According to Charleston Business Journal’s Daily Journal, median home prices for the Charleston region remained flat for July 2008 at $215,000, following trends set in the first half of the year.
The sale price of condominiums and co-op units were bright spots, according to the article. “The median sale price was $375,000 last month, compared with $198,064 in July 2007, an 89% increase. Total sales, however, were cut by more than half, from 192 in 2007 to 81 in 2008.”
Total transactions, according to the article, “remain significantly down.” In July 2008, 760 units sold, compared with 1,099 in July 2007, a decrease of more than 30%.
The average number of days on the market also held steady when compared to the first half of the year, at 121. Last year, units were moving faster: In July, the average number of days between a listing and sale was 92.
Median sale price by county breaks down as follows:
Charleston: $254,000.
Dorchester: $171,000.
Berkeley: $165,732.