Maybe it's my eternal optimism or just wishful thinking but I dare say I think we're beginning to see a few raspy breathes coming from the Charleston areas near dead housing market. Not that it was totally dead, there were 990 some odd homes sold in the Charleston, Berkeley, Dorchester area in April. Still more then the same period in 2004. Nowhere near the extreme numbers of homes that sold in 2005 and 2006. I expect the May 2007 number of homes sold will also be down, reflecting a slow April selling period.
June numbers on the other hand should be higher. A number of indicators including homes under contigency and homes under contract are increasing. Most homes close within thirty dates of contract ratification. As of today there are 1329 homes under contract or contingency. Some of those homes will close by the end of May. If a third of those closed this month that would leave 877 June closings in combined with the additional sales for the last 6 days of this month.
Less of an indicator is the daily hotsheet. In the past week I've noticed more instances of price increases being made on homes for sale in the Charleston market. There are still more decreases then increases, but less of them. It appears sellers are starting to buck the trend and prices are stabalizing. Hopefully someone tells the buyers.
Greg Flanagan is a full time Realtor with Exit Realty Charleston Group. He can be contacted at 843-818-8867 or email gflanagan@exitcharleston.com. http://www.flanaganhometeam.com/
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