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Charleston SC 2009 Market Recap

By
Real Estate Agent with AgentOwned Realty 51924

2009 Market recap

During the first quarter of 2009, the Charleston market struggled to regain its footing after the tumultuous end of 2008. January started the year with the lowest sales the area has seen in more than eight years, and a median sale price of $176,750, comparable to end-year numbers in 2004.

However, throughout the year, sales increased steadily and median sale price rose at a slow, but healthy pace.  By June, sales were back into the 700's for the month and median sale price peaked at $193,000. July saw an annual sales high of 796.

November saw an unprecedented 783 sales, an 80%increase from the same time, one year ago. This was the first time sales had shown an increase in November since 2007.

Going into the final month of 2009, the Charleston market continued to show signs of recovery. WhileYear-to-date sales are approximately 11% less than 2008 levels and median sale prices are down about 9%, the consistent month-over-month gains we've seen in the final months of 2009 suggest a stabilizing market.

The expansion and extension of the homebuyer taxcredit should help the market continue to grow and recover into 2010.

*all data and information is current as of December 10, 2009, CTAR MLS 

Many homes are still overpriced and simply won't sell.  It's predicted we have a 5 year time period for recovery to 2005-2007 pricing, which is very good compared to other parts of the country.  Also Charleston was listed as one of the top 5 real estate  market cities for 2010; remaining pretty flat at a +0.18% projected value increases.  The 5 markets were taken from Moody's Economy.com data on the largest 100 metro areas.  The article is located in http://www.smartmoney.com real estate-The 5 best markets for 2010.