We are seeing some great recovery signs in the real estate market. Nationwide, we saw an increase in home sales in October that we haven’t seen in several years. Some analyst are anxious to see if the market can stand on its own once the current $8,000 first-time buyer tax credit expires in June, 2010. Hopefully by then, we will continue to see job loss continuing to slow. The most recent report saw job loss decrease.

In Charleston, SC the area received some great news when Boeing announced a move that will initially create over 3,000 new jobs. We look forward to working with Boeing and its employees as they look to find homes in our great city.

According to multiple listings data, there have been 8,544 sales in 2009. This is only a difference of 14% from 2008, which is an increase from 33 % during the middle of 2009. We have seen some great activity in the months of October and November. At Drew Sineath & Associates, we closed 15 transactions in two months. Thanks to our wonderful clients and to all of those folks who have referred us business!

The average day on market for residential sales is only 103 days, while the average sales price is $229,647. Sales on homes selling under $100,000 is up over 12% in 2009 compared to 2008. We are also seeing overall inventory come down. With over 16 months of inventory on the market, just over 10,600 units, the absorption rate is lower now than this time last year. We saw a 19-month inventory of homes in December 2008. The seller is receiving on average 95% of their list price!

In Goose Creek, SC sales between $300,000-349,999 are up 44% in 2009! We are carrying almost exactly the same number of homes on the market now (617) as we did in December 2008 (616). How amazing is that! Sellers in Goose Creek are receiving 98% of their list price. The inventory is down to nine months in the areas of Goose Creek, SC according to stats pulled from MLS.

So don’t wait! If you are a buyer looking to buy – do it before prices and rates go up. Plus, you can receive an $8,000 tax credit through the middle part of the year if you are a first-time buyer.  A buyer must be under contract no later than April 30, 2010 and close by June 30, 2010. Click here for more details.

And don’t forget if you have a home to sell, you too can benefit from the tax credit. Sellers who have owned their home for five or more years may qualify to receive a $6,500 tax credit if they purchase a new home by the deadline (please consult a tax professional or call us with any questions).

Let Drew Sineath & Associates help you with your next real estate transaction, whether buying or selling. We want to be your real estate professional of choice whether you are in the market now, six months from now or in the years to come!  Please keep up with the market with our wonderful new Market Snapshot service. Visit www.DrewSineath.com to register.

Receive a free real time report to answer all your Charleston area real estate questions with Drew Sineath & Associates’ Market Snapshot.  

Click here to search for properties in the Charleston area.

Drew Sineath – A Familiar Face…And a Rich Lowcountry Heritage Drew Sineath & Associates, Inc., is located in the heart of Goose Creek where Drew grew up and where he has chosen to rear his own family. Berkeley County is one of the fastest growing areas in South Carolina and Drew is pleased to be able to serve his clients in helping with all their real estate and mortgage needs. So when you have any real estate needs, whether you’re looking to buy, sell, finance or refinance, Drew Sineath & Associates is now a local one-stop location with excellent service.

Follow Drew Sineath and Associates on

Tags: Charleston SC, Drew Sineath and Associates, Goose Creek SC

This entry was posted on Saturday, December 12th, 2009 at 10:43 pm and is filed under Community Info, Market Trends. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.