Charleston absorption rate by location
As a follow up to yesterday's post of Charleston absorption rate by price range, let's look at the absorption rate by location within the Charleston real estate market.
And as you might expect, those areas in Charleston that have more entry level priced homes have a lower absorption rate than locations with more mid priced and luxury homes since Charleston real estate sales during this past year were heavily oriented toward lower priced entry level homes appealing to first time home buyers motivated to buy because of the $8k tax credit along with buyers of distressed properties including foreclosures and short sales.
Take a look at the North Area of Charleston and you'll see that popular communities including Summerville, Goose Creek and others have significantly lower absorption rates than either Mount Pleasant, West Ashley or James Island where the mix of homes is slightly more expensive. Furthermore, areas with mostly luxury real estate in Charleston including the Historic Charleston Peninsula or the Charleston beaches have astronomical absorption rates measured in years rather than months.
Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.
