Charleston real estate sales catch holiday blues
The Lowcountry has been buzzing with a lot real estate activity for the most part of this year. But the boom is showing signs of seasonal sluggishness.
Home sales activity has dipped in recent days, finally showing signs of the seasonal slowdown in terms of home sales activity, according to charlestonrealestatestats.com.
The 149 homes that were under contract during the week of Thanksgiving marked the lowest tally for a single week in all of 2013, according to the website.
Also, that was the lowest volume for the Thanksgiving week since 2009, a time when the real estate market was still reeling from the recession.
For the most part, there have been more than 200 homes under contract at any given week this year. The peak was the week of April 21, when buyers committed to 360 homes.
The slowdown mirrors what happened last year. Home sales activity slowed in the weeks following Thanksgiving and didn't make a strong comeback until the second week of January, according to data.
Real estate experts have said the holiday season tends to be a slow time for home sales because sellers tend to take homes off the market and potential buyers focus on gift purchases.
The foreclosure rate for the Charleston metro area continues its downward slide this year.
The real estate information firm CoreLogic recently reported outstanding mortgage loans were 2.60 percent in the Charleston-North Charleston-Summerville area in September, down more than a percentage point from the same month a year ago.
Repossession activity was slightly higher than the 2.33 percent rate for all of South Carolina and the 2.29 percent national average, according to the report.
Also, the region's mortgage delinquency rate decreased, CoreLogic reported. In September, about 5.1 percent of mortgage loans were 90 days or more in arrears, down from 6.5 percent a year earlier.
Reach Tyrone Richardson at 937-5550 and follow him on Twitter @tyrichardsonPC.