South Carolina REALTORS® Release March Market Numbers

COLUMBIA, S.C. (April 15, 2013) -- South Carolina REALTORS® (SCR) today released its March Statewide Market Reports showing that tightened inventory levels combined with strong demand are fueling price gains in many areas. Consumer demand also is shifting from distressed properties to conventional homes and record-low mortgage rates and rising rents are supporting housing recovery. 

New Listings in South Carolina increased 3.4 percent to 9,985. Pending Sales were up 8.3 percent to 5,754. Inventory levels shrank 10.1 percent to 46,336 units. Prices moved higher and the Median Sales Price increased 4.6 percent to $151,600. Days on Market was down 8.4 percent to 128 days. Absorption rates improved as Months Supply of Inventory was down 22.6 percent to 9.6 months.

Things inched forward on the economic front with a minor but important upward revision to 2012 fourth quarter GDP growth, which put us in a positive area.

REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a Member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. This email and any files sent with it are confidential.  If you have received this email in error, please notify the sender and then delete it immediately.

Sales are booming, prices are steadily trending upward in a robust Charleston-area market

Residential Real Estate Sales 18.7% Ahead of 2012 Levels

Sales are booming, prices are steadily trending upward in a robust Charleston-area market

CHARLESTON, SC—(March 11, 2013) 722 homes sold at a median price of $181,334 in the Charleston region in February, according to data released today by the Charleston Trident Association of REALTORS®. February’s sales figures are most comparable to pre-recession market activity seen in February 2008, when 733 homes sold. Pricing figures are trending closer to February 2009 levels, when the median price for our area was $183,322 but only 448 homes sold.

Year-to-date, 1,367 homes have sold at a median price of $181,917 in the region. The number of homes for sale in the multiple listing service (MLS) has declined by about 1,000 when compared to this time last year—there are currently 5,632 homes available in the Charleston MLS. Sales are pacing almost 19% ahead of this time last year, while prices show healthy and maintainable 4% growth.

“When you look at the last decade of market activity, you can see how well our market is performing following the economic downturn” said 2013 CTAR President, Owen Tyler. “More importantly, you can clearly see that the activity in 2005 and 2006, particularly the sales activity, was abnormal and that the sales and pricing activity we’re seeing now is indicative of a more balanced and sustainable market” Tyler said.

 

 

 

The expectation from the Association and MLS executives is that sales and pricing will be stable and trend positively in 2013, but the trend of minimal inventory may spur more growth on the pricing side than previously anticipated. “Many areas of our region are squarely in seller’s market territory” said Dave Sansom, 2013 President of the Charleston MLS. “That doesn’t mean that sellers can start overpricing their homes and expect them to sell, but it does mean that they have a bit more room to negotiate for the price they want than they have in recent years” said Sansom. Tyler concurs, “Some buyers are having a tough time finding the home they want in the area they want because there are half as many homes on the market today.”

 

JANUARY ADJUSTMENT  Preliminary data reported in January indicated that 634 homes sold at a median price of $181,740. Adjusted numbers now show slight increases, with 645 homes sold at a median price of $182,500.

 

BERKELEY COUNTY

171 homes sold at a median price of $160,000 in Berkeley County last month. The areas bordered by Highway 17A and College Park and Goose Creek/Moncks Corner had the highest rate of sales activity.

 

Berkeley County Area to Watch: Daniel IslandDaniel Island posted significant gains in both sales activity and pricing in February. Sales increased by 171% when compared to last February and prices have increased by 28%. In February 2012, 7 homes sold at a median price of $447,000 on the Island; this February shows 19 sales at a median price of $573,300. February’s strong activity follows a year of positive trends in 2012, when prices increased almost 13% and inventory declined by almost half—44%.

 

CHARLESTON COUNTY

Of the 371 homes sold at a median price of $239,500 in Charleston County in February, 108 of those sales took place in Mount Pleasant. Outside of Mount Pleasant, North Charleston/Summerville (outside I-526) had the most sales with 52 homes selling at a median price of $120,432.

 

Charleston County Area to Watch: Upper Charleston Peninsula

At the end of 2012, inventory had declined nearly 35%, sales volume had increased by 50% and median price climbed 8.2%. In February, the Upper Peninsula area continued to thrive, with sales nearly doubling from February 2012’s 11 transactions to 20 this February. Median price continues to increase steadily and inventory remains low with just over 100 homes for sale in the area.

 

DORCHESTER COUNTY

154 homes sold at a median price of $154,250 in Dorchester County in February. The area of Summerville/Ridgeville was the most active area, with 74 sales at a median price of $161,256.

