Home Sales are Up in the Goose Creek and in the Charleston SC Area, but Home Prices are Down
Home buyers in the Goose Creek and in the Charleston SC area are in the drivers seat when it comes to negotiating a contract price with the home seller. Since the market has so much inventory, many home sellers are having to sell their homes at prices lower than the listed price. As a result, this has caused the listing price of homes in certain price ranges to drop on average in order to sell. Many home sellers have listed their homes at lower prices, which has dropped these homes into lower price range in order to get a large exposure of buyers and to compete with REOs and foreclosures.
More S.C. homes sell in July
By Noelle Phillips and Kristy Eppley Rupon, The (Columbia) State, COLUMBIA -- Home sales in South Carolina are still declining but continued to show some improvement in July, with three regions reporting an uptick, the S.C. Realtors trade group reported Friday.
Across the nation, the housing market is slowly recovering from the economic crisis.
In South Carolina, sales were down 8.6 percent last month, compared with July 2008, the South Carolina Realtors trade group said.
The region consisting of York, Chester and Lancaster counties saw a 12.5 percent drop.
Home prices were still eroding statewide, with the median down 8.2 percent to $142,500. In the local region, prices rose slightly to $161,000, an increase of 1.9 percent.
Sales numbers and prices also dropped between June and July.
But real estate agents see the glimmer on the horizon.
While her firm's sales are off 8 percent from last year, the market is starting to turn around, said Brenda Hanna, broker at Prudential Midlands Real Estate.
“Even though we've cried the blues about it, we're better off than most parts of the United States,” she said.
For the first time in years, some coastal regions saw an uptick in home sales, including Myrtle Beach and Charleston. But home prices took a beating.
Beaufort remained even in sales, S.C. Realtors reported.
Sumter posted a 7.4 percent increase in sales and a level median price.
The skid in home sales was slowed by low-interest rates, tax credits for first-time homebuyers and discounts offered by builders trying to reduce inventory, said Mark Vitner, Wells Fargo's senior economist in Charlotte.
“There's a lot of stimulus being thrown at the housing market,” Vitner said. “There's a lot of deals to be had.”
Still, Vitner predicted the South Carolina residential real estate market has a long road toward recovery.
To read the rest of this article, http://www.heraldonline.com/109/story/1538868.html
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