2007 James Island Statistics ( Sales & Inventory History )

By
Real Estate Agent with Buyers' Choice Realty

MLS Statistics Results 
Sales and Inventory History 
Thursday, January 03, 2008 
 
Month Year Monthly Sales Avg ListPrice Avg Sale Price % Diff Sell/list Avg DOM Curr Inventory Months Inventory 
January 200740$438,090 $426,033 97.25%1022927.3
February 200745$334,557 $325,208 97.21%813106.89
March 200761$329,134 $313,868 95.36%753595.89
April 200754$400,578 $385,334 96.19%1133616.69
May 200756$347,957 $334,084 96.01%913616.45
June 200750$339,900 $328,930 96.77%1043657.3
July 200748$345,062 $332,702 96.42%903647.58
August 200747$329,159 $316,334 96.10%973637.72
September 200728$405,068 $390,203 96.33%12537613.43
October 200733$315,171 $302,717 96.05%10637111.24
November 200722$303,556 $287,910 94.85%11635816.27
December 200730$375,308 $351,061 93.54%10333911.3
Total 514$355,295 $341,199 96.03%100.33529.01
Total 00%N/A N/A N/A 
Total 2007-2008 514$177,648 $170,599 96.03%501764.5
 

 

So, What does it all mean??

Well, to break it down simply; as the year progressed Single Family Homes being listed for sale on the Charleston Trident MLS slowly increased. As the inventory continued to increase, so did the days those llistings stayed on the market. ( meaning homes did not sell ) You can also see that the number of homes sold per month decreased throughtout the year while the actual months those homes stayed on inventory steadly increased.

To put it in a nutshell, sellers were not willing to market their listings' prices accordingly! Some blame can be brought upon the backs of Real Estate agents who are not willing or capable to strongly advise their "seller" clients that a proper price correction is completely necessary in order to sell the property. The other part of the blame falls solely on the Sellers themselves as they have refused to accept the fact that the market was shifting towards a Buyers Market and prices needed to adjust appropriately. This sort of "denial" caused property prices to stay elevated  all the while property values started to eroded underneath them. Before long, you start to see a somewhat "panic" begin with some sellers as they have pushed themselves into a corner where they are only left with the option of making a huge price cut  in order to get out of the situation that waiting too long has put them in to begin with!

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Ambassador
530,185
Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

Glad to see you do this!

I'm having difficulty understanding how you went from 75 to 125 DOM to the 352 DOM. 

I also think you should explain what DOM means.  Write it for someone who is outside our profession.  It will be better received by Joe Average.  Or is it The Average Joe? 

Blonde...

Jan 04, 2008 03:15 PM #1
Ambassador
530,185
Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

Glad to see you do this!

I'm having difficulty understanding how you went from 75 to 125 DOM to the 352 DOM. 

I also think you should explain what DOM means.  Write it for someone who is outside our profession.  It will be better received by Joe Average.  Or is it The Average Joe? 

Blonde...

Jan 04, 2008 03:16 PM #2
Ambassador
530,185
Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

Glad to see you do this!

I'm having difficulty understanding how you went from 75 to 125 DOM to the 352 DOM. 

I also think you should explain what DOM means.  Write it for someone who is outside our profession.  It will be better received by Joe Average.  Or is it The Average Joe? 

Blonde...

Jan 04, 2008 03:17 PM #3
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Thomas Cunningham

Charleston, SC Real Estate
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