Charleston real estate market report, home prices, July 16, 2009
Home prices in the Charleston real estate market improved in May and an early look at June will show even higher prices but before I appear to be disingenuous, seasonal factors must be taken into account and a recent post will confirm that prices are generally stronger during the more active months of the Charleston real estate calendar. So while news that prices have improved in May and June is good, it's tempered by the fact that Charleston home prices are down about 10% in the past year.
Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.
Median home prices
(blue - 2007, red - 2008, yellow - 2009)
Average home prices
(blue - 2007, red - 2008, yellow - 2009)
Year over year comparison
The decline in $ per square foot in the last year probably reflects both pricing pressure and the changing mix of home sales with more activity in the under $300k and less activity in both mid priced and luxury homes in the Charleston real estate market. Once again, you'll notice that homes in the under $300k price range continue to represent a larger share of the market.
Another interesting thing from the above chart is the price paid compared to the list price. Buyers are so firmly in control of the market with so many available homes for sale that anyone who is selling their home must be flexible with regard to their asking price. A home, after all, is only worth what a ready, willing and able buyer offers.