Charleston real estate market report, March 2008 home prices
Despite declining unit sales in most classifications, Charleston home prices continue to be very stable despite what you may hear and read in the media. While earlier today I reported a 5% decline in median prices from sales in March of 2007 and sales in March of 2008 on a year over year basis, the problem with using that statistical methodology is the mix of homes sold in one month from one year to the next causes prices to appear to rise one month and fall the next. Instead, the home prices displayed here reflect the most recent 12 month period compared with the previous 12 month period.
Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.
Single family homes
| Under 600k | | | | |
| Dates | Sales | Avg Sale | Median Sale | DOM |
| 4/1/2006-3/31/2007 | 10,651 | $231,543 | $205,798 | 57 |
| 4/1/2007-3/31/2008 | 8,069 | $230,954 | $205,000 | 77 |
| Change | -24.24% | -0.25% | -0.39% | 35.09% |
| Over 600k | | | | |
| Dates | Sales | Avg Sale | Median Sale | DOM |
| 4/1/2006-3/31/2007 | 1,092 | $1,112,033 | $869,500 | 106 |
| 4/1/2007-3/31/2008 | 778 | $1,156,888 | $850,000 | 149 |
| Change | -28.75% | 4.03% | -2.24% | 40.57% |
Condos and townhomes
| Under 600k | | | | |
| Dates | Sales | Avg Sale | Median Sale | DOM |
| 4/1/2006-3/31/2007 | 3,223 | $191,337 | $174,900 | 49 |
| 4/1/2007-3/31/2008 | 2,386 | $211,198 | $180,000 | 88 |
| Change | -25.97% | 10.38% | 2.92% | 79.59% |
| Over 600k | | | | |
| Dates | Sales | Avg Sale | Median Sale | DOM |
| 4/1/2006-3/31/2007 | 186 | $967,539 | $801,775 | 94 |
| 4/1/2007-3/31/2008 | 186 | $967,683 | $872,500 | 102 |
| Change | 0.00% | 0.01% | 8.82% | 8.51% |