CHARLESTON MARKET IMPROVES SLIGHTLY

Here is a press release from the Charleston Trident Association of Realtors that has not made headlines (yet?)

Median Price Rises, Inventory Declines

Date: 11/12/2007

Charleston, S.C. (November 12, 2007) –– The median sales price of a home in the Charleston area rose for the second month in a row to $208,705, reports the Charleston Trident Association of REALTORS® (CTAR). The median price for October 2007 is 0.8 percent above that of October 2006 ($206,950), and the year-to-date median home sales price ($210,000) rose 1.8 percent over 2006 ($206,230).

The number of sales in the lowcountry declined by 22.7 percent in October 2007 compared to October of last year (792 to 1,024). Year-to-date sales for 2007 (10,902 through October) are down by 21.2 percent over the same period in 2006 (13,837). The average time it took to sell a home increased to 3 months (96 days).

“We’ve seen record numbers of homes put on the market this year which lends itself to slightly reduced sale prices in some areas and a longer selling period,” said CTAR President David Kent. “The flip side is, of course, that buyers should be really excited about the selection they have to choose from. And with interest rates and prices so competitive, this really is a great time to buy a home!"

Market Statistics

	October 2006	October 2007	Y-T-D 2006	Y-T-D 2007
Units sold	1024	792	13837	10902
Avg. Days-on-Market	77	96	65	94
Median Price	$206,950	$208,705	206,230	210,000

Inventory
Inventory declined for the fifth month in a row, resting at 10,398 homes available for purchase through the Multiple Listing Service (MLS) as of November 10. There are 1,941 condos for sale, the majority of which (366) fall in the $140,000 - $199,999 price range. Single-family homes account for 8,802 listings. The greatest number (1,789) of single family homes currently for sale are priced in the $140,000 - $199,999 range. As of today there are 1,184 properties under contract.

2007 Current Inventory (On the 10th)
June	10869
July	10865
August	10806
September	10717
October	10594

Berkeley, Charleston, and Dorchester Counties
In Berkeley County, 211 homes were sold in October 2007 with a median sales price of $176,500 and 91 days-on-market average. Of the 388 homes sold in Charleston County, the median sales price was $264,500. The average days-on-market for these homes was 114. In Dorchester County, 160 homes were sold at a median price of $178,000 with an average days-on-market of 85.

Median Sales Price Comparison
	Oct 2006	Oct 2007	Y-T-D 2006	Y-T-D 2007
Berkeley County	$169,470	$176,500	$171,753	$179,500
Charleston County	$241,000	$264,500	$239,900	$249,058
Dorchester County	$192,687	$178,000	$184,000	$193,606