Charleston Real Estate Market Update

Analysis of data from the Charleston Trident Association of Realtors' Multiple Listing Service shows the real estate market in Charleston continues to stabilize and improve.  The charts below show comparisons of sales of single family homes in Summerville and Mount Pleasant from December 2008 to February 2009 and December 2009 to February 2010.  In general the supply of homes for sale has decreased and the number of homes sold has increased.  Decreasing supply and increasing demand indicate an improvement to the market.  Pricing (average price per square foot) is also stabilizing in many areas. Summerville appears to be lagging behind Mount Pleasant but the number of homes for sale in Summerville has declined steadily for many months, a definite positive trend.

The number of single family homes sold in Summerville declined slightly year over year, while the number of homes for sale was down (partially due to builders limiting construction of standing inventory homes).  The number of days homes stayed on the market remained about the same year over year, while prices adjusted downward from $95 per square foot to $88 per square foot.  The median price of sold homes has also decreased.  Affordability is the best it has been in years for homebuyers in this area. (Click on the chart for full-size viewing.)

In Mount Pleasant, sales were up and inventory was down.  The average days homes that sold sat on the market was up slightly.  The price per square foot of sold homes was down $8 per square foot but stabilized in recent months.  The median price of sold homes increased from 2009 to 2010.  Affordability was up in Mount Pleasant, and many home buyers took advantage of an opportunity to buy in the area while prices were low.  Several Mount Pleasant neighborhoods have less than six months of inventory as sales of homes priced under $400,000 are moving briskly. (Click on the chart for full-size viewing.)