Charleston SC Real Estate Hot
Charleston area home sales surged 31% to over 700 transactions in the month of October! Many buyers moved on the $8000 federal tax credit. The 31% increase ranks as the largest year-over-year increase in approx. seven years. The large inventory of homes in this market is still over 10,000 as of last week. The typical average home sold for only $169,631, the lowest price in more than five years. This gives way to the oversupply of homes - combined with lower price or distressed properties and a shortage of qualified buyers causing the median sales price to go down!
The good news is we are ratifying about 160-180 contracts a week as opposed to under a 100 this same time last year!
