[Real estate is local] Local Charleston real estate doing better than most
The National Association of Realtors (NAR) released February existing home sales the other day and expressed concern that the housing recovery was fragile at this point.
"Existing-home sales declined slightly in February, with modest gains in the Northeast and Midwest offset by softer sales in the South and West."
But the Charleston real estate market proved resilient once again as sales in February increased almost 20% over the February 2009. And while inventory still remains high, it actually declined almost 6% from February of last year.
One of the most important things is that sales improved and inventory declined in all price categories including the mid priced (move up) market and the Charleston luxury housing market, both of which had a pretty tough time last year so the strength in our local market isn't due to just the first time home buyers and the home buyer tax credit.
Look for much more detailed information in the Charleston real estate market report in a few days.