Charleston real estate market report, Charleston home prices May 2008
Sometimes you just can't make stuff up. All the talk in the media is how home prices are dropping faster than a rock. And we're talking about a big rock, more like a boulder running downhill. Yet the Charleston real estate market continues to defy gravity with prices actually increasing despite fewer sales and continued high inventory levels. I've mentioned the idea on several occasions that the law of supply and demand doesn't seem to apply to Charleston home prices.
Of special interest this month is sales in the Charleston luxury condo classification. A large development in Wild Dunes Resort called The Village recently closed. It tends to "skew" the numbers somewhat just like several years ago when a lot of condo conversions caused much higher unit sales of lower priced condos.
Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.
