Overall, the Charleston market, although it has seen an increase in available inventory and the average time it takes to sell a listing, remains relatively healthy. The median price has remained unchanged, but the level of activity still shows market resilience given all the industry turmoil at the national level and the sub-prime loan crisis.
Excepting for the time on market, Mt. Pleasant showed a stable (but soft) market. However, the decrease in inventory is an encouraging sign that may indicate bottoming out. If inventory continues to decrease in early Spring, Mt. Pleasant is poised to be one of the first sub-markets in the Charleston area to recover from the downturn (it was also one of the first submarkets to be hit). Some people believe that Mt Pleasant and Daniel Island are the "Californias" of the Charleston metro area (i.e. the trend-setters).
The Summerville market remains reasonably strong, although a little weaker. Problems with local traffic have led Dorchester County to enact a "new development freeze" for 6 months to let it catch up with infrastructure development.
The Goose Creek market continues to move forward, attracting new developments and new industry. However, the significant increase in available inventory may signal further price softening to come next year.
No comments:
Post a Comment