It’s difficult to believe that it’s back-to-school time for some, and summer vacations are over for most. After the hot, hot, hot summer we’ve had, we’re all ready for cooler temps and less humidity.
The real estate market continues to be a hot topic in the media. Several weeks ago an article in the Post & Courier reported dire news for Charleston. The article titled Home sales stay down; median home prices decline, published on 7/11/08, stated that there had been a 29.7 percent decline in June 2008 compared to the same month in 2007.
To better understand how this 30% decline applied to Daniel Island (where I live and many of my clients live), I completed an analysis of the numbers, and I’m happy to report that I found a nugget of good news in my results. Daniel Island sales and listings for 2007 and 2008 are included in that 29.7% decline, as are numbers for other South Caroline communities that had stronger sales declines. Some of those communities that included the steepest declines are St. Stephens, Cainhoy, parts of Goose Creek and the downtown area.
Following are how the numbers look for Daniel Island in 2008 v. 2007, and this is where we see the really good news!
2008 Homes Sold: May = 11, June = 14, July = 12
2007 Homes Sold: May = 15, June = 11, July = 13
*Source: CTAR MLS
So it's clear that on Daniel Island (and in other parts of the Charleston MLS area) we had an awesome month of June in 2008, despite published reports to the contraty. The lesson learned is that not every picture tells the whole story!
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