The third quarter real estate statistics are in and there is much to be learned from the trends we are seeing in our still very active Charleston market! Following last quarter's overall softening, we are seeing modest declines in sales prices in most areas. Notably, the price per square foot Historic Downtown, has slipped from $496 to $453, and average sales price has declined by over $300k. Some of this decline is exacerbated by questions around flooding which remain top-of-mind for any buyer downtown. We are seeing other sub-markets either remain static or decline slightly indicating that the area in general is transitioning to more of a buyer's market. Q3 statistics from West Ashley, James Island, and Mt. Pleasant show a slight decline in prices which seems to be affecting the market as a whole.
