The expiration of the federal tax credit for first-time homebuyers still seems to be spurring activity in the Charleston market. Pending sales were up 23.8% in August, which marked the largest increase in pending sales since 2005.
There are fewer new listings on the market, with 1,583 new listings in August, which is a 6.8% decrease from last August 2008. This is great news, which means less housing inventory to absorb.
Prices are still in decline, showing a 5.2% drop from last August 2008. However; this is a smaller decline than seen in prior months, indicating that prices may be a little stronger...slightly.
Here are some visual market stats for you, taken from the Charleston MLS: