Real Estate Market Shows Slight Recovery
USC economist paints optimistic, but not rosy, picture.
The Charleston area real estate market is showing some signs of recovery, albeit very gradual, according to a University of South Carolina research economist who spoke to a crowd of Realtors Tuesday. But if Realtors are expecting a return to the boom times of the mid-2000s, they shouldn’t hold their breath. “We’re not going back,” said Joseph Von Nessen, a USC economist. “This is in the past now. An economic recovery does not mean a return to that time period.” Sales increased year-over-year in the first two quarters of 2011, and if that trend persists, the third quarter should yield similar growth. What can be expected is slow growth in sales somewhere between .67 percent and 2.5 percent over the next few years, Von Nessen said. Speaking …
