During the month of November, there were three houses that closed in Belle Hall Plantation:

359 Old South Way – $278,900
365 Antebellum – $284,500
262 Historic – $307,000

Below are some stats that compare 2008 sales activity through November to the same period in 2007. As you can see, the number of homes sold is down this year by 27%. In addition, the the median price is down by almost 10% from 2007. Finally, the average days on market is up significantly, reflective of the current market conditions we are experiencing.

2008:

• Homes sold through November 30, 2008 – 55
  
• Average Days on Market – 122
  
• Median Sales Price – $314,000

2007:

• Homes sold through November 30, 2007 – 76
• Average Days on Market – 91
• Median Sales Price – $348,250

Currently, there are 49 homes on the market in all phases of Belle Hall. The median asking price for these homes is $650,000 and the average days on market is 168. This is down slightly from the end of November, 2007. At that time, there were 55 homes on the market in Belle Hall. Below is the number of homes for sale by subsection:

Hibben – 26
The Veranda – 7
Evian – 6
Rice Bay – 4
Battery Point – 4
Courtyard – 2

For more detailed information on houses for sale in Belle Hall, please go to www.BelleHallHomeInfo.com

—
Chuck Avera
Keller Williams Realty
Office: 843-452-5300
http://www.ChuckAvera.com
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Belle Hall, SC Homes for Sale, Condos and Real Estate
Brickyard, SC Homes for Sale, Condos and Real Estate
I’On, SC Homes for Sale, Condos and Real Estate
Mt. Pleasant, SC Homes for Sale, Condos and Real Estate

There have not been any closings in Brickyard since my last update, however there are currently three homes that are under contract in Brickyard, pending closing:

2650 Scarlet Oak Court $389,000
1294 Abercorn Trace $429,000
1379 Wavespray Court $375,000

Below are some stats that compare 2008 sales activity through November to the same period in 2007. As you can see, the number of homes sold is down this year by 23%. The median price is down as well, but only 2.6% from 2007. However, the average days on market is up significantly, reflective of the current market conditions we are experiencing.

2008:

• Homes sold through November 30, 2008 – 34
  
• Average Days on Market – 158
  
• Median Sales Price – $375,000

2007:

• Homes sold through November 30, 2007 – 44
• Average Days on Market – 109
• Median Sales Price – $384,450

Currently, there are 20 homes on the market in Brickyard. The median asking price for these homes is $437,450 and the average days on market is 214. This is down significantly from the end of November, 2007. At that time, there were 29 homes on the market in Brickyard. Below is the number of homes for sale by subsection:

Daniels Pointe – 1
Boone Grove – 1
Magnolia Grove – 1
The Preserve – 4
The Retreat – 4
Brickyard – 4
Collonade – 5

For more information on all Brickyard homes for sale, please go to www.BrickyardHomeInfo.com

To confirm my suspicions, but also out of curiosity, I recently did an analysis of the 47 homes sold so far this year in I’On. I wanted to identify the relationship between the number of days a house stays on the market to the ratio between the final sales price received to the original asking price of the home. The results are quite revealing and provide an important lesson for us in understanding the dynamics of a buyer’s market.

Take a moment to review the data below. This represents the I’On market in 2008 broken down by the number of days the house was on the market.

0 – 90 Days on Market:
Number of Homes Sold – 11
Ratio of Selling Price to Original List Price – 94.06%

91 – 180 Days on Market:
Number of Homes Sold – 9
Ratio of Selling Price to Original List Price – 87.23%

181 – 360 Days on Market:
Number of Homes Sold – 7
Ratio of Selling Price to Original List Price – 77.16%

Over 360 Days on Market:
Number of Homes Sold – 20
Ratio of Selling Price to Original List Price – 75.29%

So, what is the bottom line to take from this data? First and foremost, houses that are priced competitively from the beginning have a great chance to sell in the first 90 days at a price that is relatively close to the original asking price, even in a buyer’s market!

Buyers have so much inventory to choose from in this market, that it can be overwhelming. So, they “fine tune” their list and view only homes that meet their criteria and are priced in the range they can afford. They typically don’t consider homes that are in higher price ranges or those that aren’t in great condition because they just don’t have to. There are more than enough homes on the market that already meet their needs.

So what happens to homes that are not competitively priced? They generally sit on the market for much longer periods of time than they should, with little or no interest. They eventually sell, but only after multiple price reductions and/or significant improvements that make them competitive. And, they sell for prices well below what they would have sold for if priced correctly at the beginning. One of the reasons for this is that buyers become concerned about homes that have been on the market much longer than others. It creates uncertainty and they begin asking questions like:

Why hasn’t this house sold yet?
What is wrong with this house?
If I buy it, will I have this much trouble selling it later on?

Ultimately, questions like these cost the seller thousands of dollars in the end.

If you have any questions about the above, please don’t hesitate to contact me. Also, remember to check out all homes currently on the market in I’On by going to www.IonHomeInfo.com