format but the trends remain the same in all housing categories, declining unit sales, elevated inventory levels and stable prices with very little appreciation or depreciation.
There is a little more volatility in the luxury real estate market because there are fewer sales causing greater swings from month to month. As I pointed out yesterday, luxury condos and townhomes have actually shown nice appreciation on both an average and median basis. Extraordinary high levels of inventory available for sale in the luxury market could potentially put pressure on pricing. Look at the absorption rate in this market.
Anecdotal evidence actually runs counter to the statistics and there is significant pricing pressure being applied by buyers in today's market. If the seller isn't willing to negotiate, the buyer will move on to the next home. I'm not referring to lowball offers but reasonable offers below list or asking prices. As long as a buyer doesn't fall in love with a home, advantageous buys are available and with so much inventory to choose from, they are in command.
Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.
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| 12 month comparison | | | | |
| Single Family Homes | | | | |
| Under 600k | | | | |
| Date | Sales | Avg Sale | Median Sale | DOM |
| 12 months 2/1/2006-1/31/2007 | 10,846 | $229,945 | $204,013 | 65 |
| 12 months 2/1/2007-1/31/2008 | 8,642 | $233,313 | $207,000 | 88 |
| Change | -20.32% | 1.46% | 1.46% | 35.38% |
| Over 600k | | | | |
| Date | Sales | Avg Sale | Median Sale | DOM |
| 12 months 2/1/2006-1/31/2007 | 1,138 | $1,165,555 | $875,000 | 109 |
| 12 months 2/1/2007-1/31/2008 | 835 | $1,142,775 | $850,000 | 155 |
| Change | -26.63% | -1.95% | -2.86% | 42.20% |
| Condos and Townhomes | | | | |
| Under 600k | | | | |
| Date | Sales | Avg Sale | Median Sale | DOM |
| 12 months 2/1/2006-1/31/2007 | 3,434 | $194,413 | $178,550 | 66 |
| 12 months 2/1/2007-1/31/2008 | 2,480 | $206,187 | $177,000 | 105 |
| Change | -27.78% | 6.06% | -0.87% | 59.09% |
| Over 600k | | | | |
| Date | Sales | Avg Sale | Median Sale | DOM |
| 12 months 2/1/2006-1/31/2007 | 206 | $917,727 | $799,500 | 117 |
| 12 months 2/1/2007-1/31/2008 | 184 | $1,010,233 | $877,500 | 136 |
| Change | -10.68% | 10.08% | 9.76% | 16.24% |
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| Monthly Unit Sales | | | |
| Month | Sales 06 | Sales 07 | Sales 08 | 07 to 06 | 08 to 07 |
| Single Family Homes | | |
| under 600k | | | |
| Jan | 697 | 641 | 437 | -8.03% | -31.83% |
| Feb | 788 | 727 | | -7.74% | |
| Mar | 1056 | 918 | | -13.07% | |
| Apr | 862 | 714 | | -17.17% | |
| May | 1057 | 868 | | -17.88% | |
| June | 1198 | 922 | | -23.04% | |
| July | 929 | 783 | | -15.72% | |
| Aug | 932 | 810 | | -13.09% | |
| Sep | 1014 | 666 | | -34.32% | |
| Oct | 745 | 592 | | -20.54% | |
| Nov | 823 | 625 | | -24.06% | |
| Dec | 802 | 546 | | -31.92% | |
| over 600k | | | |
| Jan | 88 | 65 | 47 | -26.14% | -27.69% |
| Feb | 70 | 50 | | -28.57% | |
| Mar | 122 | 96 | | -21.31% | |
| Apr | 102 | 77 | | -24.51% | |
| May | 132 | 91 | | -31.06% | |
| June | 124 | 105 | | -15.32% | |
| July | 100 | 76 | | -24.00% | |
| Aug | 111 | 101 | | -9.01% | |
| Sep | 88 | 52 | | -40.91% | |
| Oct | 93 | 45 | | -51.61% | |
| Nov | 67 | 48 | | -28.36% | |
| Dec | 64 | 48 | | -25.00% | |
| Condos and Townhomes | | |
| under 600k | | | |
| Jan | 304 | 146 | 87 | -51.97% | -40.41% |
| Feb | 253 | 159 | | -37.15% | |
| Mar | 352 | 232 | | -34.09% | |
| Apr | 413 | 239 | | -42.13% | |
| May | 376 | 308 | | -18.09% | |
| June | 307 | 292 | | -4.89% | |
| July | 334 | 253 | | -24.25% | |
| Aug | 297 | 208 | | -29.97% | |
