Charleston, SC Real Estate Market Update August 30, 2010

Aug 30th 2010

Posted By: Brian Beatty @ 6:24am In: Market Update

Currently there are 9840 homes for sale in the Charleston area. There are 1838 homes pending sale, which represents a slight increase over the last week. Thus far in August, the Charleston Tri-County has closed 497 homes. We expect this month to end with sales down 5% over July (which was down over 27.5% year over year) and approximately the same sales pace downward as compared to July.

Economic data suggests we have roughly 2-3 more quarters of downward pressure (in average price ranges) before an equilibrium can be experienced. The good news is there is still enough confidence in our market for Buyers to Buy and for Investors to Invest (me being one of them). We will truly reach a turning point when people start believing that Real Estate is a reasonable and same means of investing to produce long-term wealth.

When determining value in this market each area of Charleston is different. I will go so far as to say that each neighborhood is different. What remains the same is the overall outlook that things are still going to get a little worse before they can get better. This is evidenced by the large amount of price reductions our market is currently experiencing. Many Sellers have missed the opportunity to sell before school started and are now in a position to sell in the Fall and Winter months; a slower time of the year for sales, historically.

For more information on home values in your area please contact me:

Brian Beatty
(843) 345-1273
LowCountryHomeSales@gmail.com
www.ListingsinCharleston.com

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