Aug
12

Charleston Home Sales Plummet in July

By

Median price rises slightly; market not as saturated

August 12, 2008

By Katy Stech – The Post and Courier

Historically, the month of July has capped the end of the busiest sales period for the local real estate industry. But the end of that peak season this year didn’t provide the bump in business that agents had hoped for.

A total of 760 residential properties in the Charleston area changed hands during July, down 30.8 percent from 1,099 in the same month last year, according to the latest figures from the Charleston Trident Association of Realtors’ Multiple Listing Service.

The median price posted a slight 2.1 percent increase compared with last July, rising to $215,000.

The average number of days on the market for a home in the region was 121 last month. That’s about the same as in June but up from an average of 92 days for July 2007.

Locally, monthly housing sales tracked by the North Charleston-based association have been falling for more than two years. There are no clear indications of when the market will bottom out.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charleston.net/news/2008/aug/12/home_sales_plummet_july50526/

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