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New Home Sales Spike Nationwide; Charleston Still Cool Except for Luxury Markets
May 25, 2007 • By Places Real Estate • 0 Comments
As reported in the Wall Street Journal, new home sales skyrocketed in April, an unexpected upward spike marking the biggest climb in 14 years, “according to a report that showed declining inventories and signaled hope for the long-suffering housing sector.”
Unfortunately, Charleston’s new home sales did not fare as well as sales fell 38.9%, per Charleston MLS data. Digging deeper into the numbers, the higher priced neighborhoods fared significantly better. April new home sales in downtown Charleston, Mount Pleasant, Daniel Island, Isle of Palms, and Sullivan’s Island saw an increase of 16.7% from the previous month. The exclusive Daniel Island development saw the biggest gain with a 166% gain in sales (6 to 16 sales), but also saw a dramatic slide in the average price from $1,016,000 in March to $477,700 in April. No doubt, waterfront and golf-oriented properties helped to skew those numbers.