list (asking) price vs sales prices

February 27, 2008

Some interesting statistics showing that the list or asking price for homes is much higher than the prices paid in the last year. Despite high inventory, sellers are pricing their homes significantly above what the market has been buying in the past year.

	Average	Median	DOM
Single Family Homes under 600k
sold prices last 12 months	$233,313	$207,000	88
list prices currently for sale	$272,372	$239,000	140
difference	16.74%	15.46%	59.09%
Single Family Homes over 600k
sold prices last 12 months	$1,142,775	$850,000	155
list prices currently for sale	$1,409,612	$999,900	194
difference	23.35%	17.64%	25.16%
Condos and Townhomes under 600k
sold prices last 12 months	$206,187	$177,000	105
list prices currently for sale	$240,937	$198,900	186
difference	16.85%	12.37%	77.14%
Condos and Townhomes over 600k
sold prices last 12 months	$1,010,233	$877,500	136
list prices currently for sale	$1,060,758	$835,450	225
difference	5.00%	-4.79%	65.44%

The only exception is in the luxury condo and townhome market and what is especially interesting is that classification is showing the best price appreciation in the Charleston area on both an average and median basis (watch for the Charleston market report tomorrow).

Technorati Tags: Charleston real estate, Charleston market trends