Stono Ferry Home Sales

Charleston Stono Ferry home sales continue to improve with 7 homes selling through August 2009(Red line).  Stono Ferry home inventory (inventory =   the number of months it would take to sell the homes on the market based on current sales) has dropped from 23 month supply inventory to 13 month supply inventory (Green line).  This is huge!   The current supply inventory for the greater Charleston area housing market is nearly 15 months.  This indicates that Stono Ferry is starting to out perform the general Charleston real estate market.  Pricing is the key as sellers have adjusted their list price to reflect the current market.  The average sold price for Stono Ferry homes in 2009 is $381,285 vs $430,625 in 2008.  My hope is that we can continue to improve through the fall months and Stono Ferry home sales continue to beat the overall real estate market.