Raw Market Data for August 2009

Sales and Inventory Report
Category – Residential
Statistics for Entire MLS from 8/1/2007 – 7/31/2009
 
Month Year Monthly
Sales
Monthly
Volume
Avg List $ Avg Sale $ Avg $/Sqft Median Sold $ Avg DOM % Sold/List Current
Inventory
Months
Inventory
August 2007 1180 $374,088,399 $329,743 $317,024 $159 $210,000 79 96.14% 11816 10.01
September 2007 970 $288,411,129 $306,911 $297,331 $156 $199,857 77 96.87% 11839 12.20
October 2007 916 $268,044,935 $302,872 $292,625 $157 $202,562 82 96.61% 11733 12.80
November 2007 933 $246,474,609 $273,999 $264,174 $143 $200,000 82 96.41% 11626 12.46
December 2007 793 $229,363,340 $301,581 $289,234 $149 $209,503 92 95.90% 11267 14.20
January 2008 652 $195,581,685 $313,890 $299,971 $154 $203,593 101 95.56% 10972 16.82
February 2008 735 $217,982,218 $309,576 $296,574 $175 $200,000 111 95.79% 11281 15.34
March 2008 869 $268,826,066 $321,409 $309,351 $174 $206,290 102 96.24% 11522 13.25
April 2008 838 $263,391,473 $328,502 $314,309 $169 $208,500 98 95.67% 11835 14.12
May 2008 903 $277,825,579 $323,510 $307,669 $159 $211,710 114 95.10% 11812 13.08
June 2008 920 $280,467,466 $321,305 $304,855 $149 $205,950 103 94.88% 11730 12.75
July 2008 877 $262,054,317 $315,312 $298,807 $146 $205,745 106 94.76% 11792 13.44
Annual:   10586 $3,172,511,216 $312,684 $299,689 157 $205,000 94 95.84% 11602 13.15
 
Month Year Monthly
Sales
Monthly
Volume
Avg List $ Avg Sale $ Avg $/Sqft Median Sold $ Avg DOM % Sold/List Current
Inventory
Months
Inventory
August 2008 805 $230,526,616 $301,111 $286,368 $149 $197,500 100 95.10% 11638 14.45
September 2008 733 $191,739,979 $274,150 $261,582 $133 $187,000 100 95.41% 11490 15.67
October 2008 641 $172,915,253 $284,664 $269,758 $132 $189,900 108 94.76% 11435 17.83
November 2008 506 $133,325,340 $275,843 $263,488 $137 $185,000 90 95.52% 11314 22.35
December 2008 560 $144,986,313 $272,813 $258,904 $126 $196,116 97 94.90% 11038 19.71
January 2009 426 $111,287,940 $277,734 $261,239 $210 $175,000 115 94.06% 10802 25.35
February 2009 439 $109,311,231 $265,455 $249,000 $203 $181,000 110 93.80% 11015 25.09
March 2009 626 $157,801,895 $267,561 $252,079 $126 $183,444 124 94.21% 11150 17.81
April 2009 574 $153,971,582 $289,739 $268,243 $130 $180,303 120 92.58% 11275 19.64
May 2009 736 $189,268,235 $275,520 $257,157 $127 $182,638 118 93.33% 11286 15.33
June 2009 784 $205,293,508 $277,846 $261,853 $132 $192,500 117 94.24% 11194 14.27
July 2009 814 $211,259,465 $277,150 $259,532 $131 $181,000 122 93.64% 11137 13.68
Annual:   7644 $2,011,687,357 $279,047 $263,172 141 $186,950 110 94.31% 11231 17.63
 
Annual: 2007 – 2009 18230 $5,184,198,573 $298,579 $284,377 150 $197,245 101 95.24% 11417 15.03

Note: The “Current Inventory” column(s) reflect the number of active and contingent (on market) listings on the 16th day of each month.
The “Months Inventory” column(s) value(s) equal “Current Inventory” divided by “Monthly Sales”.
This reflects how many months it would take to sell out of inventory at the current month’s rate of sale. 

Average price per square foot has been holding steady for four months.  Inventory is creeping downward ever so slowly.  Months of inventory is clearly down.  Sales vs last year are down, but not at as drastic a rate as 2008 vs 2007.  We may have seen the worst of it, but this is only speculation. 

What will it look like when we’ve turned the corner in Charleston?  I’d like to see average price per square foot continue to square off if not rise by a couple of bucks.  The months of inventory and absolute numbers are still crazy high which is NOT good for the future of home prices.  It would be good to see them start dropping, but this probably isn’t going to start happenning until we see some of the other economic indicators start improving, like retail sales, and employment.  

Sellers, homes are selling but only if the home is priced right out of the gate.  The buyer doesn’t care how much you owe or how much you’ve invested.  Keep in mind, hopefully when you go to buy, you’ll be able to take advantage of the buyers market once you’ve sold your home.  Time is on the buyer’s side and they’re looking for bargains.  Make sure your home is maintained, decluttered and well staged.

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3 responses to “Raw Market Data for August 2009

  1. I am thinking to move to Charleston and I looked on zillow – the prices are still to high ! I saw houses on the market for two years and they didn’t change the price ! Why are the new houses so big ? Who wants to live in a 3000 sq ft home and feel home ?

    • Hi Sonia,

      It sounds like you need some help. There are plenty of smaller houses available. Maybe you just haven’t been successful using the online tools. Also, the prices of the homes closer to Charleston and the beach are higher. You can get a brand new home in Summerville, 30 minutes from the beach for $100/sqft. Yes, it’s going to be more than what you’d pay inland where it’s flat and boring. In the mountains, it’s pricey as well. Zillow is not the best tool in my opinion. You just need an agent that is willing to give you some help without expecting you to buy next week. Give me a call. 843-991-5184. You can also visit http://www.move2charleston.com and search for all homes in Charleston. If you want a report of what homes have actually sold for, I can provide that for you and it will be more accurate than what you get from the Zillow site. It says my house is worth $240,000. I wish I could get that for it, I”d put a sign in the yard tomorrow.

  2. Sorry – the prices are too high…and I am too tired.

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