Some buyers are back

Rock-bottom interest rates, a tax break for first-time purchasers and the natural urge to shop for homes this time of year may be coaxing some buyers back into the market.

Newly released data from the Charleston Trident Association of Realtors shows that 568 homes were sold throughout the region during March. That reflects a typical seasonal rise over February's numbers but a 24 percent drop compared with what sold a year ago.

While still in the double digits, the year-over-year sales decline for March showed an improvement over the previous two months.

Some agents said part of the reason might be that existing homeowners are looking to re-enter the market.

For several months now, first-time homeowners have dominated the dwindling pool of buyers. They've been enticed by falling prices and an $8,000 federal tax credit that does not have to be repaid.

But the new data shows that while the monthly median sales price for the region held steady at about $185,000, homes that are priced slightly higher than that generated the most activity.

To some, that's a sign that existing local homeowners, who typically must first find a buyer for their existing residences, are looking to get back in the market and trade up.

Patty Scarafile, chief executive of the area's largest residential real estate agency, Carolina One Real Estate, said some of those homeowners have lowered their asking prices. In some cases, she said, sellers believe interest rates won't go much lower. They also realize that their home values are unlikely to rebound quickly.

"To be able to take advantage of the current prices and the current selection and do all that (with a low interest-rate mortgage) is the best opportunity I've seen since I've been in the business," said Scarafile, who got her real estate license in 1977.

The number of homes for sale in the Charleston area remains high at 11,221 properties.

Association data pinpointed last month's most active sales in modestly priced areas, such as the Goose Creek neighborhoods east of U.S. Highway 52 and in newer Mount Pleasant communities north of S.C. Highway 41.

A sizable batch of March home sales were clustered in the Summerville area in neighborhoods off U.S. Highway 17A, where new homes are still being built. That doesn't surprise agent Renee Shelley of Keller Williams Realty's North Charleston office.

She said the last four homes she helped sell were newly built. She said buyers now seem to be willing to look past their uncertainties about the economy to take advantage of builder discounts and incentives, and prices competitive with nearby existing homes.

"It's hard for them not to buy a new house when they're priced so low," Shelley said.

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