I found this on ChuckTown Homes Blog, another Charleston real estate blog. The "SOLD" numbers, apparently of houses sold during September 2006, 2007, and 2008 were listed
as follows:
September 2006, 1464 homes sold.
September 2007, 971 homes sold.
September 2008, 696 homes sold.
This could be affected by a number of factors, such as weather, seasonal economic patterns, etc. I would have to see the date for the other months to confirm that the drop is so dramatic. For example, it's possible that in August 2008 there was a significant increase in sales over 2007 that partially or completely balances out the drop in September. I simply don't know. It also lists that:
A home worth $200,000 in September 2007 is now worth $176,000 on average based on real statistics from the Charleston MLS. If that trend continues for the next 12 months as expected the price of the same home will be $154,880 in September of 2009.
I don't know if price trends can be expected to work in such a linear fashion, but the numbers are a little shocking. It is not clear if the price declines are affecting all aspects of the market or just lower-end sales, in the 29401 zip code, which is more affluent, it is possible that prices have not fallen as much.
0 comments:
Post a Comment