 

Dorchester County Area to Watch: Summerville/Ridgeville

Consistent and steady is the name of the game in Summerville/Ridgeville. The area performed consistently well in 2012, showing 9.5% growth in sales volume and an 8% increase in prices. This February, the area saw an explosion of sales activity—74 homes sold this February compared to 49 in February 2012 and prices are steadily consistent in the $160,000 range.

With 3,600 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®.

 

Charleston-Area Residential Real Estate Market Continues to Strengthen through September

 

Charleston-Area Residential Real Estate Market Continues to Strengthen through September

Strong sales, consistent price growth and declining inventory strengthen the recovering market

CHARLESTON, SC—(October 10, 2012) According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR) 876 homes sold in September, surpassing last September’s mark by more than 100 sales. Pricing in the Charleston area has made positive gains throughout the year, with September’s closings resulting in a median sale price of $190,000.

The year-to-date and inventory figures show the Charleston market’s continued progression back to a healthy, balanced and sustainable market. Year-to-date, MLS data shows a 10.5% increase in sales and a 5.6% increase in median price for the region. In 2012, 7,879 homes have sold at a median price of $190,000. At this point last year, 7,125 homes had sold at a median price of $179,850.

While it is common for inventory to decline heading into the fall and winter months, it is significant that tri-county inventory has dropped below the 6,000 benchmark, with 5,878 homes listed as actively for sale with the Charleston Trident Multiple Listing Service (MLS). MLS data shows 6.7 months of residential inventory—most experts consider 5-6 months a mark of a healthy and balanced market.

“The available inventory is pushing our market not only towards balance, but slowly back towards the seller’s favor. We’ve been squarely in ‘buyer’s market’ territory for several years now. The market has made its corrections and we’re well-positioned for sustainable positive progress going forward,” said Herb Koger, 2012 President of the Charleston Trident Association of REALTORS®.

Average days on market has declined significantly as well, with all three counties reporting 100 days or less to sale, and Charleston County averaging a speedy 87 days in September. The faster pace of buying activity is being encouraged by a significant number of investor buyers in the Charleston market, who deal largely in cash, negating the wait time for lender approval.

August AdjustmentPreliminary data reported for August 2012 indicated 1,014 homes sold at a median price of $198,757. Adjusted numbers now show 1,025 sales at a median price of $199,900.

Berkeley County

Preliminary data shows 197 homes sold at a median price of $175,000 in Berkeley County in September; with an average of 92 days on market. Year-to-date, sales volume has increased about 1% and prices have grown by 6% compared to last year, with 1,689 sales in the county at a median price of $164,300.

Charleston County

Preliminary data shows 502 residential transactions in Charleston County in September, at a median price of $216,768. Days on market dropped to a year-low of 87 days. Year-to-date, sales have increased 17% and pricing has made a healthy 2% gain over 2011 data. Thus far in 2012, 4,494 homes have sold at a median price of $225,000 in Charleston County.

Dorchester County

Preliminary data shows that 153 homes sold at a median price of $175,000 in September in Dorchester County, in an average of 100 days on market. Year-to-date, sales volume has grown by 3% and prices have increased by nearly 4%, county-wide, compared to last year. In 2012, 1,428 homes have sold at a median price of $167,222.

 

With approximately 3,400 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.

DECEMBER RESIDENTIAL REAL ESTATE FIGURES CLOSE OUT A STRONG 2011

DECEMBER RESIDENTIAL REAL ESTATE FIGURES CLOSE OUT A STRONG 2011

Year to date numbers show sales growth, relative stability in median price

CHARLESTON, SC—(January 10, 2012) Posting the strongest December sales figures since 2006, the Charleston-area residential real estate market closes out a year of steady sales growth and celebrates the arrival of several positive indicators.
According to preliminary figures released by the Charleston Trident Association of REALTORS® (CTAR), 785 homes sold at a median price of $186,050 in December. This represents an increase of more than 100 sales and median price growth of just over 2% when compared to last December.

However, the best news lies in the year-to-date figures. The Charleston area will close out 2011 with at least a 6% increase in closed sales and a difference of just 3% in median price from 2010. “We anticipated the slight decline in median price, with the amount of distressed inventory in our market” said 2012 CTAR President Herb Koger. “However, seeing sales growth at a sustainable and healthy level—that was not encouraged by tax incentives—clearly demonstrates that there are buyers who understand the value of owning a home in the Charleston area” said Koger.

