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Charleston Pundits Promote 6% Increase in Housing Sales for 2008
Mar 21, 2008 • By Places Real Estate • 0 Comments
The Charleston Chamber produced a bullish report this week forecasting a 6% increase in home sales for the local market, despite a slow start in 2008. Activity has been increasing in area offices as a survey of local Realtors indicates broad-based acknowledgement of increased numbers for property showings, offers, and contracts. In addition, pressure on local builders to move standing inventories continues to provide downward pressure on pricing and good buys can be found throughout the area for new construction quality homes (Our buyer client recently purchased a home for less than $1 million that was priced at $1.7 million in 2007). Will all this create a trend for the rest of the year or be a blip on the sales charts?
While encouraging, I believe the exuberance may be premature given the January through March local numbers (down 36% through March 21) and continued financial woes on Wall Street. Mortgages are low, but the weakness in the national economy and slow sales across the country translate to potential buyers in the Holy City still unable to sell their out of town properties to allow them to buy here.
For the story in today’s Post & Courier, click here.
Categories also posted in: Charleston, Daniel Island, Homes for Sale, Housing Market, Isle Of Palms, Kiawah Island, Mount Pleasant, Mt. Pleasant, Neighborhoods, Real Estate, Residential, South Carolina, Sullivan's Island, West Ashley