Localized Stats

Here are the stats for certain local areas in the Charleston real estate market. These are for single family homes only. The volume of sales in down about 35% comparing the time frame of 1/1/07-6/17/07 to the same period for 2008. Sales prices are off about 5.1%. Now lets look at some specific areas and see how they compare to these overall numbers. You'll see that there's not that much variation from area to area, with some slight exceptions. Notice the increase in sales price for North Charleston and the larger than normal decrease in number of units for Sullivan's Island, IOP, Wild Dunes. Keep in mind that the 2007 numbers are only from 1/1-6/17 in order to compare to the same time period of 2008.

West Ashley, James Island, Johns Island
2007 - 825 units w/median sales price of $260k
2008 - 551 units w/median sales price of $259,950
That's a 33.3% decrease in number of units with almost no change in sales price.

Summerville, Ladson, Goose Creek
2007 - 1862 units w/median sales price of $191k
2008 - 1257 units w/median sales price of $175k
That's a 32.5% decrease in number of units with an 8.4% decrease in sales price.

Mt. Pleasant
2007 - 593 units w/median sales price of $418,535
2008 - 438 units w/median sales price of $395k
That's a 26.1% decrease in number of units with a 5.6% decrease in sales price.

Sullivan's Island, IOP, Wild Dunes
2007 - 52 units w/median sales price of $1,450,000
2008 - 25 units w/median sales price of $1,380,000
That's a 52% decrease in number of units with a 4.8% decrease in sales price.

Downtown Charleston inside of the Crosstown
2007 - 79 units w/median sales price of $815k
2008 - 56 units w/median sales price of $745k
That's a 29.2% decrease in number of units with an 8.6% decrease in sales price.

Daniel Island
2007 - 68 units w/median sales price of $645k
2008 - 47 units w/median sales price of $655k
That's a 30.9% decrease in number of units with a 1.6% increase in sales price.

North Charleston
2007 - 375 units w/median sales price of $155,900
2008 - 273 units w/median sales price of $163,350
That's a 27.2% decrease in number of units with a 4.8% increase in sales price.

Finally, it should be noted that condo/townhome average sales prices have risen over the same period from $234,007 in 2007 to $336,672 which is a 44% increase!!! Number of sales has dropped from 1291 in 2007 to 871 in 2008, which represents a decrease of 32.5% in number of units. This dramatic increase in average sales price is due to the low end market in condos/townhomes not selling while high end units are selling and pulling up the average.