In 2011, 9,276 homes sold in the Charleston area, at a median price of $181,573. In 2010, 8,767 homes sold at a median price of $186,423.

“When we look at the positive indicators that developed throughout the year—growth in sales, relative stability in median price and a declining inventory—we see an extended period of positive movement and growth in our market, which leads me to believe we’ll see another year of slow, but healthy progression in 2012” said Koger. “While we’re on the right track, we may continue see some price softening as we keep working through our distressed inventory” he added.

Inventory continues to decline, with 6,904 homes listed as actively for sale in the MLS.

A final year in review report will be available next week on the Association’s website and Facebook page.

November Adjustment
Preliminary numbers reported for November 2011 indicated 648 homes sold at a median price of $191,500. Adjusted numbers now show 663 sales at an increased median price of $195,000.

BERKELEY COUNTY

With 194 sales at a median price of $169,702 in December, the residential real estate market in Berkeley County added to its impressive year-to-date totals.

2,219 homes sold in the County at a median price of $162,450 during the year—a 5% increase in sales and slight 2% decline in median price compared to 2010’s 2,112 sales at a median price of $165,457.In 2011, the most active area of the county was bordered by Jedburg Road-Highway 17A and College Park, with 523 sales at a median price of $156,290. The most affordable area of the county is Cross/St. Stephens/Bonneau, where 71 annual sales resulted in a median price of $69,000. The most expensive area continues to be Daniel Island, where 250 homes sold at a median price of $407,500.

CHARLESTON COUNTY
December figures completed a year of healthy sales growth and the ongoing correction of prices with 429 sales at a median price of $222,500.

Increasing affordability in Charleston County led to a market-leading 9% growth in sales during the year. 4,961 homes sold at a median price of $220,000 in 2011, as compared to 4,566 sales at a median price of $233,750 in 2010.

As the largest geographic area in the county, Mount Pleasant saw the largest number of closings in 2011, with 1,457 homes sold at a median price of $311,173. West Ashley (outside I-526 to Rantowles) was next, with 688 sales at a median price of $179,532. Sullivan’s Island is home to the most expensive property in the County, with 37 sales resulting in a median price of $1,335,000. The most affordable area of the County is North Charleston (inside I-526) where 199 homes sold at a median price of $57,000.

DORCHESTER COUNTY
128 homes sold at a median price of $151,750 in December, closing out a year of stability in Dorchester County.

Year-to-date figures show a less than 1% variance in sales and median price. In 2011, 1,778 homes sold at a median price of $160,000. In 2010, 1,794 homes sold at a median price of $159,125.

The Summerville/Ridgeville area was the most active, as well as the most expensive area of the County in 2011, as 820 sales resulted in a median price of $168,395. St. George/Harleyville was the most affordable region—46 sales at a median price of $84,200.

Realtors vote to require disclosure of short sales

Realtors vote to require disclosure of short sales

By Ashley Fletcher Frampton
aframpton@scbiznews.com
Published Nov. 19, 2010

Real estate agents must flag in the Multiple Listing Service database those homes that they expect to be short-sale transactions, local Realtor officials decided today.

The vote by the Charleston Trident Association of Realtors’ Multiple Listing Service board to mandate disclosure brings clarity to an issue that real estate agents have debated recently, as short sales have come to represent a growing and complicated segment of local home sales.

Short sales are transactions for which bank approval is needed because the offer does not cover the seller’s outstanding debt. The bank must agree to forgive some of that debt or work out an alternative payment arrangement with the seller.

Some agents have pushed for the Charleston Realtors group to require full disclosure so that buyers know ahead of time what they’re getting into, as banks’ involvement in a home sale can add time to the process.

Others have said that disclosing a short sale can invite lower offers; and that it can discourage some buyers and therefore isn’t the best way to market a home. Additionally, the question of whether a sale is a short sale depends on the offers submitted.

Some sellers, too, are reluctant to advertise publicly what could be perceived by neighbors and friends as financial troubles, putting the agents who represent them in a difficult spot, agents have said.

Under today’s decision, agents must disclose potential short sales in the section of the Multiple Listing Service database, or MLS, that only agents can access. The mandatory disclosure does not apply to the portion of the information about a home in the database that is available to the public, the Realtors group said.

The searchable public section of the MLS is what populates the listings on some agents’ individual websites.

“This decision puts the choice of public disclosure in the hands of the seller,” David Smythe, president of the MLS board, said in a statement. “Sellers will be required to disclose property as a potential short sale within the MLS; however, disclosure to the public will be determined by the seller and their real estate professional.”

