Charleston real estate market report, March 31, 2009, home prices
Home prices continue to be pressured by several factors including the economy, low consumer confidence, fear and high inventory levels with over 10,0000 available homes for sale in the Charleston area. But in my opinion, the biggest reason we are seeing lower prices today is that sales activity at lower price points is what is currently driving the market.
This suggests that first time buyers are more active in part driven by the $8k first time homebuyer tax credit and the "move up" buyer is not moving up, either because they can't sell their current home or they don't have enough money to sell it and buy another home.
It also suggests that buyers are very interested in foreclosures which appear to be more attractively priced than homes being offered by homeowners. Everyone wants a deal and whether you are interested in a foreclosure or one of the many homes being offered for sale by motivated sellers, great deals can be negotiated.
Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.
Charleston median home prices
Charleston average home prices
Year over year comparison
