Condo Market

Not good here in Charleston. Earlier this year, the division between single family detached and single family attached(condo's and townhomes) was about 75%/25%. Now it is 67%/33%. Our inventory overall is almost exactly the same, but the percentage that are condos and townhomes has gone up. Supply and demand still works and this is bad news for the condo market. Overall inventory is too high and inventory of both segments of the market is too high. So, prices will have to come down more. But, the inventory of condos and townhomes is getting worse, which means that their price will suffer even more than those of single family homes as we move forward.