The First 6 Months - 2008 vs. 2009: The Good, The Bad and The Statistics
Posted by Todd Covington on Tuesday, July 14th, 2009 at 2:17pm.With the the fist six months of 2009 behind us, I thought it was a good time to compare this year's home sales to 2008 sales in the same period. As most of us know, 2008 was considered to be one of the worst real estate years on record. So how does 2009 stack up? Unfortunately, 2009 numbers paint a not-so-pretty picture. While the most obvious numbers are down, I believe there are some positive signs.
In 2009, total residential closings are down 20% from 2008. Last there were 447 sold from January through June compared to just 355 in 2008. Even Beaufort's best selling community in 2008, Dataw Island, is down from 16 to 6 sales (though 6 are currently pending). But not all is as bad as as the data indicates. One statistic I found positive was that this year's average selling price was down 12%. At some point, the reduction in price and inventory will turn the housing market around. When I see better prices, I see a closer end to the slump.
A rational assumption for the price reductions is buyers are looking for bargains, and sellers are dropping asking price because of the lack in activity. Although closings are poor, the reduction in home prices are a positive sign. As the old adage goes, "Price Sells Homes". Because sales are so far down, sellers are feeling the pinch. The equates to an occasional great deal.
Generally speaking, home prices are still too high, but there are deals for the savvy buyer. As asking prices continue to decline, make sure to have your Realtor place you on the New Listings automated e-mail system. That system is how I bought my first two homes and I firmly believe it is the best way to find a great deal in ANY market. In the past few months there have been several nice deals to hit the market. Generally, these are scooped up quickly. Stay on top of new home listings to find that.
In short, this years sales are poor but lower prices make for a better market and some great investment opportunities. Keep your finhgers crossed and let's hope the economy and housing sector will see improvement soon.
Beaufort 2008 Homes Sold Stastics
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Beaufort 2009 Homes Sold Stastics
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206 Carteret Street
Cell 843-441-9222
Making the Lowcountry of South Carolina home for the past 20 years, Todd Covington specializes in the Beaufort SC real estate market. Providing unsurpassed service and attention to detail, Todd is owner of www.LowcountryProperties.com which represents the finest homes in the area.
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Great blog on the Beaufort statistics, Todd. I hope that this second half of the year will reflect an increase in activity for your market, as it has here in Charleston. We seem to be catching up and passing 2008 numbers, so that's something to be excited about.
Posted on Tuesday, October 6th, 2009 at 8:35 AM.