Summerville SC Real Estate Market Update

In the first quarter of 2010 (January to late March), 322 homes sold in Summerville, SC. Average days on market (DOM) was 86, and the median sales price was $ 150,000 for them. Comparing the first quarter of this year at the same time last year, you will see many positive trends in the market. Number of homes closed considerably (compare to 322 this year from 288 last year). Houses are taking less time on the market to sell (to an average of 86 days compared to 106 now goes to the first quarter of 2009). Percentage of sales price to list price in 2009 was 97%. This means that last year around this time, sellers were, on average, able to get 97% of the price asked in their homes. This year, sellers get a little more than 98%. What is this report? In a nutshell, sellers are more realistic about pricing their homes to sell. They are more reasonably priced their homes when the list, and they are having to take low-ball offers that buyers are so many vendors that affect the entire
country. Although most statistics are promising Summerville sales for the sellers, you see a trend that shows it is still a buyer's market. In comparing the first three quarters of this year and last year, the median sale price of houses has dropped by nearly $ 20,000! (The average price was $ 169,000 last year but this year the median is $ 150,000.) Berkeley and Dorchester Counties saw the largest decrease in home prices for all of Charleston. Although the number of sales increased across the board for the entire Charleston MLS average home price in Dorchester and Berkeley has decreased significantly, while part of Charleston County (such as Mt Pleasant.) Recorded an increase in the selling price - a trend that goes against most of the markets in the rest of the country is facing. Although statistics can not tell why this happens, I can only guess - based off so many conversations I had with home buyers - that this is because buyers are now able to permit some of the homes
have was within their reach in the past. Some of the most popular areas of Charleston (James Island, Mt Pleasant. West Ashley) are also some of the most expensive. The basic rule of supply and demand. So many local buyers have told me that they originally wanted to live in Charleston County, but they found that their homes were too expensive, once started house hunting. As a result, they opted for the interior cities such as Summerville, North Charleston and Goose Creek. However, now they either 1) have equity in their homes and can afford to buy, or 2) saw prices down in some areas of Charleston County. So they are now trying to move closer to downtown Charleston and beaches.Regardless reasons, it all comes down to numbers. Summerville good news for sellers is that it should take less than three months to sell their home. Price range where most of the buyers is that $ 150K mark. So if your home is in this range would be easier to sell.The average selling price decrease is
a sour news sellers, but good news for home buyers. After all, they are able to get comparable prices that were two and three years ago. reduced prices and historically low interest rates should continue the steady stream of home sales in Summerville, SC. Learn more about the Summerville SC real estate and search all the Summerville real estate listings, including Summerville homes for sale, villas, apartments and vacant land!