Home Sales on the Charleston Peninsula – Makin’ it Snappy

Some of the numbers in my previous post “Home Sellers Finally Get It” looked downright scary.  Homes on the market for over 700 days.  700!  And these are just the ones that have recently sold.  Who knows how many others are out there still sitting and waiting to be rescued?  One would think that with stats like that, very little is happening, no one is buying, sellers are doomed.  Everything is crashing down around us.

Not so.

Of the 72 homes and condos purchased on the Charleston Peninsula since March 1, 2009 – 16 of them were on the market for 90 days or less across all price ranges.  4 of those – for 10 days or less.  Wow.  I’d call that snappy – even reminiscent of the 2005 exuberance, wouldn’t you?

So is this a sign of the market turning around?  Are we out of the woods?   Have the clouds parted to let the sun shine through?   I can’t tell you that.  As a non-economist I am loathe to make predictions and assumptions (particularly when our ACTUAL Economists haven’t done a stellar job either) but I can show you facts and make deductions about what works, and what doesn’t.

So here’s what I can say with 100% confidence….The right price and/or right location will work every single time, no matter what the market looks like (seems like a no-brainer). So if you need to sell your home and can do it without a financial hit below the belt – look at the ones around you, look at what has sold in 90 days or less, and do what they do.

If you are South of Broad, around 3000 sq ft, nicely done – offer it up at around $1,000,000.  If you are a 1600 sq ft 3BR house in Wagener Terrace, please do us all a favor and start under $300,000.  If you are a fixer-upper in an up-and-coming neighborhood Downtown and know it could be a rental, we want to see $150,000 or below.  Be realistic, be smart, and you’ll be the center of attention at the next cocktail party when the topic of real estate inevitably comes up.  After all, who doesn’t love a snappy, happy story?


Address Sold Price Listing Date Contract Date Days on Market
39 Church St $4,200,000 9/10/08 11/17/08 68
1-1L Vendue Range $2,550,000 2/18/09 3/13/09 23
1-1E Vendue Range $1,945,000 3/28/09 4/17/09 20
31 New St $1,365,000 1/29/09 2/6/09 8
46 Montagu St $1,050,275 11/21/08 2/19/09 90
9 Council St $965,000 1/14/09 1/30/09 14
169-303 King St $615,000 2/7/09 3/20/09 41
4 Ashmead Place $600,000 3/12/09 3/30/09 18
330-15F Concord St $520,000 2/10/09 3/25/09 43
140 Dunneman Ave $505,000 3/5/09 5/15/09 71
75 Cypress St $295,000 1/12/09 3/3/09 42
101 St. Margaret St $275,000 3/26/09 3/27/09 4
14-9B Lockwood Dr. $225,000 1/16/09 2/24/09 38
256 Ashley Ave $179,000 1/2/09 1/9/09 7
3 Kracke St $170,000 1/5/09 3/5/09 53
83 Sans Souci $84,000 3/1/09 3/6/09 5

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