Charleston (SC) Area Home Values - May 2009

By
Real Estate Agent with RE/MAX Alliance

Charleston (SC) Area Home Values - May 2009

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As a REALTOR® I constantly get asked "how's the market" and my standard response is "depends on the market". The greater Charleston area consists of many different areas representing completely different types of markets. The Charleston Trident Association of REALTORS® MLS just reported both home sales and median price were up in May compared to April. The latest statistics indicate 663 homes sold in May. This was down 19.1% from last May 2008 but showed a 28% improvement from the 518 homes sold in April. Median price was up 5.5% from April; $191,000 in May compared with $181,000 in April. Median price indicates the half-way point between homes sold - 50% sold for more that $191,000 and 50% sold for less.

 

To provide a more in-depth look at home values in the tri-county area, the Carter Real Estate Center at the College of Charleston has developed the College of Charleston Home Value IndexSM. This index uses a statistical model (hedonic regression) that calculates the price of a product by the product's characteristics. In this case, home values are calculated by estimating the value for specific characteristics of the homes sold. Whereas median or average home prices provide a collective value for homes with different characteristics, this method recognizes that home characteristics are different and assigns values based on those characteristics. The College of Charleston Home Value IndexSM uses 60+ property and location characteristics to generate the value of a "constant quality home" and is produced monthly for the tri-county region (Charleston, Berkeley, Dorchester) and quarterly for more specified regions (West Ashley, Mt. Pleasant, etc.).

 

The most recent release (refer to graph) indicates that home values are up 8.61% over the previous month. Again, this represents a "typical home" in the tri-county area. Quarterly indexes have not yet been release for the 2nd quarter but for the first quarter of 2009 the results were as follows:

 

North Charleston showed a 4.47% increase over 2008:4

Mt. Pleasant showed a 5.67% increase over 2008:4

West Ashley showed a 9.57% decrease from 2008:4

Summerville showed a 3.42% decrease from 2008:4

Goose Creek/Moncks Corner showed a -10.95% decrease from 2008:4

 

Overall, the "typical" Charleston area home experienced about a 12% decrease in value from 2007 to 2008.

 

Even though North Charleston showed an increase in value from the last quarter of 2008 to first quarter of 2009, single family home sales are down 6.45% from the same time period last year. On the Isle of Palms, single family home sales are up 57.14% over the same time period last year however median price of homes sold is down 8% and the average sales price is down about the same.

 

Look for updated information as the College of Charleston Home Value IndexSM quarterly indices are released. In the meantime, if you need information about a specific neighborhood or corner of Charleston, don't hesitate to call (843-327-6099).

 

 

To read more about the methodology used to create the College of Charleston Home Value IndexSM, visit http://www.cofc.edu/cartercenter/

 

 

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Comments (1)

Bobby Wallace
Vacant Land Solutions - Charleston, SC
Sell Your Vacant Land The Hassle Free Way!

Hey Debbie ~

Good info; Dr. Tim Allen at the Carter Center does a great job. Thanks for sharing.

Jul 08, 2009 08:34 AM