| Sep | 275 | 186 | | -32.36% | |
| Oct | 247 | 206 | | -16.60% | |
| Nov | 201 | 175 | | -12.94% | |
| Dec | 233 | 126 | | -45.92% | |
| over 600k | | | |
| Jan | 27 | 11 | 14 | -59.26% | 27.27% |
| Feb | 23 | 8 | | -65.22% | |
| Mar | 23 | 18 | | -21.74% | |
| Apr | 22 | 11 | | -50.00% | |
| May | 28 | 11 | | -60.71% | |
| June | 22 | 15 | | -31.82% | |
| July | 11 | 21 | | 90.91% | |
| Aug | 16 | 14 | | -12.50% | |
| Sep | 9 | 29 | | 222.22% | |
| Oct | 21 | 21 | | 0.00% | |
| Nov | 8 | 11 | | 37.50% | |
| Dec | 12 | 11 | | -8.33% | |
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| Monthly Inventory | | | | | | |
| Month | Inv 06 | Mo 06 | Inv 07 | Mo 07 | Inv 08 | Mo 08 | 07 to 06 | 08 to 07 |
| Single Family Homes | | | | | |
| under 600k | | | | | | |
| Jan | 2934 | 4.21 | 4643 | 7.24 | 4743 | 10.85 | 58.25% | 2.15% |
| Feb | 3158 | 4.01 | 4789 | 6.59 | | | 51.65% | |
| Mar | 3374 | 3.20 | 5026 | 5.47 | | | 48.96% | |
| Apr | 3648 | 4.23 | 5248 | 7.35 | | | 43.86% | |
| May | 3751 | 3.55 | 5419 | 6.24 | | | 44.47% | |
| June | 4001 | 3.34 | 5547 | 6.02 | | | 38.64% | |
| July | 4308 | 4.64 | 5516 | 7.17 | | | 28.04% | |
| Aug | 4524 | 4.85 | 5598 | 6.91 | | | 23.74% | |
| Sep | 4670 | 4.61 | 5516 | 8.28 | | | 18.12% | |
| Oct | 4808 | 6.45 | 5376 | 9.08 | | | 11.81% | |
| Nov | 4762 | 5.79 | 5236 | 8.38 | | | 9.95% | |
| Dec | 4605 | 5.74 | 4985 | 9.13 | | | 8.25% | |
| over 600k | | | | | | |
| Jan | 806 | 9.16 | 1410 | 21.69 | 1781 | 37.89 | 74.94% | 26.31% |
| Feb | 889 | 12.70 | 1537 | 30.74 | | | 72.89% | |
| Mar | 983 | 8.06 | 1653 | 17.22 | | | 68.16% | |
| Apr | 1070 | 10.49 | 1750 | 22.73 | | | 63.55% | |
| May | 1186 | 8.98 | 1849 | 20.32 | | | 55.90% | |
| June | 1275 | 10.28 | 1861 | 17.72 | | | 45.96% | |
| July | 1368 | 13.68 | 1862 | 24.50 | | | 36.11% | |
| Aug | 1419 | 12.78 | 1832 | 18.14 | | | 29.11% | |
| Sep | 1416 | 16.09 | 1825 | 35.10 | | | 28.88% | |
| Oct | 1437 | 15.45 | 1865 | 41.44 | | | 29.78% | |
| Nov | 1446 | 21.58 | 1819 | 37.90 | | | 25.80% | |
| Dec | 1410 | 22.03 | 1788 | 37.25 | | | 26.81% | |
| Condos and Townhomes | | | | | |
| under 600k | | | | | | |
| Jan | 1074 | 3.53 | 2334 | 15.99 | 2310 | 26.55 | 117.32% | -1.03% |
| Feb | 1537 | 6.08 | 2439 | 15.34 | | | 58.69% | |
| Mar | 1619 | 4.60 | 2533 | 10.92 | | | 56.45% | |
| Apr | 1561 | 3.78 | 2661 | 11.13 | | | 70.47% | |
| May | 1836 | 4.88 | 2725 | 8.85 | | | 48.42% | |
| June | 1933 | 6.30 | 2677 | 9.17 | | | 38.49% | |
| July | 2130 | 6.38 | 2617 | 10.34 | | | 22.86% | |
| Aug | 2154 | 7.25 | 2605 | 12.52 | | | 20.94% | |
| Sep | 2237 | 8.13 | 2629 | 14.13 | | | 17.52% | |
| Oct | 2441 | 9.88 | 2563 | 12.44 | | | 5.00% | |
| Nov | 2419 | 12.03 | 2495 | 14.26 | | | 3.14% | |
| Dec | 2343 | 10.06 | 2391 | 18.98 | | | 2.05% | |
| over 600k | | | | | | |
| Jan | 148 | 5.48 | 339 | 30.82 | 462 | 33.00 | 129.05% | 36.28% |
| Feb | 163 | 7.09 | 369 | 46.13 | | | 126.38% | |
| Mar | 190 | 8.26 | 414 | 23.00 | | | 117.89% | |
| Apr | 222 | 10.09 | 417 | 37.91 | | | 87.84% | |
| May | 235 | 8.39 | 431 | 39.18 | | | 83.40% | |
| June | 281 | 12.77 | 446 | 29.73 | | | 58.72% | |
| July | 304 | 27.64 | 464 | 22.10 | | | 52.63% | |
| Aug | 322 | 20.13 | 477 | 34.07 | | | 48.14% | |
| Sep | 346 | 38.44 | 482 | 16.62 | | | 39.31% | |
| Oct | 365 | 17.38 | 476 | 22.67 | | | 30.41% | |
| Nov | 364 | 45.50 | 501 | 45.55 | | | 37.64% | |
| Dec | 361 | 30.08 | 474 | 43.09 | | | 31.30% | |
The current inventory (inv) column reflects the number of active listings on the market on the 16th day of each Month. The months of inventory (mo) 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 sales. It can also be referred to as the absorption rate.