The disclosure requirement applies to home listings that are “reasonably known to be a potential short sale,” according to the MLS board’s decision.

That means that if a sale, to the best of the agent’s knowledge, is going to be a short sale, it must be disclosed as such, said Meghan Weinreich, spokeswoman for the Charleston Trident Association of Realtors.

The definition isn’t black and white, but that’s the nature of short sales, Weinreich said. Sellers and their agents do not always know ahead of time how a deal will turn out.

“You can’t always know,” she said.

Weinreich said the decision is effective immediately, and it will be implemented once the MLS database is altered to include a short sale disclosure box in the agent-only section.

Reach Ashley Fletcher Frampton at 843-849-3129.

HOME SALES AND PRICES SURVIVE TAX CREDIT FALLOUT, INVENTORY DROPS NEAR ANNUAL LOW

HOME SALES AND PRICES SURVIVE TAX CREDIT FALLOUT, INVENTORY DROPS NEAR ANNUAL LOW

Sales Outpace 2009 Levels and Prices Continue Steady Growth

CHARLESTON, SC—(October 11, 2010) According to preliminary data released by the Charleston Trident Association of REALTORS®, 659 homes sold at a median price of $188,840 in September. This reflects a 5% decline in sales but a 9% increase in median prices when compared to preliminary figures from September 2009.

Year-to-date figures show sales 15% ahead of this point last year, with the median price increasing a slight 2%, holding ground in the high $180’s. Thus far in 2010, 6,698 homes have sold at a median price of $188,000. Compared to the same period last year, 5,829 homes sold at a median price of $185,000.

“At this time last year, the tax credit was in full swing, so it’s encouraging to see steady improvement in our sales and prices compared against last year’s numbers” said 2010 CTAR President, Jeremy Willits.

“Despite the fact that some regions across the country are still experiencing significant declines in buyer activity, that is simply not the case for Charleston. We experienced a month of slow sales following the expiration of the tax credit, but heading toward the close of this year, we’ve established stability—sales have kept pace, median prices continue to rise and inventory is declining” said Willits.

The number of homes listed as actively for sale with the Charleston Trident Multiple Listing Service (MLS) was 9,312 at the end of September, down 4% from September 2009 and the lowest level of inventory seen since the beginning of this year. Inventory has remained close to the 10,000 mark for much of the year, so declining inventory could signal more balanced supply and demand.

BERKELEY COUNTY

Sales in Berkeley County hit a three-month high, with 172 sales at a median price of $168,948—a marked improvement from last September’s 135 sales at a median price of $150,000. September’s figures reflect a 27% increase in sales volume and a 13% increase in prices.

These increases are supported by significant levels of activity on Daniel Island—where sales are consistently doubling from 2009 levels. Sales of single family homes on the island have increased 109% year-to-date, without sacrificing prices—which remain steady in the $500,000 range.

CHARLESTON COUNTY

Sales in Charleston County were comparable with 2009 levels, while prices inched up another 5%. 351 homes changed hands at a median price of $224,500. In September 2009, 359 homes sold at a median price of $214,000.

Continued activity in the island markets support the steadying market—both Folly Beach and Isle of Palms, which was recently included on the Forbes List of America’s Most Expensive Zip Codes, doubled their sales over September 2009.

DORCHESTER COUNTY

Dorchester County showed improvement in median sale price last month—recording a 14% increase as prices climbed to$176,000. Last September, the median sale price was $154,000. Sales are still sluggish in the foreclosure-plagued county, with 120 sales in September 2010, down 27% when compared to September 2009’s 164 closings.

Most of the County’s activity is taking place in the Summerville/Ridgeville area, where 49 of the area’s 120 sales closed and prices increased 9% compared to last September. Notably, the North Charleston/Summerville/Ladson area recorded a 32% increase in median price during the month, jumping from last year’s $162,750 to $214,900.

AUGUST 2010 ADJUSTMENT

Preliminary numbers reported for August 2010 indicated 681 homes sold at a median price of $199,055. Adjusted numbers now show 697 sales at the same median price.

With approximately 3,700 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®.

Residential Real Estate Sales Reach Highest Level Since September 2007

Residential Real Estate Sales Reach Highest Level Since September 2007

Sales Up 29%, Prices Continue Pattern of Consistency

CHARLESTON, SC—(June 10, 2010) Preliminary data released by the Charleston Trident Association of REALTORS® (CTAR) shows 878 closings took place last month. This not only marks a 29% increase from the 678 sales in May 2009 but the highest level of closed sales in this region since September of 2007.

