Housing market cooler
Home sales in Charleston region fall 15 percent from November 2005
BY KATY STECH
Heading into winter, the housing market in the Charleston region is continuing to cool, the latest figures show.The number homes sold in the tri-county area in November totaled 991, a decline of 15 percent compared to the same month in 2005, according to deals tracked by the Charleston Trident Association of Realtors’ Multiple Listing Service.
For the year to date, local sales are down by nearly 5 percent.
While the activity isn’t off by as much as in other cities, the latest figures reflect the steady decline that the Charleston market has seen since the number of monthly transactions peaked in June 2005 at 1,574.
“The market was overheated,” said William S. Smith, an agent with Hartnett Realty Co. “We’re in a more realistic phase now.”
As a result, properties are taking longer to sell. For November, the average number of days that a home stayed on the market climbed to 78 from 52 a year earlier, according to association figures.
Also, appreciation rates have steadied, said Patty Scarafile, chief executive officer of Prudential Carolina Real Estate,
the largest residential agency in the region.
In light of the slowdown, she said, agents have had to emphasize to owners that homes need to be priced accurately to attract serious buyers.
“The houses that are selling today are competitively priced,” Scarafile said. “The public’s mindset has to go through an adjustment.”
The good news for sellers is that the latest figures show overall home sale prices have yet to go south.
November’s median home price was $204,624, up more than 8 percent year-to-date.
Though the slowdown in sales volume suggests that prices might fall, Smith said sellers still are optimistic about their property values.
He also noted that many are holding out, with hopes of getting lucky.
“Real estate tends to be an emotional and psychological issue for buyers, and sellers as well, so I don’t think it observes the dispassionate rules of economics,” he said.
Scarafile said the November sales figures didn’t come as a surprise to anyone who pays attention to local housing trends.
She said her firm expected third-quarter sales to be the slowest and that her office now is seeing a pickup in activity.
“There are a lot of busy people out there right now,” Scarafile said.
“Our listings are being shown, and we believe that will result in strong first-quarter closings.”
Search the Charleston MLS at www.dustinryan.com
