The market in Charleston is progressively improving, even though the national market is currently still in a questionable period. Inventory is reducing, but other factors are still resulting in a powerful buyers market.
In August 2008, There were 1670 new listings, down from July's 1910, which is always good news. There are currently 10,712 active listing in the MLS for an average list price of $514,963, however the median price is $279,000. They have been on the market for an average of 169 days. There were 1366 contingent or pending transaction in August 2008, and there were only 656 sold properties, down from last month's 768. The average sold price was $296,922 with a median price of $200,000 and an average days on market of 104 days. The list to sale ratio was 94%.
There is still more inventory out there than buyers, but for savvy buyers, the prices are amazing! Property prices are more reasonable as they have ever been. It's still a fantastic time to buy with rates historically low. Due to Charleston's fantastic position, I believe the correction cycle will be much shorter than the national trends. Charleston has continued to beat the national numbers regarding real estate and Charleston is still listed on the Top 10 places to move! To find out specific market conditions for your home or neighborhood, contact Michele for a FREE no obligation analysis.Or to find out if you qualify to make a home purchase, contact Michele for a list of lender that are qualified to help you with VA, FHA, state housing and conventional loans.
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