CHARLESTON, SC (October 10, 2008) The East Cooper housing market continued to follow the downward trend of the housing market through the end of September, showing a slight decline in residential home sales in Mount Pleasant and a significant decrease in sales on Isle of Palms. Sullivan’s Island posted positive gains over September 2007.

The number of closed transactions in Mount Pleasant fell slightly from 99 to 80 units when compared with the same period last year. Isle of Palms saw a 40% decrease in sales from September 2007, from 10 closed transactions for the month, down to 6 this year.

Median sale prices in Mount Pleasant fell from $345,000 in September 2007 to $329,375 in September 2008. Isle of Palms, one of the Lowcountry’s hardest hit markets, saw September’s median prices fall from just over $1.1 million in 2007 to $732,500 in 2008.

Sullivan’s Island, however, defied the trends, posting sales on par with last September. While average days on the market have continued to climb, this month saw an unprecedented 22% increase in median sale price, increasing to $1.4 million over last September’s $1.15 million.

Days on market and inventory for all three municipalities are consistent with this time last year. Mount Pleasant is posting 102 average days on market, while Isle of Palms and Sullivan’s Island are showing 204 and 229 days, respectively. Palms and Sullivan’s Island show inventories consistent with 2007 levels - Isle of Palms has 49 residential properties for sale, currently, and Sullivan’s Island shows 538 homes on the market.

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