Edisto Beach Real Estate-End of the Year Numbers

Edisto Beach, SC

Here's a look at the Stats

As you can seen by the numbers above, it’s a great time to buy a house at Edisto.  In the early part of the decade, there was a huge demand for beach houses on Edisto.  It didn’t matter what they looked like or how much they cost.  You just put ad for sale sign in the yard and it was sold. Today is a new decade.  We are faced with a huge over supply, low interest rates, strict banking practices and an unstable economy.  Buyers have a great selection and very motivated sellers.  If you were waiting for the bottom-the wait is over.  Jump in and pick yourself an awesome Beach House!

Edisto Beach-Now That’s Heaven!

Cal Griffin

The Edisto Beach Real Estate Advisor

Edisto Beach, SC

Cell-843-908-2101

Toll Free 800-726-1881

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http://www.CalGriffin.com
 

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Edisto Beach

Edisto Beach, SC Date: 11/30/2009

Residential Real Estate Sales Up 31% from October 2008

CHARLESTON, SC—(November 10, 2009) Preliminary data from the Charleston Trident Association of REALTORS® showed a 31% increase in closed sales year-over-year.  721 homes sold this October, as compared to 549 homes in October 2008.

The increase in sales is largely attributed to a more affordable market, as buyers take advantage of the robust inventory of fairly priced homes.  In line with the national trend of an 11% decrease in median price, the Charleston area saw median home prices settle to just under $170,000 in October, a 13% variation in price from 2008.

Inventory dropped slightly again, with 10,631 homes currently listed for sale with the Charleston Trident Multiple Listing Service.

BERKELEY COUNTY
Berkeley County sales were up 25% from October of last year; 186 homes sold at a median price of $155,000.  In October of 2008, 149 homes sold at a median price of $169,900.

CHARLESTON COUNTY
In the last 30 days, 339 homes sold at a median price of $205,000 in Charleston County.  That reflects a 9% increase in sales, from last year’s 312 closings during the month of October.

DORCHESTER COUNTY
Sales in Dorchester County increased by 53% year-over-year; 177 homes sold at a median price of $152,700 compared to 116 sales at $167,663 in October 2008.

Edisto Island and Edisto Beach

Unfortunately for the Edisto Area, sales were still dismal at the end of November.  Everyone had hoped the small bump in October was a sign that the worst was over. We will just have to wait and see what the future brings.  We are seeing a lot of opportunist buying especially good deals.  The regular second home buyer has not yet returned to the market.

Residential Data

Total Listings on the Market: 203 active listings Average Price: $729,193 Median Price: $579,000 Highest Price: $4,275,000 Lowest Price: $85,000 Average DOM: 357

Total Listings Sold: 60 closed transactions-Average Price: $445,835 Median Price: $399,500 Highest Price: $1,450,000 Lowest Price: $117,000 Average DOM: 203

Vacant Land and Lots

Total Listings on the Market: 265 Active Listings- Average Price: $325,773- Median Price: $209,000- Highest Price: $2,500,000- Lowest Price: $29,000 -Average DOM: 501

Total Listings Sold: 19 closed transactions-Average Price: $188,205- Median Price: $128,000- Highest Price: $825,000- Lowest Price: $22,500- Average DOM: 289

I believe that we are at or near the bottom of the market.  Values are nearing 2002 ranges.  It's a Great time to buy a one of a kind on Edisto!

Cal Griffin

The Edisto Real Estate Advisor

843-908-2101

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