Charleston, SC Real Estate Market Update August 9, 2010

Aug 14th 2010

Posted By: Brian Beatty @ 9:31am In: Market Update

1789 pendings in MLS

648 closings in July verses 1027 in June. Down nearly 50%.

Sales are pacing down 10% this month in August.

Average listing in all of Charleston receives 4-5 showings per month.

Overall, showings in the market are down less than 10% from June to July. However, showings are down 45% in July as compared to April. This trend seems to indicate that the market showing level and the current sales pace are declining slightly or stable, but not rising. I have no doubt, that without a rise in these trends and our pending index of 1789 units pending, we will begin to see more price declines in the coming months.

The homes that have gone to contract in the past 30 days, are typically already 5-10% of a discount off stated market values (based on the most recent sales). These comparables are not available to us yet, as many have not closed. But, as they materialize, I believe you will find that values have fallen "before our very eyes," yet again.

My view of the market today: "not good." It's very disappointing to have shaped a possible recovery only to have it evaporate.

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