Charleston real estate market report, home prices in Charleston, Oct 31, 2008
When supply exceeds demand, prices should fall and for the longest time, the Charleston real estate market seemed to defy the law of supply and demand with prices basically remaining stable and occasionally, increasing or decreasing by a minimal amount.
But, as you'll see, that is now starting to change somewhat, especially in single family homes selling for under $600,000, the housing classification that represents over 70% of all Charleston real estate transactions, where you can now see a decline of 3+ percent on a year over year basis.
And it's still interesting and a mystery to me to note that prices for condos and townhomes are still showing increases on a year over year basis.
Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.
The declines have been a bit steeper in the past several months as highlighted in the table below which represents all Charleston housing activity in the past 12 months compared to the previous 12 month period. While some of the decline in median price (the middle point of all sales) is due to the mix of homes being sold with fewer sales at the higher price points, clearly there is increasing pressure on home prices.
