Charleston SC – 2009 Real Estate Market Summary

Here are a few key stats for 2009 in regards to results from 2008 for the Charleston, SC real estate marker. The main factor is that the short sales and foreclosures are having a huge impact and I see that continuing into 2010 and 2011.

-Charleston residential market was down about 9% in number of transactions and 9% in price for 2009 versus 2008.  That includes Single Family Detached (SFD) homes, Single Family Attached (SFA) homes, and mobile homes in the tri-county area.  SFD wasn’t quite as bad, down 6% in transactions and 8% in price.  In fact SFD inventory has fallen a little to just over 6200. That’s 67% of the overall inventory.  On the other hand, SFA inventory has been rising.

-Buyer activity as shown by the number of contingents on the hot sheet each week was actually up about 6% in 2009 versus 2008.  Short sales kept us from closing more of them though.

-Short sales and foreclosures account for 21% of the contingent listings currently on the MLS.  And those are just the ones listed correctly under the Special category.  There is easily another 4%, making the ss/fc market about 25% of what’s under contract. 

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Buying or Selling in Folly Beach or Charleston, South Carolina?

Call Randall Sandin at 843-209-9667 or email at rsandin@carolinaone.com. I specialize in the following areas of Charleston, SC: James Island, Folly Beach, West Ashley, Johns Island & Historic Downtown.

All I ask is for the opportunity to earn your business! I will be happy to discuss your situation in confidence and there is no obligation what-so-ever…I look forward to your call or email.

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