Good News in Charleston Real Estate -- Inventory of Homes Decreasing

One real estate market indicator we watch is the inventory of homes for sale.  

Data from the Charleston Trident Association of Realtors Multiple Listing Service shows that the inventory of homes for sale in Mount Pleasant is decreasing, a very positive trend for our market.



The inventory of single family homes for sale in Mount Pleasant was 916 as of February 1st, 2010 and has remained below 1000 homes for the past three months. The number of homes on the market in Mt Pleasant had not been under 1000 since June 2006.



Month                    Number on Market
November 2009            997 homes

December 2009            957 homes

January 2010                 916 homes



Peak inventories have also decreased since the July 2007 peak of 1330 homes.



Month/Year         Peak Inventory
October 2006       1147 homes

July 2007               1330 homes

July 2008               1224 homes

May 2009               1174 homes              



Similarly in the Charleston Tri-County Area (Berkeley, Charleston, and Dorchester Counties), the inventory of available homes for sale has fallen to 6227 single family homes from a peak of 7430 homes in August 2008.  The last time the inventory of single family homes was under 6300 was in March 2007.



As home buyers take advantage of historically low interest rates and home buyer tax credits, we expect inventories to decline further, continuing this positive shift in our market.