Charleston real estate market report, Aug 2008, unit sales
Unit sales in the Charleston real estate market continue to decline from previous years. All the usual reasons continue to remain in place, fewer buyers either because of tighter lending standards, fear of overpaying or that home prices will decline in the future and I think most importantly, a growing lack of confidence in the economy. With what we have seen going on in the financial markets especially in the past month, I think that confidence will weaken even further so that will not bode well for unit sales in the coming months.
The statistical breakdown by classification is below followed by a chart showing single family home sales under $600k with a year over year comparison.
Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.
Sales for 2007 are in blue and sales for 2008 are in red. Sales are steady but at lower levels.
