Charleston real estate market report, sales, inventory and home prices, November 2011
As we've seen all year, November turned out to be another good month for the Charleston housing market. Home sales in November were 5 percent higher than November of 2011 and we are all but virtually assured that sales in 2011 will be higher than last year. Both the median and average price in November were very comparable with last year which is certainly good news but are down a little on a year over year basis.
The best news is that inventory levels have really come down sharply this year. About the only bad news is that the luxury Charleston real estate market is not doing quite as well as last year with fewer sales most months than than in 2010. Look for the big year end Charleston real estate market report to be published in Mid-January and I hope each of you has a very Happy Holiday Season!
Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.
Year to Year Comparison and Home Prices
Sales and Inventory
Home Sales
Inventory
Inventory and Absorption Rate
Inventory is represented by the blue line and corresponds to the left axis; the absorption rate is represented by the red line and corresponds to the right axis.
Sales, Inventory and Absorption Rate for all homes and by price range
The current inventory (inv) column reflects the number of active listings on the market on the 16th day of each month. The months of inventory (mo) column is equal to the current inventory divided by the monthly sales. This reflects how many months it would take to sell out of inventory at the current month’s rate of sale. It can also be referred to as the absorption rate.