Sales Remain Stable, Foreclosur​es Continue to Impact Prices

RESIDENTIAL REAL ESTATE SALES STABLE, FORECLOSURES CONTINUE TO IMPACT PRICES

CHARLESTON, SC—(March 10, 2011) According to preliminary data released by the Charleston Trident Association of REALTORS® (CTAR) 557 homes sold at a median price of $163,500 in February. Preliminary figures for February 2010 showed 509 homes sold at a median price of $179,900—revised data for February 2010 reflects 561 sales at a median price of $180,000.

The most active price range in February was $160,000-$179,999. Last February, the most active range was $200,000-249,999, when many homeowners were taking advantage of move-up opportunities provided by the homebuyer tax credit.

"As we forecasted, prices have softened in the early months of this year as a result of the foreclosure inventory. Over the next 12 months or so, we’ll continue to work our way through this inventory and see prices begin to move forward" said 2011 CTAR President Rob Woodul.

According to figures released by RealtyTrac, more than 250,000 properties received at least one foreclosure-related notice in February, down 14% from January and down 27% from the same month last year. While the number of homes across the country receiving a foreclosure-related notice has fallen to a 36-month low, it’s likely an artificial dip as many lenders have significantly slowed their foreclosure processes due to increased scrutiny over how lenders are handling the repossessions.

RealtyTrac data currently shows an estimated 23,406 foreclosed homes in South Carolina and an average sale price of $111,503 for foreclosed homes statewide.

Woodul cites job growth and overall economic stability as the necessary catalysts for people to jump back into the real estate market. "It's not a question of demand for housing; it's a question of confidence and capability. As they should, people need to feel secure in their job and financial situation before making what will likely be the largest purchase of their lives" said Woodul.

Nationally, unemployment has declined to a nearly 2-year low of 8.9% but South Carolina's jobless rate still remains ahead of that curve, at 10.5%. The Charleston region saw a considerable improvement in its jobless rate, falling to 8.4 % from 9%.
"We will not see a true recovery of the housing market until we have steady and solid job growth" said Woodul.

There were 8,470 homes listed as actively for sale with the Charleston Trident Multiple Listing Service as of February 28, 2011.

BERKELEY COUNTY
Preliminary figures show that 141 homes sold in Berkeley County at a median price of $137,000 in February.

Click here for a full report on Berkeley County.

CHARLESTON COUNTY
Preliminary figures show that 277 properties changed hands in Charleston County in February, at a median price of $195,900.

Click here for a full report on Charleston County.

DORCHESTER COUNTY
Preliminary figures show that 122 homes sold at a median price of $145,000 in Dorchester County in February.

Click here for a full report on Dorchester County.

With approximately 3,500 members, CTAR’s mission is to promote the highest standards of professionalism, ethics, education and technology, and to ensure that its members are the primary source for real estate services in the South Carolina Lowcountry. Only those who are members of the Association of REALTORS® and its parent organizations are called REALTORS®. To learn more, visit www.CharlestonRealtors.com.