Charleston existing homes sales up year over year for the first time since Feb 2006
Existing home sales in Charleston were up on a year over year basis for the first time since February 06. Now before you get to excited, there have been 733 sales recorded in the Charleston MLS for September 09 compared to 732 sales in September 09 08 but even though it is currently only 1 more sale than last year, expect Charleston real estate agents to continue to slowly add a sale here or there for September over the next few months; with a self reporting system, that's just the way it is. (Recently, I noticed a sale recorded for an agent who had passed away several years earlier).
Month Sales Median Average
Sep 09 733 $175,000 $234,692
Sep 08 732 $186,995 $260,833
Aug 09 718 $187,000 $251,158
The median price declined 6.4% from both September 08 and August 09, the average price declined 10% from September 08 and 6.5% from August 09.
There is no doubt that the impact of the first time homebuyer tax credit was an important factor in the sales increase along with interest by bargain hunters looking at both foreclosures and short sales. Expect October and November sales to easily top last year as well. As for how sales will do once the tax credit is due to expire is anyone's guess but comparisons for December through February are pretty low so if the credit is not expanded or extended, it won't be until March of next year until there are more difficult numbers to beat.
How did the rest of the South do? The NY Times reports existing home sales in the South increased by 9% year over year with a 7.6% decline in the median price. But in housing, there are two parts to the Southern region of the US, Florida and the rest of us.
Sales were way up in foreclosure ravaged Florida with prices down sharply but sales in the major business centers of the South like Atlanta, Charlotte and Dallas were down on a year over year basis. Wouldn't it be nice for Charleston to be included with some of these reports. Anyway, you can read more about it.
Adorable statistics icon from the Charleston MLS.