At the risk of sounding overly positive at a time when it is not fashionable, there has been some recent good news. For those who have not heard, Charleston has now overcome San Francisco as the #1 tourist destination in the country. This, along with the coming PGA tournament, bode well for the Charleston area in 2012.
At the same time the Real Estate inventory in the greater Charleston market is down by some 20% from the high. That’s about 8000 properties on the market versus 10,000 at the high water mark. However, this is still double what the inventory was when sales were at peak numbers in 2005 and 2006.
While most of Charleston real estate statistics do not relate directly to our coastline resort and second home market, the second half of 2011 has also been more positive for Seabrook Island than the first half of the year. In the third quarter, Seabrook Island saw 6 properties sell that were listed over $1 Million, two of which were listed over $2 Million.