Here are some quick statistics to think about:
For the Charleston Metro Area:
Active (Current) Inventory has dropped from 11,156 in August 2008 to 8,265 today (26% drop)! Of these, 2,053 are under contract (ONE OUT OF FOUR HOMES WITH A "FOR SALE" SIGN IS UNDER CONTRACT!)
For Mount Pleasant:
Active (Current) Inventory has dropped from 2,053 in July of 2007, to 1,053 today (49% drop!). Of these, 323 are under contract (ONE OUT OF THREE HOMES WITH A "FOR SALE" SIGN IS UNDER CONTRACT!)
Venture to predict when prices will start climbing again?
Which market will lead the Charleston Area out of the correction?
The writing is on the wall!!