|
SENECA — An Upstate real estate pro said Thursday that tri-county home prices are slipping as a result of a triple whammy — market correction, a spike in foreclosures and a glut of homes for sale.
Cantrell & Associates Real Estate chief broker Donna Cantrell said foreclosures in particular are impacting prices.
“There are so many foreclosures in the $200,000 and under market,” said Cantrell, an Easley-based realtor, “it’s driving the prices down.”
According to the latest housing market information released by the South Carolina Association of Realtors (SCAR), the median price of homes stood at $137,000 for the second quarter in the Oconee, Pickens and Anderson area, a drop of more than 11 percent from the $155,000 median price listed for the second quarter 2006.
The median is a typical market price where half of the homes sold for more and half sold for less.
Cantrell said foreclosures add more homes to the market.
“There’s more supply than demand,” she said, which explains in part the downward trend in prices.
SCAR’s market report also shows that midway through the year, home sales dropped more than 10 percent to 1,934. At the same time last year, 2,157 homes had changed hands.
Nick Kremydas, SCAR’s chief executive officer, said that sales so far indicate an expected correction in the local housing market after torrid performances the past two years.
“I think we’ve seen the worst of it,” said Kremydas. “I expect significant improvements in the next quarter.”
Cantrell, who is the broker for the Jocassee Ridge development, said lot sales there have dropped 13 percent. She said none of the homes built there have sold this year.
Cantrell said Jocassee Ridge gets much of its business from homebuyers in Florida who want to escape that market. Unfortunately, many Florida homebuyers are having a difficult time trying to sell their property, which is affecting their ability to purchase in South Carolina, she added.
Even Lake Keowee sales are taking a hit, Cantrell said. According to Lake Keowee Multiple Listing Service figures, 100 home sold from July 19, 2006–July 19 2007, a 22 percent drop over sales recorded from July 19, 2005–July 19, 2006.
_______________________________________________________________
2nd Quarter Home Sales
Area. 2nd Q 06 2nd Q 07 % Chg. To date 06 To date 07 % Chg.
Upstate 1244 1152 -7.40 2157 1934 -10.34
Greenville 2735 2751 0.59 4701 4828 2.70
Columbia 3080 3105 0.81 5308 5422 2.15
Coastal Car. 3319 2373 -28.50 6104 4277 -29.93
Statewide 20022 18120 -9.50 35291 32367 -8.29
2nd Quarter Median Sales Price
Area 2nd Q 06 2nd Q 07 %Chg. To date 06 To date 07 % Chg.
Upstate $155,000 $137,000 -11.64 $139,000 $131,000 -5.17
Greenville $147,000 $150,000 2.04 $146,000 $147,000 0.46
Columbia $142,000 $145,000 2.35 $139,000 $143,000 3.25
Coast. Car. $194,000 $222,000 14.60 $189,000 $213,000 12.32
Statewide $163,000 $164,000 0.30 $158,000 $158,000 0
|
