Charleston real estate market report, home prices, Dec 3, 2008
There is even more pressure on home prices in the Charleston real estate market this month as high inventory and declining demand continue to take a toll. You'll notice that the average sales price is lower than the previous year for the past three months while the median price has declined for the past five months. The charts reflect all Charleston sales for the past two years and the blue line represents the prior 12 months and the red line reflects the current 12 month period.
In thinking of how to improve the information provided in the Charleston real estate market report, rather than classifying prices, sales and inventory by price range and housing type, beginning next month I'm going to eliminate housing type. Several years ago, I split out condos and townhomes because there was such a glut of inventory due to lots of condo conversions and simple overbuilding and while single family homes continued to appreciate for quite a bit longer, the condo boom ultimately proved to be the first crack in the housing boom. More price ranges will be available for you: all Charleston sales, under $300k, $300-$600k and $600k and higher.
Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.
