Thursday, 2 April 2009 10:41 by
AdminIn my previous posting Charleston Tri-County Area Real Estate Market
Analysis, I looked at the tri-county from strickly numbers view. It
showed that on average Charleston County had the most units sold,
largest sales volume, biggest inventory and highest priced home. The
last posting did not address the fastest developing counties in the
Charleston tri-county area. Let's now take a look at the Growth of the
counties over the past 10 years. Since the numbers are much larger for
Charleston county, I indexed the figures to 1998 = 100.
(For
example in figure 12: below in 1998 Berkeley County sold 1,348 units.
If 1,348 = 100% and in 1999 the units increased to 1,686 or 125%. This
means that the units had a growth of 25% from 1989 to 1999. In
Charleston County 4,805=100% units were sold in 1998 and 4,578 in 1999.
This resulted in a decrease to 95% or 5% decline from 1998 to 1999.)
Figure 12: Charleston Tri-County Unit Sales Growth
Charleston
County has the most units sales with 51% in 2008 but Berkeley County
had the strongest growth in unit sales in the tri-county area over the
past 10 years followed by Dorchester and Charleston counties.
Figure 13: Charleston Tri-County Sales Volume Growth
Berkeley
County led the tri-county volume dollar growth with a high in 2006 of
628% growth from 1998-2006 (6.28 times the 1998 figure). In 2008
Berkeley County lead with an accumulative growth of 349% compared to
Dorchester County 221% and Charleston County 188% respectively for
1998-2008.
Figure 14: Charleston Tri-County Average Sales Growth
Charleston
and Berkeley had an accumulative average sales dollar growth of 203%
from 1998-2008. Dorchester grew 168% during the same period.
Figure 15: Charleston Tri-County Unit Inventory Growth
Charleston
County had the largest unit inventory growth at 413%. The Charleston
County Inventory grew from 144% to 411% from 2005-2007. Dorchester
County had a more gradual unit inventory increase 286%.
Figure 16: Charleston Tri-County Months Inventory Growth
Charleston
County had 18.5 months of inventory at the end of 2008 and led the
tri-county area with a growth of 448% from 1998-2008.
It is clear from the study that the tri-county area offers a home that will fit any buyer or sellers needs.
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