Inventory Reductions

There has been an across the board reduction in inventory of single family residential units in Charleston from the highs of 2007. The following percentages are the drop in inventory since the high month for each area in 2007 compared to the inventory in Jan 2008.

James Island - 13%
West Ashley - 20%
Mt Pleasant - 23%
North Charleston - 15%
Peninsula - 15%
Ladson/Summerville - 17%
Hanahan/Goose Creek - 19%
Daniel Island - 15%

This is a move in the right direction. For this market to normalize itself, we need to continue to move in this direction. To do this, sellers need to continue the most recent trend of pricing properties correctly. Realtors will do well to walk away from overpriced listings.