The Charleston Real Estate Advisor

Stono Ferry Ironwood Townhomes Sales Market Update July 2009

The number of Stono Ferry Ironwood townhomes sold (1 unit) in the 1st half of 2009 at first glance is nothing to write home about but when you take into account the townhomes under contract it brings the 1/2 of 2009 to 3 units.  If the second half of 2009 has the same results, Ironwood townhomes would have their best year for sales.  Two factors will help the Stono Ferry Ironwood townhome sales this year.  First is the price and quality, second is financing. Banks will more eagerly lend on a townhome vs a condo.  With the mortgage meltdown last fall,  the folks in Washington decided that condos were high risk loans, so buyers looking for the freedom of care from a condo,  are now buying townhomes.  Tomorrow we will look at land sales in Stono Ferry. 

Here is a link to the Stono Ferry home sales for the 1st half of 2009.

Stono Ferry Home Sales First Half of 2009

The number of Stono Ferry homes sold in the 1st half of 2009 was very positive.  So far in 2009, there have been 6 home sales while in all of 2007 there were a total of 7 sales.   With six months to go, we should beat the 2007 Stono Ferry homes sold. 
Pricing has dropped with the average sales price in 2007 at 553,742 while in the first half of 2009; the average sales price of a Stono Ferry was $397,166.  This is a caused by "must sell" sellers reducing the list price to compete with other West Ashley and Charleston homes and the average buyer purchasing Stono Ferry homes below $500,000.  
Another good sign is the inventory on Stono Ferry homes is down to 18 homes and the months of inventory is trending downward.  Tomorrow we will look at townhome sales in Stono Ferry.

Stono Ferry May 2009 Real Estate Market Update

May 2009 Stono Ferry
Homes Sold

Address              Original List Price        Sold Price        Sold/List Ratio
5163 Stablegate             $555,000            $260,000            47%    

4765 Stono Links            $495,000            $325,000            66%

4773 Stono Links            $672,000            $463,000            69%

May 2009 Statistics
 For
Stono Ferry Homes, Townhomes and Lots

    * Stono Ferry Homes For Sale:   16 ( 3 New Listings for May)
    * Stono Ferry Homes Under Contract: 0
    * Stono Ferry Homes Sold: 3

    * Stono Ferry Ironwood Townhomes For Sale:  13(1 New Listing for May) 
    * Stono Ferry Ironwood Townhomes Under Contract: 0
    * Stono Ferry Ironwood Townhomes Sold: 0

    * Stono Ferry Lots For Sale:   23 (1 New Listing for May)
    * Stono Ferry Lots Under Contract: 0
    * Stono Ferry Lots Sold: 0

(Source: CTAR Statistics.. Reliable but Guaranteed)

For the month of May 2009 we saw 3 Stono Ferry homes sell.   The inventory of Stono Ferry active homes is now at 16 homes. All the homes sold for under $500,000 and their average original list price to sales price ratio was approximately 60%.  The impact of distressed property values can be seen in these sales numbers.

Land sales remain dormant with the last lot selling in Stono Ferry over 16 months ago.   One more lot came of the market increasing the inventory to 23 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 May.

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.

Stono Ferry Real Estate March 2009 Update

March 2009 was a quiet month for Stono Ferry real estate.  We had one home go under contract on Stablegate Lane. At the same time 3 more owners placed a “for sale” sign in their front yard, increasing the number of Stono Ferry homes for sale from 18 to 21.  Stono Ferry properties are in direct competition with new homes sales in Carolina Bay.   The pricing in Carolina Bay is very competitive and the homes are new, so the buyers are purchasing in Carolina Bay.
Ironwood townhomes and Stono Ferry land for sale saw no activity for February.

March 2009 Stono Ferry
Homes Sold

Address                         List Price        Sold Price        Sold/List Ratio
 None

February 2009 Statistics
 For
Stono Ferry Homes, Townhomes and Lots

    * Stono Ferry Homes For Sale:   21 (+3)
    * Stono Ferry Homes Under Contract: 1
    * Stono Ferry Homes Sold: 0

    * Stono Ferry Ironwood Townhomes For Sale:   10 
    * Stono Ferry Ironwood Townhomes Under Contract: 0
    * Stono Ferry Ironwood Townhomes Sold: 1

    * Stono Ferry Lots For Sale:   21 (-1)
    * Stono Ferry Lots Under Contract: 0
    * Stono Ferry Lots Sold: 0

(Source: CTAR Statistics.. Reliable but Guaranteed)

Stono Ferry Real Estate Market in Review February 2009

  We finally saw the real estate activity in Stono Ferry make a dent in the residential inventory.  Two homes and one townhome sold in Stone Ferry during February 2009.  The homes that sold were all at or below $450,000.  Across the Charleston area we are seeing the properties below $400,000 selling the best.  No lots went under contract and two more lots came on the market.  Lot sales are lagging behind the residential sales throughout the Charleston region.

February 2009 Stono Ferry
Homes Sold

Address                         List Price        Sold Price        Sold/List Ratio
Marshwood Dr                $564,000        $450,000                 79%
Marshwood Dr                $380,000        $360,000                 95%

February 2009 Stono Ferry
 Ironwood Townhomes Sold

Address                         List Price        Sold Price        Sold/List Ratio
Fairway Dr                    $380,000        $360,000                98%

February 2009 Statistics
 For
Stono Ferry Homes, Townhomes and Lots

    * Stono Ferry Homes For Sale:   18 (-1)
    * Stono Ferry Homes Under Contract: 0
    * Stono Ferry Homes Sold: 2

    * Stono Ferry Ironwood Townhomes For Sale:   10  (+1)
    * Stono Ferry Ironwood Townhomes Under Contract: 0
    * Stono Ferry Ironwood Townhomes Sold: 1

    * Stono Ferry Lots For Sale:   22 (+2)
    * Stono Ferry Lots Under Contract: 0
    * Stono Ferry Lots Sold: 0

(Source: CTAR Statistics.. Reliable but Guaranteed)