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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