Charleston home sales, prices wane

Home sales in the Charleston area fell last month, dragging down the median sale price as the Charleston real estate market continued to cool.

The number of homes sold in the Charleston area in July was down 7.4 percent from June and 12.6 percent from a year earlier, according to the Charleston Trident Association of Realtors' Multiple Listing Service.

For the year to date, sales totaled 7,912 houses, down 1,850, or nearly 19 percent, from the 9,762 sold in the same period last year.

The median home price, $210,465, dropped, for the second time this year, from the $213,760 figure in July 2006.

Homes stayed on the market longer, too, taking 92 days to sell, which is up slightly from 88 days in June. A year earlier, sales were brisk, taking an average of 29 days.

Rob Woodul, broker-in-charge of Keller

Williams Realty's Mount Pleasant office, said the falling prices could be a reflection of sellers who are listing their homes at more reasonable rates.

"I think that sellers are being more realistic about what they can get for their homes," Woodul said.

Experts blame the housing slowdown on tighter lending standards, the loss of investor dollars and a glut of homes on the market.

As of Friday, there were 10,779 homes for sale in the tri-county area, up 3 percent from last month.With all those listings, sellers have to be "extremely careful" in pricing their homes, said Liz Dettrey, an agent with Prudential Carolina Real Estate.

She advised sellers to look at nearby sales that happened in the past three months, not what their neighbor netted two years ago.

"If you're armed with information that's fresh, you can price your house competitively," she said.

The drop in median home prices last month could mean that sellers are doing just that, and the figure leaves buyers who are waiting for "the bottom" wondering: Is this it?

Many market analysts aren't expecting the slump to end just yet.

Earlier this summer, the National Association of Realtors said it would likely take until the second quarter of 2008 for the market to turn, several months later than they first thought.

"I think it might last even longer," said Lou Russo, an agent with Re/Max Professional Realty, who's bracing for an overall market rebound in 2009.

Still, local agents say watchful buyers can find deals now.

Builders are discounting their new homes and throwing in upgrades like granite countertops, porches and landscaping layouts. Homeowners are competing by covering closing costs and offering to take on small home improvement projects.

Russo reasoned that these bargains make it a good time to buy both now and at the end of the slowdown.

He compared the situation to a consumer who wants to buy a computer but keeps waiting for the most advanced model to come out — they'll never commit to a sale, he said.

"There will always be a better deal down the road," he said.

Reach Katy Stech at 937-5549 or kstech@postandcourier.com.