Charleston Land For Sale a Victim of The Recession

 

Charleston "Land for Sale" has become a victim of the recession.  Without builders buying land to build new homes and "the move up buyer" building their new custom homes, land sales have dropped from 175 units sold per month in 2006 to just under 25 units sold per month in 2009.  When you look at the vast area of Charleston, Dorchester and Berkerley Counties and only have 25 lots selling across the 3 county area you can see lot sales have become a victim of this recession.   Builders and developers are still sitting on vacant lots so that when the builders start building again they will not be buying lots until they use up the their current internal inventory.  The inventory of lots for sale has ballooned from just under 2000 in 2006 to over 4700 units in 2009.  The few lots that are selling are "priced to sell" in comparison to the other lots in the  surrounding area.  Land sales will begin to recover after the new home builders start building again but due to the large inventory of vacant land for sale it will be a long and slow recovery for land sales.