HAS THE REAL ESTATE MARKET HIT BOTTOM YET??
Published February 1, 2013
At the annual Real Estate Conference held in Charleston on January 29th, South Carolina economists gave a positive outlook for the 2013 real estate market. Economists Stephen Slifer and Joey Von Nessen cited January, 2012 as the bottom for real estate prices based on the last 3 quarters of price appreciation. It is important for buyers to understand that homes are slowly increasing in value again.
The Trident Association reported 10,574 houses sold in 2012 which is the most since 2007 when 12,921 were sold. The region's median home price climbed to $190,065 which is nearly 5% higher than 2011. Prices are still off 9% from the median home price high that was set in 2007. Construction hiring is finally coming back as well, as builders start new projects in the local Charleston/Mount Pleasant area.
The Economists believe that values will continue to appreciate in 2013.