Days on the Market Hits New Low for Charleston Home Sales In 2008

October 13, 2008

By Daily Journal Staff

The number of days properties sat on the market before selling reached its lowest point of 2008 last month, at 109 days.

But the housing market continued its downslide, with 645 residential properties selling last month, compared to 885 in September last year.

The median home price also dropped, about 4.2% to $193,640, according to the latest monthly figures provided by the Charleston Trident Association of Realtors’ Multiple Listing Service.

Year-to-date sale prices are down only slightly compared with the first nine months of 2007. The median price of homes sold through September of 2007 was $210,000, compared to $206,625 through September of this year, slightly more than a 1% drop.

The sale of condominium and co-op units continued to steady the local market, with 51 total transactions in this category at a median price of $192,500.

The market had 10,720 homes as of the end of September. Of those, 8,721 were single family, 134 multifamily and 1,865 condo or co-op units.


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