The folks at zillow.com have been busy compiling data for the Charleston area. They put these charts together March 1, 2010. The charts show home values and home sales in the north area, Berkeley County in particular. The numbers come from closed sales data through 1/31/10. The first chart shows month-over-month, quarter-over-quarter, and year-over-year comparisons of the "Zillow Home Value Index" for Berkeley County as a whole, and then several cities individually, such as Goose Creek and Summerville. The Zillow Home Value Index is the mid-point of Zestimate valuations for Berkeley County and individual cities. Half the Zestimates are above this number and half are below it. According to this chart, the Zillow Home Value Index in Berkeley County as a whole for January 2010 was $121,500, down 11.6% from last year.<!--more--> Aside from actual pricing, sales and inventory play a big role in determining home values. When there's more inventory than demand, prices fall; if inventory starts to slow and/or decrease while demand stays the same, prices stabilize; if inventory slows and/or decreases while demand increases, prices increase. This chart, also from zillow.com, shows the number of sales in Berkeley County year-over-year, etc., as a whole and then in several Berkeley County cities individually. Overall, Berkeley County has seen a 4.5% increase in homes sold year-over-year from 2009 to 2010. When we look closer we see that Summerville has seen the most activity in Berkeley County with a homes sold increase of 64.7%, while Goose Creek has seen the least activity with 26.3% fewer sales in the year-over-year comparison. So what is your Berkeley County home worth? I've shared these charts in hopes of giving you a starting point - but if it's not making any sense, I'm happy to meet with you for a free consultation. Call me at 843.574.3193 to get the ball rolling.
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