Jun
11

Lowcountry Home Sales Down; Prices Stable

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June 11, 2008

By Katy Stech – The Post and Courier

Charleston’s residential real estate market limped through May, recording far fewer home sales than a year ago, but prices remained stable.

A total of 820 homes sold in the region last month, a drop of 30 percent compared with the same month last year. The year-over-year decline is consistent with the previous four months of this year, according to the figures from the Charleston Trident Association of Realtors.

Even so, the median price for the homes that changed hands in May edged up 1.9 percent to $214,000, defying the widespread notion that sellers have been cutting prices across the board.

“I’m shocked,” said Billy Simons of Trident Real Estate. “The buyers I’ve been working with, I’ve found that they’ve gotten some exceptional buys.”

He pointed to a Goose Creek couple who closed on a home in North Charleston’s up-and-coming Park Circle neighborhood for $225,000. An appraisal had put that house’s value at $275,000. Simons, who specializes in the North Area, said he has seen the most activity on homes that are priced lower than $200,000.

“The ones above that, I’m fighting for,” he said.

While the credit markets have tightened up, making it harder for buyers with questionable credit to get a loan, first-time buyers with good credit and low debt still are able to qualify for a mortgage, Simons added.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charleston.net/news/2008/jun/11/lowcountry_home_sales_down_prices_stable44091/
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