“We are pleased to see such high sales volume, but it’s equally important that home prices are continuing to stabilize. So far this year, price fluctuations have been minimal, which is ideal as we see inventory gradually returning to a healthy level” said Jeremy Willits, President of CTAR.

The median sale price for May 2010 settled at $186,497. In May 2009, preliminary reports showed a median sale price of $187,000. Last month, figures showed this year’s lowest median price of $180,175.

Year-to-date, 3,277 homes have sold in the Charleston region. This represents a 28% increase in sales activity when compared to the same period last year—at this point in May 2009, 2,553 homes had changed hands.

Mortgage rates remain at historically low levels, currently 4.81% for a 30-year fixed loan. “Low rates and an affordable selection of property should continue to support healthy market activity. This month’s sales show high seasonal activity and the lingering effect of the tax credit, which we anticipate will continue into June and possibly July. We’re optimistic that this is setting the stage for a stable market in the fall and later months” said Rob Woodul, President-Elect of CTAR.

There were 9,867 properties listed as actively for sale with the Charleston Trident Multiple Listing Service as of May 31, 2010.

BERKELEY COUNTY
Berkeley County led the way in both sales and price increases in May. Bolstered by a flurry of recent activity on Daniel Island, sales in the county increased 46% and median price increased 10% over 2009 levels. 202 homes sold at a median price of $165,517 last month. In May 2009, 138 homes sold at a median price of $150,964.

The majority of Berkeley County activity occurred in Goose Creek and Moncks Corner from Highway 52 to the Cooper River. Daniel Island had a strong showing this month with 22 homes sold at a median price of $540,450, the strongest month so far this year.

CHARLESTON COUNTY
Charleston County also posted impressive increases in May—475 sales resulted in a 31% increase over May 2009’s 363 sales and prices increased 6% from $215,000 to $228,000.

The majority of activity took place in Mount Pleasant, south of Highway 41. 99 homes sold at a median price of $341,236 in that area. An unprecedented 32 homes sold for a median price of $245,988 on Johns Island—the most sales on the island since March 2007.

DORCHESTER COUNTY
170 homes sold in Dorchester County last month, representing a 10% increase from May 2009, when 155 homes sold at a median price of $168,000. Prices showed a quiet decline of less than 2%, settling at $165,050.

The increase in sales was led by consistently strong activity in the Summerville/Ridgeville area, where 86 homes sold at a median price of $169,272.

APRIL 2010 ADJUSTMENT
Preliminary numbers reported for April 2010 indicated 784 homes had sold at a median price of $180,175. Adjusted numbers now show that 844 homes sold at a median price of $181,000.

Should I Sell My House Now?

Do Market Opportunities and a New $6,500 Tax Credit Make it a Good Time To Sell?

A new revision to the recently extended Homeowner's Tax Credit may be a window of opportunity for some home owners who have been wanting to sell their home, whether to move up or to downsize, but have adopted a "hunkering down" mentality.


The new tax credit is for current homeowners: if you have owned and resided in your home for at least 5 consecutive years out of the past 8 years, you can qualify for up to a $6500 tax credit.

If you combine this new tax credit with historically low interest rates and great values in the market place, it might be a really opportune time to make your move. However, this tax credit is only for a limited time and waiting too long may cause you to miss out on market opportunities that could benefit you. Each person's situation is different. I will be happy to provide a no-obligation consultation to discuss your home's current value as well as the prices of homes in your target range and explain in more detail the stipulations on the tax credit. Don't look back and wish you had sold your home instead of waiting. There's no obligation to explore your options. Call me to schedule a meeting today.

First-Time Homebuyer Credit Provides Tax Benefits to 1.4 Million Families to Date, More Claims Expected

The IRS has released IR-2009-083 reporting that about 1.4 million taxpayers have filed (or amended) their 2008 income tax returns claiming the $8000 first-time homebuyer tax credit. The IRS release also reminds taxpayers of the importance of getting to closing before the December 1 expiration of the credit and publicizes a YouTube video it has prepared to help taxpayers understand the basics of the credit.



For more information from the IRS please visit this link http://www.irs.gov/newsroom/article/0,,id=213375,00.html

RESIDENTIAL REAL ESTATE SALES REACH SEVEN-MONTH HIGH AS MARKET CONTINUES TO STABILIZE

Charleston Trident Association of Realtors "CTAR" recently released May 2009 statistics that show an improving real estate market. It is important to keep in mind that to clearly define the market in an up swing we need at least 3+ plus consecutive months of continued improvement.

