Charleston real estate market report, home prices, November 2, 2009
Due almost entirely to the mix of homes being sold recently, prices appear to be down probably a little more than they really are. But when most of the sales are to first time home buyers and bargain hunters looking for bank owned homes, the entry level price point is dominating the Charleston real estate market.
At the beginning of the year, homes under $300k represented about 75% of the market and today they account for almost 80% of all home sales so the median has to move down. But when you take a look at the price per square foot, (and please keep in mind that this is a really difficult statistic to verify as totally accurate), prices are flat at $114 per square foot for homes selling under $300k for the last year but down approximately 14% and 13% respectively for mid priced homes and luxury homes.
But the surprising thing is that looking at both the median and average price, home prices seem lower for the entry level price point but more stable for mid priced and luxury homes and that just doesn't correspond with market realities.
Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.
Blue 2007 | Red 2008 | Yellow 2009
Median prices
Average prices
12 month comparison
