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:

Charleston Market Stats 2008-2009

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.


Posted by Mike Ciucci on


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Interesting, I can't quite understand why people aren't buying right now. In terms of investment of speculation...I can understand. But with the short sales and foreclosures that are available to "reset" the market conditions it just makes since to me. Personally, I'm not at the level to buy and invest at the Peninsula, which I assume is the main Charleston area, but on a smaller monetary scale its a no-brainer...I am. From what I've seen in your area, there are plenty of investment opportunities that are promising. If nothing else, a vacation home in Charleston isn't so bad if the payments don't eat you alive. I'd like to see the market statistics from the past 10 or even 20 years to see exactly how the market has done. Everyone knows that 2003 to current may be flawed in terms of value. The real indication (in my opinion) is a decade prior to the growing "bubble".

Interesting post though, but I'm not convinced that Charleston is comparable to other coastal cities around the country...and the Peninsula is a unique and historical area that demands minimal sales for high dollar luxury real estate. Besides, 2007 and 2009 economies are hardly comparable.

One more thing... has there been an increase in any market in the past 3 years? Doubtful.

Posted by Brian @ Columbia SC Real Estate on Monday, November 23rd, 2009 at 5:22pm

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