Take a look at Vince’s report for some in-depth analysis of the Charleston area real estate market.  Don’t worry – by no means is it all bad news.

Market Report for 11-month Period ended November 30, 2008.

The Charleston real estate market of 2008 continues its downward slide.  September, October, and November were especially tough months. There’s good, bad, and ugly news to report. Let’s get the bad and ugly out of the way first, then showcase the good.  Following the analysis is an investment opportunity that offers a potential safe harbor in these troubled times.

Tri-County Area
Based on MLS data , the eleven-month period ended November 30, 2008 saw total transactions down 32.2% from the same eleven-month period in 2007.  Table 1 shows a year by year comparison of the number of transactions during the eleven-month period from 2004-2008 for the Tri-County Region, Charleston County, and other selected areas.

Median price for the region fell 2.5% from $210,326 in 2007 to $205,000 for the first 11 months of 2008.

Homes sold during the first 11 months of 2008 were on the market for an average 115 days – an increase of 29% from the average of 89 days for 2007.

Click here for the full report.

Filed under: I'On Group, I'On Real Estate, I'On Village on December 8th, 2008