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21

Hilton Head Home Sales, Median Price Down So Far In 2008

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July 18, 2008

By JIM FABER – Island Packet

In the first half of 2008, local real estate sales continued to fall, along with prices, according to data from the Multiple Listing Service of Hilton Head Island.

Condo prices, however, increased in the first half of 2008, when compared with 2007, but the total number of condos sold fell significantly.

Home sales were down 15.2 percent in the first half of the year, while median prices dropped 16.5 percent, according to MLS data for southern Beaufort and Jasper counties.

Condo sales fell 34.4 percent, but median prices rose 10.2 percent.

Despite mostly negative sales information, Realtors said they were confident buyers would come back as soon as 2009.

“Buyers are really understanding there’s a good selection, that prices are better and that properties have had improvements done to them,” said Rob Reichel, a top Realtor with Sea Pines Real Estate Co.

Although it’s a buyers’ market, sellers who have owned their properties for more than a few years stand to profit, even though they didn’t sell at the peak of the boom, he said.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.islandpacket.com/news/local/story/553550.html

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