I wish I had only a positive result to convey. The truth is that much is not positive in the Real Estate World. Prices continue to go down in most markets with few exceptions. Greenville, Florence, Spartanburg, Cherokee County and Sumter were the exceptions. It is critical when buying to understand the advantages you have in the marketplace. I have seen 10-20% price reductions in our Columbia Real Estate market that I have never seen before in such huge numbers. A staggering 20 plus % of homes sold in the first quarter of 2010 in South Carolina were foreclosures. Sad situation for the seller and Happy Days for buyers looking for deals. These numbers were up from the previous years reflecting the sad state of the economy. We are doing better then the National average if that is any consolation. The average price home in S.C. is almost $144,000. You do get a lot of house for the money here if you can get a loan. On the positive side interest rates are low and if your income is stable, you should buy now! For those in neighborhoods that are distressed, be prepared to see your property values drop significantly. Charleston and Greenville lead the state in number of foreclosures to over 23% of sold homes. Most of the other larger markets are close to 20% of foreclosed homes resulting in sales. In some markets the average foreclosed home is selling for less then 39% of the sales price.
As we review sales history we are seeing almost a 24 % reduction in sales from last May to this May. That is significant with only 3111 sales contracts signed in May in the whole state. Some of these contracts will not result in the property closing. Understandably, many of these homes went under contract due to the Federal tax rebate program, which gave buyers a significant reason to buy. New home ales are also depressed as many new homes are still on the market. Unfortunately smaller builders have gone under leaving unfinished homes. As a result of the slowing in the industry there are over 56,000 listed homes for sale at the present time. For many markets after school starts the sales usually decline for those who bought to get in certain school districts as a primary motivator.
