With all the gloom and doom being reported by the media, without much of a balanced view I thought it would be interesting for everyone to see the recent figures coming out from the Charleston Trident Association of Realtors (CTAR).
Although tri-county home sales in 2007 fell short of 2006 and 2005 numbers, housing sales figures for the year were still the fourth highest in history for the region.
There were 12,688 homes sold in the tri-county area in 2007, compared with 14,240 homes sold in 2006 and 15,740 homes sold in 2005, the Charleston Trident Association of Realtors reported.
Sales for 2007, however, were slightly better than in 2004, when 12,639 homes were sold and better than in 2003 when the year ended with 10,778 homes sold. Only 8,812 were sold in 2002.
Also the median price of a home in the tri-country region rose 2.4% in 2007 to $210,000, and the average number of days on the market was a little more than three months at 92 days.
The organization’s research shows that housing values in the area have risen about 6% annually for the past 30 years.
Inventory declined for the sixth month in a row, resting at 10,530 homes available for purchase through the Multiple Listing Service (MLS) as of December 10. There are 1,851 condos and 8,552 single-family homes currently on the market. As of today there are 980 properties under contract.
“This may indicate that the supply is leveling out and buyers should act now,“ said David Kent, President of CTAR. “After all, we won’t know when the market is at its lowest until we’re on the way back up.”
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