Charleston in top 25

This morning in The Post and Courier, Katy Stech reported on Forbes magazine and Moody's Economy.com placing Charleston as one of the top 25 markets in the country. This goes along with the brisk activity we are seeing in the Charleston real estate market for the first 26 days of 2009.

Housing market forecast lists Charleston in top 25

By Katy Stech
The Post and Courier Monday, January 26, 2009

We're certainly not a Las Vegas, Detroit or Miami.
That's what local home- owners and real estate industry players can take comfort in when lamenting Charleston's weakened housing market. Comparing market conditions with cities in far worse positions, in fact, makes our local problems seem much smaller.

To that effect, Charleston recently was cited as one of the top 25 Strongest Housing Markets by Forbes magazine, which asked Moody's Economy.com to create a list of areas that are nearest to recovery. The group looked at metro areas with populations higher than 500,000.

The analysis forecast that the Lowcountry housing market will hit the bottom in late 2009 and that prices will fall by a margin of 1.1 percent before that time. (That prediction doesn't jibe with data from the Charleston Trident Association of Realtors, which suggests that, at least since 2007, home sales prices have fallen by roughly 3 percent.)

Charleston shared the honor with other Southern cities, including Columbia, Birmingham and Augusta. Clusters of real estate stability were found in Upstate New York in cities such as Rochester, Albany and Buffalo and throughout Texas in cities including San Antonio, Austin, Fort Worth and El Paso.

The analysis emphasized that the listed markets aren't immune from the current downturn. None of the cities is likely to see prices increase by the end of the year.

If you have any questions or would like to discuss the possibility of having me represent you on the sale of your home or the purchase of a home, you can contact me directly at 843-224-5398 Owen Tyler Realtor® Carolina One Real Estate.