With preliminary numbers of residential units sold for July 2008 in from the Charleston Trident Association of REALTORS (CTAR), it appears we may have hit or are within months of the bottom of the current housing market slump.
With 680 reported residential units sold as of August 3, 2008, the total marks the lowest home sales figure in July since 1997 when 645 units sold.
31% decrease from June 2008
42% decrease from July 2007
January through July sales followed the trend of a 33% decrease from the same time last year, if the trend continues through the end of 2008 a total of 8500 units would have been sold. A rollback to 2001 sales numbers of 8269 units sold.
Will the trend continue? Four of the eleven years compared show a slight increase in August sales and then a gradual decrease through the third and fourth quarters. The remainder of the study years showed a continued decline in sales through November with the earlier years (97-05) showing an increase in sales in December. 2006 & 2007 indicated a further drop in sales heading into the new year. I would predict the Charleston area would follow that trend into the new year.
Inventories Should remain stable through the holiday season with an influx of homes coming on the market early in the first quarter of 2009. There has been an increase in the sales of current inventory homes on the market over 180 days. Sales prices havereflected a Sales Price/List Price ratio of 94%.
New listings show an adjustment of pricing trending toward current market values which infers a stabilizatiion of home value in the coming months.
Greg Flanagan is a full time REALTOR licensed in SC. He is associated with Exit Realty Charleston Group, Mt Pleasant SC. If you wish to contact him call 843-818-8867, email gflanagan@exitcharleston.com, visit www.ThatGuyRealEstate.com
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