First Evidence That Charleston Real Estate Market Has Reached Its Bottom

For the first time since the second half of 2006, we are seeing unit sales exceeding the previous year.  The Charleston MLS is showing 734 sales in September of 2009 vs 32 in September of 2008.  Yes, I know it’s not much.  But it’s better than going down and down and down.  Also, the average price per square foot edged up ever so slightly from $124 in August to $129.  I’m looking for at least a 3 month trend before I conclude the turnaround is here to stay, but again, at least there is an initial sign.  It might be another year before we put 3 months together, but at least it’s a start.  We have to allow for the effect of the $8,000 first time home buyer credits which we did not have this time last year.  Whatever, the case, I’ll take whatever good news I can get!

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3 responses to “First Evidence That Charleston Real Estate Market Has Reached Its Bottom

  1. I have heard that good things are coming back to the area in terms of real estate and the economy. That would be awesome!

  2. I’d be hesitant to call a bottom, especially when the $8,000 tax credit is still around, and interest rates are still at an all-time low.

    That said, with a good realtor (http://www.move2charleston.com/agents.html), you can get a pretty nice deal on real estate right now, especially if you check out distressed properties. Checkout http://www.home-fish.com/Charleston/SC/foreclosures for foreclosure listings in Charleston.

  3. Hope that positive trend has continued like it has down here. It’s been a long wait…

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