August was a fairly strong month for real estate closings in Belle Hall. During the month, there were 8 homes that closed in the neighborhood, bringing the total number of homes closed in Belle Hall during this year to 46. While the numbers are down in virtually every category this year, the real estate market in Belle Hall is still rather steady when compared to other communities in the Charleston area and throughout the country. Below is a comparison of the activity in Belle Hall through the first 8 months of this year as compared to the same period in 2007.
- Homes sold through August 31, 2008 – 46
- Average Days on Market – 116
- Median Sales Price – $336,000
- Homes for sale as of August 31, 2008 – 55
- Homes sold through August 31, 2007 – 62
- Average Days on Market – 94
- Median Sales Price – $356,750
- Homes for sale as of August 31, 2007 – 68
As you see in the numbers above, the inventory of available homes in Belle Hall has decreased 19% from the peak in August of last year when 68 homes were on the market. Demand for homes has not increased accordingly and as a result, the median price for homes sold this year is down about 6% from 2007. However, continued reduction in the inventory levels should help stabilize pricing over time, particularly as more buyers re-enter the market.
Please stay tuned for more updates on this site and also check out my Belle Hall Home Info site for detailed information on all homes for sale in the neighborhood, including pricing, photos and much more!