Charleston real estate market report, home prices, Feb 08

February 28, 2008

The Charleston South Carolina real estate market continues to have declining sales, elevated levels of inventory but persistently stable pricing. While we are hearing of price declines from some of the more overheated markets around the country, Charleston real estate prices have remained stable despite fewer sales and higher inventory. High supply and low demand usually pressure pricing and anecdotal evidence shows buyers have been able to negotiate very favorable purchases below list or asking prices but the pricing statistics simply have not reflected this.

Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.

12 month comparison
Single Family Homes
Under 600k
Date	Sales	Avg Sale	Median Sale	DOM
12 months 2/1/2006-1/31/2007	10,846	$229,945	$204,013	65
12 months 2/1/2007-1/31/2008	8,642	$233,313	$207,000	88
Change	-20.32%	1.46%	1.46%	35.38%
Over 600k
Date	Sales	Avg Sale	Median Sale	DOM
12 months 2/1/2006-1/31/2007	1,138	$1,165,555	$875,000	109
12 months 2/1/2007-1/31/2008	835	$1,142,775	$850,000	155
Change	-26.63%	-1.95%	-2.86%	42.20%
Condos and Townhomes
Under 600k
Date	Sales	Avg Sale	Median Sale	DOM
12 months 2/1/2006-1/31/2007	3,434	$194,413	$178,550	66
12 months 2/1/2007-1/31/2008	2,480	$206,187	$177,000	105
Change	-27.78%	6.06%	-0.87%	59.09%
Over 600k
Date	Sales	Avg Sale	Median Sale	DOM
12 months 2/1/2006-1/31/2007	206	$917,727	$799,500	117
12 months 2/1/2007-1/31/2008	184	$1,010,233	$877,500	136
Change	-10.68%	10.08%	9.76%	16.24%