October home sales skid 30 percent
Age of buyer down, median price drops to $195,000
As the value of the average Charleston home reduces, so does the age of the typical buyer.
Local real estate professionals and a national survey have found that younger, first-time home buyers make up a large part of those who are left purchasing real estate.
That trend stems from a record number of properties for sale and declining home prices, according to a recent release from the National Association of Realtors.
"The buys are out there," said Bill Milo, a broker associate with Century 21 Properties Plus in Summerville.
The latest figures from the Charleston Trident Association of Realtors confirm that the lower end of the price range is the most active. Two-thirds of the 549 homes that sold last month are priced under $250,000.
October's overall median home price fell 7 percent to $195,000, compared to what sold during the same month last year. Sales volume skidded 30 percent, continuing a market downturn that goes back nearly three years.
The number of homes on the market, 11,448, remains at a record-high level.
Milo said a growing segment of available homes are vacant properties, estimating that 70 percent of the homes he's shown in the last few weeks have been unoccupied.
Some are being foreclosed on by lenders while others are owned by people who for various reasons had to move.
Though Milo said he's seeing less interest from retirees and transplants relocating from the Northeast and Midwest, first-time buyers and military families bring in steady business. He said he's also working with investors who are looking for well-priced second properties.
"We've got a great market," Milo said. "We've just got to get through this."
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