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I’ve just complete the Statistics Reports for September 2009. Please click on the reports below: 1. Area Reports Average & Median Sales Price Sep 2009 2. Area Statistics Report Tri-County Sep 2009 3. County Statistics Report Sep 2009 4. Residential Home Sales Inventory Report SEP 2009 5. Subdivision Reports Sep 2009 6. ZIP Code Reports Sep...

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Summerville offers History, Beauty and a Wonderful Life-style.

Summerville offers History, Beauty and a Wonderful Life-style.

By on May 20, 2009 in Summerville SC, Summerville SC Real Estate, Uncategorized | 0 comments

This study looks at single family detached home statistics from 2000 to 2009 YTD 5-18-09. Visit the link below to learn more about the amazing town of Summerville. “The town’s name is evocative of its history. Situated on a pine-forested ridge, it was first inhabited in the late 1700’s as Charlestonians and other inhabitants of the SC Lowcountry sought respite from the summer heat, mosquitos and disease. From May to September plantation families along the nearby Ashley River and other coastal areas, headed for higher elevation to live temporarily or “maroon,” in the tiny forest colony soon dubbed Summerville. Other pioneer residents descended from those 1696 puritans who settled the nearby former colonial settlement of Dorchester, endowing Summerville with a heritage spanning three centuries.” “Summerville’s beauty is mirrored in her motto, “The Flower Town in the Pines.” Since the early 1900’s day tourists have flocked to the town during early spring to enjoy millions of spring blossoms, particularly azaleas, in private and public gardens, including the mid-town Azalea Park. It’s no wonder perhaps that the motto on the town’s official seal is Sacra Pinus Esto– The Pine is Sacred.” In 2000 Summerville sold 1200 single family detached homes and by 2005 reached 3200 homes per year. The number of homes sold averaged 28.4% growth per year from 2002 to 2005. The sales dollar volume grew from $161.3 million to a high of $700 million in 2006. The average home sold for $209,567 in 2006 with a median sales price of $194,170 and on average sold for 99.7% of the listing price. During that year homes averaged 46 days on the market (DOM) and there was a 3.5 months supply of homes in inventory at the end of 2006. In 2007 the Summerville homes sold declined by -23% from the previous year to 2472 homes. In 2008 the home sales dropped -32.5% to 1668 homes sold. This sharp decline in home sales resulted in only a -4% average sold price and -5% median sales price in 2008. The average and median sale price decline from 2008 to 2009 YTD (5/18/09) averaged -13.7% and -14% respectively to $176,926 average and $169,098 median price. There were 381 homes sold in 2009 through...

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The CTAR MLS data confirms that over 80% of the homes sold in the Tri-County this year to date are under $300,000. The most popular range is $160,000 – $170,000 followed by $200,000 – $220,000. If your client has a home in these price ranges they should sell with in 104 days on average. Figure 1: Most popular home sales ranges in the Tri-County area...

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Charleston, SC First Quarter Home Sales Down

Charleston, SC First Quarter Home Sales Down

By on Apr 19, 2009 in Uncategorized | 0 comments

The Charleston area CTAR MLS reported the lowest first quarter home sales in the past 10 years. Homes sales in the 1QT-1998 were 1516 units while 1QT-2009 had 1376. The best first quarter during the past 10 years was 3990 in 2006. The decline between 2006 first quarter and 2009 was -65.5%. While homes sales dropped -38.8% from 1QT-2008 to 1QT-2009, the reduction in Median sold price was only -11.2% during the same period. The Median sold price increased by 2.5% between first quarters from 2005 and 2009. The question that everyone is asking is when the market will reach the bottom. There have been some positive indications in recent weeks. CNN reported this week that the a few economists were predicting the economy to bottom within 3 months. Moody’s Economy.com predicts the housing market will bottom out by year end. Other good news from the Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended April 3 increased 4.7% to 1,250.6. Let’s take a look at the first quarter 2009 for the Charleston area market. Figure 1: 10-Year Monthly Home Sales The past decade had a 4 year period of stability, 4 years of rapid growth and 3 years of accelerated decline. 2009 first quarter home sales dropped to a 10 year low. First quarter home sales fell below the 1516 units reported in 1998 to 1376 in 2009. Figure 2: 5-Year Homes Sales Quarterly Over the past five years the first quarter of each year had the lowest home sales followed by the second quarters highest units sold. The 2009 second quarter growth will be an indicator of weather the bottom is in sight. Figure 3: Comparison 1St Qt Home Sales 2005-2009 Home sales fell from 3869 to 1376 (-64%) between 1st Qt 2005 to 1st Qt 2009. Figure 4: 5-Year Volume Sales per Quarter Volume sales dropped from $978,652,565 in first quarter 2005 to $354,941,995 first quarter of 2009. Figure 5: Comparison 1St Qt Volume Sales 2005-2009 Volume sales dropped -47.6% between first quarter of 2008 and 2009. Figure 6: 5-Year Average List, Average Sold and Median Price List price, average sold price and...

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