Real estate sales dropped in March along the coastal Carolinas even though they rose statewide, according to the latest monthly data from the South Carolina Realtors association.
The number of homes and condos sold along the coastal Carolinas, which include Horry, Georgetown and southern Brunswick (N.C.) counties, declined 7.4 percent, to 687, in March compared to the same month last year, according to SCR.
Several other areas had more significant drops in sales. The southern midlands dropped 26.7 percent to 22, Piedmont Regional dropped 19 percent to 188, the western upstate dropped 13.8 percent to 219, and Cherokee County dropped 9.4 percent to 29, according to SCR.
Tom Maeser, a real estate analyst with the Coastal Carolinas Association of Realtors, said the drop in sales is not anything to worry about because there is a lot of activity in the area with buyers coming into town, and that local Realtors are optimistic that spring housing sales, which have been better than last year so far, will continue to improve over last spring. He said 50 percent of sales have been cash sales.
“It doesn’t surprise me right now if sales are close to or down from last year because of this being an election year,” Maeser said. “People are not making those buying decisions...people get cautious because things are said [by candidates] that scare them. There may be major buying changes depending on who gets elected. The biggest concern is mortgage interest reduction, especially for second homes.”
Statewide, real estate sales increased 4.6 percent, to 4,405 homes, condos and villas sold, in March compared to the same month last year.
In addition, real estate prices along the coastal Carolinas dropped as they slightly did statewide.
The median price of a home or condo along the coastal Carolinas dropped 10.3 percent, to $130,000, in March compared to the same month last year, according to SCR.
Maeser said the area will continue to see real estate prices drop until it gets rid of foreclosures and short sales.
Statewide, the median price decreased 1 percent, to $144,825, in March compared to the same month last year, according to SCR.
Homes and condos along the coastal Carolinas also sold quicker in March compared to the previous year.
The average days a home or condo along the coastal Carolinas was on the market until it sold in March declined 3.2 percent, to 173 days, compared to the same month last year, according to SCR.
Statewide, the average days a home or condo was on the market until it sold in March decreased 4.4 percent, to 139 days, compared to the same month last year, according to SCR.
Source: http://www.myrtlebeachonline.com/2012/04/17/2779239/real-estate-sales-prices-drop.html
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