Stono Ferry Home Sales First Half of 2009

The number of Stono Ferry homes sold in the 1st half of 2009 was very positive.  So far in 2009, there have been 6 home sales while in all of 2007 there were a total of 7 sales.   With six months to go, we should beat the 2007 Stono Ferry homes sold. 
Pricing has dropped with the average sales price in 2007 at 553,742 while in the first half of 2009; the average sales price of a Stono Ferry was $397,166.  This is a caused by "must sell" sellers reducing the list price to compete with other West Ashley and Charleston homes and the average buyer purchasing Stono Ferry homes below $500,000.  
Another good sign is the inventory on Stono Ferry homes is down to 18 homes and the months of inventory is trending downward.  Tomorrow we will look at townhome sales in Stono Ferry.