I have been showing a lot of property in downtown Charleston on the Peninsula lately, and have noticed things seem to be a bit slow. I was showing a property to some clients of mine and the listing agent had told me a surprising statistic. She mentioned that downtown Charleston, on the Peninsula, has seen an increase in the volume of homes selling for the last 3 years. She also mentioned that the Peninsula alone had a market entirely on it's own, outside of the rest of Charleston. While I agree with her that the Peninsula has it's own market independant of other Charleston areas, I was floored that the market on the Peninsula saw an increase for the last 3 years.
I decided to delve further into the MLS and find out for my self the performance of the Peninsula for those 3 years. The following are the results. The results for the comparison between 2007 and 2008:
The following are the results from 2008 to 2009. Keep in mind that as I'm writing this, we are only halfway through November:
As you can see, the market on the Peninsula hasn't increased over the last 3 years. In fact, it's declined. Just like the rest of the country. So this isn't necessarily alarming to me, but reinforces the fact that investors especially need to look at the numbers. One good thing to note is that the end of 2009 looks to be heading in the right direction. From September on, we seem to have some positive results.
Mike Ciucci specializes in the Charleston SC real estate market. He has been a Charleston realtor for over 15 years, focusing on quality and attention to detail his clients have come to expect.