Charleston’s real estate market continues decline

Published Nov. 20, 2008

The Charleston-area housing market is continuing its downward spiral compared with last year. The median price of homes is down, the number of units sold is down and the number of days on the market is up.

According to multiple listing service data released by the S.C. Association of Realtors, the median price of $195,000 for homes sold in October is down 6.7% compared with October 2007, while the number of homes sold dropped by 30.7%, from 792 to 549.

The Columbia area fared better: Prices were flat at $141,000. Along the Grand Strand, however, the median price of $168,000 is down more than 21.9% this month, when compared with last year.

The time properties in the Charleston area spent on the market is up 31.3% through September when compared with the same time period last year, and it is up 4.1% across South Carolina. Homes sold in October took 129 days to sell, more than four months, according to the Realtors’ data.

Statewide, the number of homes and condos sold is down 23.2% from the past year as the frantic real estate market activity of years past has cooled. Median prices statewide are down 3.2% year to date, to $155,000.

Below is a chart of Number of Sales in Charlestion, SC.  This is compliments of trulia.com.