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.