Currently the largest motivating factor of a Buyer is price. The key to getting the Buyer and the Realtors in your door is a listing price that makes them think, "I can't believe they are selling so low."

Publish at Scribd or explore others:

If you have questions about the real estate market in the greater Charleston area please feel free to call Owen directly at 843.224.5398 or e-mail him at Owen@OwenTyler.com.

Obama administration to expand housing plan

By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer – Thu May 14, 6:33 am ET

WASHINGTON – The Obama administration is expected to expand its mortgage aid program on Thursday, announcing new measures that would help homeowners avoid a blemished credit record even if they don't qualify for other assistance.

The new initiatives are expected to include ways to allow borrowers to avoid foreclosure by selling their properties or giving them back to lenders, according to people briefed on the plan who declined to be identified because it has yet to be announced.

One way would be to encourage a "short sale," in which the home is sold for less than the amount owed on the mortgage but the lender considers the debt paid off. Another option is a deed-in-lieu of foreclosure — in which the borrower gives the property to the lender to satisfy a delinquent loan and to avoid foreclosure proceedings.

Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan are scheduled to appear Thursday morning with some borrowers who have benefited from the government's housing aid program launched in March. An administration official said more than 55,000 offers have been made to modify borrowers' loans in its first two months.

Short sales are often seen as preferable to foreclosure because they don't harm a borrowers' credit record as much as a foreclosure, but real estate agents have complained that the process can drag out for months.

"The problem is it's never clear who in a bank has the authority to approve a short sale," said Howard Glaser, a mortgage industry consultant in Washington and a former HUD official. Federal standards "would speed the process for buyers and sellers by making it more efficient."

The administration estimated earlier this year that as many as 9 million borrowers will be helped through its "Making Home Affordable" initiative, including up to 5 million borrowers who are refinancing loans and 4 million who are modifying mortgages at lower monthly payments.

So far, 14 companies representing about three quarters of the mortgage market have signed up and are in line to pocket a portion of $50 billion in incentives to lower borrowers' monthly payments so they can stay in their homes.

"We are confident that banks and servicers will move as quickly as possible to modify these loans to avert additional foreclosures in the coming months," Donovan said earlier this week.

Meanwhile, the pace of the foreclosure crisis continues to accelerate.

The number of U.S. households faced with losing their homes to foreclosure jumped 32 percent in April compared with the same month last year, with Nevada, Florida and California showing the highest rates, foreclosure listing service RealtyTrac Inc. said Wednesday.

More than 342,000 households received at least one foreclosure-related notice in April. That means one in every 374 U.S. housing units received a foreclosure filing last month, the highest monthly rate since Irvine, Calif.-based RealtyTrac began its report in January 2005.

April was the second straight month that more than 300,000 households received a foreclosure filing, as the number of borrowers with mortgage troubles failed to abate.

The April number, however, was less than 1 percent above that posted in March, when more than 340,000 properties were affected.

If you have questions about the real estate market in the greater Charleston, South Carolina area and specific questions about short sales and foreclosures, please feel free to call Owen at 843.224.5398 or e-mail him directly Owen@OwenTyler.com.

As Affordability Increases, Potential Buyers Show Interest

BUYER INTEREST ON THE RISE, DESPITE WEAK SALES IN JANUARY

CHARLESTON, SC—(February 10, 2009) Sales and median home values slipped in the month of
January, though potential buyer activity increased significantly. According to data from Centralized Showing Service (CSS), residential showings were up 74% over last month, with 18,112 showings for the month.

A total of 372 homes sold in the tri-county area during the month of January, with a median price of $176,750. The most active price range was the $120-180,000 bracket, with 127 sales at that level. Charleston County posted the highest sales, with 193 closed transactions and a median sale price of $235,000.

Berkeley County closed the month with 96 sales and a median sale price of $172,000. Dorchester
County shows a median price of $151,500 based on 69 closed transactions.
Downtown Charleston residential properties continued to show the promise of a rebound, posting the second consecutive month of gain, with a median price of $465,000. James Island and West Ashley also saw median price increases from December, up 19% and 8%, respectively.

There are 9,903 homes currently listed for sale with the Charleston Trident Multiple Listing Service.

With approximately 3,800 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 Low Country. Only those who are members of the Association of REALTORS ® and its parent organizations are called REALTORS®.

If you have questions regarding real estate in the Lowcountry, please feel free to call or e-mail.