The Charleston Real Estate Advisor

Charleston Land For Sale a Victim of The Recession

 

Charleston "Land for Sale" has become a victim of the recession.  Without builders buying land to build new homes and "the move up buyer" building their new custom homes, land sales have dropped from 175 units sold per month in 2006 to just under 25 units sold per month in 2009.  When you look at the vast area of Charleston, Dorchester and Berkerley Counties and only have 25 lots selling across the 3 county area you can see lot sales have become a victim of this recession.   Builders and developers are still sitting on vacant lots so that when the builders start building again they will not be buying lots until they use up the their current internal inventory.  The inventory of lots for sale has ballooned from just under 2000 in 2006 to over 4700 units in 2009.  The few lots that are selling are "priced to sell" in comparison to the other lots in the  surrounding area.  Land sales will begin to recover after the new home builders start building again but due to the large inventory of vacant land for sale it will be a long and slow recovery for land sales.

Stono Ferry April Real Estate Market Update

April 2009 Stono Ferry
Homes Sold

Address                         List Price        Sold Price        Sold/List Ratio
5193 Timber Race          $675,000            $525,000            77.78%    

April 2009 Statistics
 For
Stono Ferry Homes, Townhomes and Lots

    * Stono Ferry Homes For Sale:   15 (-6)
    * Stono Ferry Homes Under Contract: 2
    * Stono Ferry Homes Sold: 1

    * Stono Ferry Ironwood Townhomes For Sale:  13(+3) 
    * Stono Ferry Ironwood Townhomes Under Contract: 0
    * Stono Ferry Ironwood Townhomes Sold: 0

    * Stono Ferry Lots For Sale:   22 (+1)
    * Stono Ferry Lots Under Contract: 0
    * Stono Ferry Lots Sold: 0

(Source: CTAR Statistics.. Reliable but Guaranteed)

For the month of April 2009 Stono Ferry homes sales saw some very positive news. One home sold and 2 more went under contract in Stono Ferry in April.  The inventory of Stono Ferry active homes dropped from 21 units to 15 and for the first time in over 2 years a home sold for above $500,000. 

Land sales remain dormant with the last lot selling in Stono Ferry over 15 months ago.   One more lot came of the market increasing the inventory to 22 lots for sale in Stono Ferry.  Stono Ferry land sales mirrors the Charleston market for land, with no building going on there is low demand for lots.

Ironwood townhomes had 3 more units come on the market increasing inventory to 13 units.  None of the Ironwood townhomes went under contract or sold during April.

Must Watch: This Month In Real Estate - Keller Williams Realty Charleston SC Update

Here is this month's update in Real Estate for April 2009.  Great information on the national and Charleston real estate market.  The short sales and foreclosures are driving the Charleston market. For detailed listings on short sales and foreclosures go to: Short Sales and Foreclosures.

Confused on the $8,000 First Time Home Buyers Tax Credit?

Are you a first time home buyer and confused about the $8,000 tax credit you get when you purchase a home in 2009?  Here is a video explaining the tax credit.  Right now, the combination of lower home prices, interest rates at near historical lows and the bonus of the $8,000 tax credit makes 2009 the best time to buy a home.

Just Listed - 2 Bedroom Condo in Mt Pleasant for under $125K

Updated condo in Hibben Ferry for sale in Mt Pleasant for under $125K.  Hibben Ferry is approved for FHA loans.  This is best priced condo in the subdivision.  Find more detailed information on the Hibben Ferry condo for sale at:  www.JImNear.com