Verdict is Still Out on Charleston Real Estate Market Turnaround

Posted By @ May 25th 2010 5:32pm In: General

 Real Estate Sales for April 2010 in Charleston SC were up over April 2009 with 832 transactions vs 580.  This seems like a huge increase; however, keep in mind the $8,000 first time home buyer tax credit.  Until the effect of this settles out, we won't be able to tell to what degree things are turning around.  Inventory levels are still EXTREMELY high, at over 11,000 units and 13 months.  This is being exacerbated by new home sales.  If time is on your side, it's tough to pass up the experience created by an expertly staged sales model, particularly for first time home buyers. 

So what's the good news?  If you're a buyer and working with a capable, hardworking agent, there are deals to be had.  I do not encourage foreclosures or short sales generally because there is much more involved than most people realize.  When the market was hot, one was fortunate to find 2 or 3 good choices and if you didn't act fast, you could end up starting your search over.  Now, it's easy to find several good choices and time is on your side as a buyer.  Again, as long as you're working with an experienced, energetic agent, you should be able to take advantage of the current market.  What a lot of people want to know is, IS THE MARKET GOING TO DO DOWN ANY MORE?  I can tell you that for the last several months, prices have stabilized at between $123 and $130 per square foot MLS wide. 

Happy hunting everyone!


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