Charleston real estate market report, home prices May 2008

June 26, 2008

Sometimes you just can’t make stuff up. All the talk in the media is how home prices are dropping faster than a rock (and a big rock, more like a boulder going downhill) and yet the Charleston real estate market continues to show prices actually increasing despite slower sales and high inventory levels. As I’ve said on several occasions, the law of supply and demand doesn’t seem to apply to Charleston home prices.

You’ll note increased unit sales in the luxury condo classification since a large development in Wild Dunes recently closed. It tends to “skew” the numbers somewhat just like several years ago when we saw a lot of condo conversions in the market and unit sales of lower priced condos were significantly higher than in previous years.

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

Charleston real estate home prices