Sep
11

Charleston Home Prices Take a Tumble

By

September 11, 2008

By Katy Stech – The Post and Courier

The latest home-buying sales pitch now goes something like this: “Interest rates are historically low, there are lots of properties to choose from, and prices are lower than they have been.”

That third part of the pitch is the latest twist. During the first two years of the market slowdown, home prices held steady, but the latest numbers show that prices fell again last month.

The median price for homes that changed hands in August slid almost 6 percent to $202,250, according to the latest figures from the Charleston Trident Association of Realtors’ Multiple Listing Service. In August 2007, the median price was $215,000.

The number of sales fell 33 percent to 711 transactions during the same period, a decline consistent with monthly drops seen throughout this year, according to MLS data.

Fewer homes are selling in the Lowcountry in 2008, and the process is taking longer.

Terry Hardesty, a real estate agent with Carolina One’s Goose Creek office, said price trends are not consistent across the board. Homes priced above $500,000 — especially those owned by builders that need to sell — have seen more dramatic reductions than less-expensive residences.

“I think there’s been less downward pressure on (homes listed at) $200,000 and under,” he said.

The number of properties listed for sale in the region remains high at 10,715 — more than twice the amount that local housing experts say is healthy. But the number of new listings for August fell by nearly half compared with the previous three months, a sign that some sellers have retreated from the market.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.charleston.net/news/2008/sep/11/home_prices_take_tumble54147/
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BLOG NOTE:
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Notice that the statistics in the article are based upon Multiple Listing Service data. The homes that were sold without REALTOR representation are not included. How big of a difference could there be you ask? In difficult times, more people try the FSBO route to try to save that commission expense. The difference could be significant. This is one reason that I purchased the real estate research firm Property Data (now Greenville Property Pulse). Our research includes all arm’s length real estate transactions……….including FSBO’s. Learn more about Greenville Property Pulse here http://gppulse.com/index.html
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MBD

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