Charleston SC Homes For Sale , How Is The Way People Are Buying Them Changing?

By
Real Estate Sales Representative with Exit Realty Charleston Group

Charleston SC Homes For Sale , How Is the Way People Are Buying Them Changing?

3/3/2009

This blog examines how people are changing the way they purchase single family homes in Charleston SC (Charleston County).  The comparison periods are 3/3/05-3/3/06 (05 market) and 3/3/08-3/3/09 (08 market).  For the purposes of this article, we will compare;  cash, conventional, FHA, and VA.

CASH

In the 05 market 5.88% of homes sold were cash deals and the average sales price was $473,591.  In the 08 market 8.08% of the sales were cash and the average sales price was $503,158.  That is a 2.2% increase in the percentage of cash sales and a 5.88% increase in the average sales price.

CONVENTIONAL

In the 05 market 92.5% of single family homes in Charleston County were financed through conventional means with an average sales price of $415,630.  In the 08 market only 79.8% of such sales were financed conventionally with an average sales price of $407,169!  That is a 12.7% decrease in the percentage of homes financed conventionally and 2.04% decrease in average sales price.

FHA

In the 05 market only .376% of homes were financed using FHA with an average sales price of $147,064.  In the 08 market 8.77% of single family homes in Charleston County were financed using FHA with an average sales price of $200,655.  That is a 8.39% increase in the percentage of homes financed using FHA and a 26.7% increase in the average sales price of an FHA financed home.

VA

In the 05 market .556% of homes were financed using VA with an average sales price of $172,941.  In the 08 market 2.53% of homes were financed using VA with an average sales price of $210,442.  That is a 1.97% increase in the percentage of homes financed through VA and a 18.03% increase in the average sale price of a VA financed home.

NOTES

The average sales price of a single family detatched home in Charleston County SC in the 05 market was $416,267 and 6,120 properties were sold.  In the 08 market the average sales price was $391,628 and 2,885 sold.  That is a decrease of 5.92% in the average sales price and 52.86% decrease in the number of homes sold.

Logan Simmons

My name is Logan Simmons and I live in Mt Pleasant SC. I specialize in helping people find their perfect home in the Charleston SC area. I lead all of my clients through the buying process with great care, from the beginning of their search, through move in day. As a Buyers Agent, it is my responsibility to make sure you are protected and advised properly during the entire home buying process. I have been a Realtor for 15 years and have closed nearly 500 transactions. Let me represent you as your Buyers Agent, so you can rest assured you are making a sound investment! Search All Charleston SC Homes For Sale With Logan Simmons Your Charleston SC Buyers Agent

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