After several years of steady growth, home sales in Charleston, South Carolina are slowing, but not significantly, say local Realtors.

"The market in Charleston, SC is a little down right now, but that's typical for this time of year," says Realtor Foster Smith. "There have been 21 sales thus far for December totaling $11,480,450. Sellers are getting 91.73 percent of their asking price. There has been a total of 18 new listings thus far for December, with an average list price of $739,642."

Says Realtor Ron Henderson, "Our sales continue at a steady pace. Solid buyer demand and the low interest rates continue to fuel the housing market in the Charleston tri-county area."

He explains, "A recent study published showed that for the first time resale price gains actually out paced that of new construction. New construction fresh starts remain 5-6 months out from the contract date. I've noticed that in some areas, new construction has peaked and price increases have slowed or stopped. Builders offer few incentives in the hot areas but in high-compete areas they are offering closing costs if you use their preferred lender. Condos and townhomes are becoming very popular.

"Overall prices have increased in Dorchester and Berkeley counties while Charleston county has actually had a slight drop in overall prices," Henderson continues. "Berkeley lead the way with a 18 percent gain over 2002. Dorchester is up 11 percent and Charleston is off 3 percent. That off figure is not reflected in the more popular areas of Charleston county. The 100,000 -200,000 range remains tight in all areas with the better properties snapped up fast. The sellers in the 200,000 -500,000 ranges for resale's have become more competitive. Considering the overall offerings and the very low interest rates, I would continue to classify the tri-county area as being a buyer's market. In some areas and price ranges the shortage of inventory shifts it to a seller's market."

"You will currently experience a definite buyer's market as we continue to see higher inventory in all prices, homes staying on the market longer and more price reductions," advises Realtor Spencer Stegall. "Despite the buyers market, it's not a market where buyers can "steal" a home with a ridiculous offer. Sales prices are relatively stable, which means that sellers are mostly realistic about housing values. The housing market does continue to be strong, driven much by low interest rates. And even though interest rates have risen, in perspective, the current interest rates are still very good. Just a couple of years ago at this time, buyers would have jumped at interest rates under 7 percent. And with interest rates still low (but rising), now is the time to buy or sell!"

Click here to view current Market Conditions in your location.

Published: January 6, 2004

Use of this article without permission is a violation of federal copyright laws.