Homes in the Charleston area are selling for less but are moving more quickly off the market.
Median home prices took a 7% dive in November compared with the same month last year.
The median price of homes sold last month was $185,503, compared with $200,000 in November 2007, according to figures released Wednesday by the Charleston Trident Association of Realtors multiple listing service.
The average number of days on the market for homes sold last month was 105, the lowest all year. The average number of days on the market in October was 129. In November, 128 homes moved in less than a month; 117 homes that closed that month took more than 121 days to sell
The year-to-date median price of homes sold is off 3% from last year’s number. The median price of homes sold between January and November 2007 was $209,718, compared with $202,702 this year.
A total 435 transactions closed last month. The majority of those homes, 13%, fell in the $200,000-$249,000 price range.
The residential market in Berkeley County continued to show signs of improvement in November. For the third consecutive month, median sale prices increased and average sale prices are at their highest level, $237,671, since peaking during the summer of 2007. Charleston County sales totals and prices fell slightly, while Dorchester County remained steady.
The current inventory of homes on the market as of Dec. 10 is 10,462.
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