| 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 | 2007 | 40 | $438,090 | $426,033 | 97.25% | 102 | 292 | 7.3 |
| February | 2007 | 45 | $334,557 | $325,208 | 97.21% | 81 | 310 | 6.89 |
| March | 2007 | 61 | $329,134 | $313,868 | 95.36% | 75 | 359 | 5.89 |
| April | 2007 | 54 | $400,578 | $385,334 | 96.19% | 113 | 361 | 6.69 |
| May | 2007 | 56 | $347,957 | $334,084 | 96.01% | 91 | 361 | 6.45 |
| June | 2007 | 50 | $339,900 | $328,930 | 96.77% | 104 | 365 | 7.3 |
| July | 2007 | 48 | $345,062 | $332,702 | 96.42% | 90 | 364 | 7.58 |
| August | 2007 | 47 | $329,159 | $316,334 | 96.10% | 97 | 363 | 7.72 |
| September | 2007 | 28 | $405,068 | $390,203 | 96.33% | 125 | 376 | 13.43 |
| October | 2007 | 33 | $315,171 | $302,717 | 96.05% | 106 | 371 | 11.24 |
| November | 2007 | 22 | $303,556 | $287,910 | 94.85% | 116 | 358 | 16.27 |
| December | 2007 | 30 | $375,308 | $351,061 | 93.54% | 103 | 339 | 11.3 |
| Total | 514 | $355,295 | $341,199 | 96.03% | 100.3 | 352 | 9.01 | |
| Total | 0 | 0% | N/A | N/A | N/A | |||
| Total | 2007-2008 | 514 | $177,648 | $170,599 | 96.03% | 50 | 176 | 4.5 |
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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