Home sales soar in November, compared to November 2008

By KRISTY EPPLEY RUPON
The (Columbia) State

Published Thursday, December 17, 2009

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A tax credit helped boost November home sales in northern Beaufort County 126 percent from November 2008 and in the larger Hilton Head area, 123 percent. Statewide, sales increased 63 percent in November over the past year, according to a report released Thursday.

But dismal sales in the first half of the year have dragged down year-to-date sales 10 percent, according to data from the S.C. Realtors trade group. However, in the Hilton Head area, which includes eight counties, sales were up 1.3 percent. In northern Beaufort County, sales year-to-date were down 2.2 percent from the same period in 2008.

Last month, the median price of homes that sold in northern Beaufort County fell 5.1 percent to $187,000, compared to the state average that slipped 5.9 percent to$138,000 from a year ago. In the large Hilton Head area, home prices shot up 7.8 percent to $275,000 from November 2008.

"November was probably the worst month that we got hit with last year," said Nick Kremydas, chief executive of the trade group.

He called the last three months of 2008 -- when sales were down 29 percent statewide -- "one of the darkest fourth quarters we've ever seen."

But Kremydas said the past few months of this year have been "pretty amazing." Home sales started increasing in September as more homebuyers swooped in before a tax credit was scheduled to end Nov. 30.

November's gain was the culmination of buyers jumping to take advantage of an $8,000 credit for first-time home buyers. Now, Congress has extended the credit to next spring and added a $6,500 credit for longtime homeowners.

Sales in almost every region in South Carolina -- particularly along the hard-hit coast -- spiked in November.

The only blip was in Cherokee County, where sales declined 24 percent. The tiny territory saw 19 sales in November, compared to 25 last November.

Kremydas said early indicators show December's sales also will be strong, but he doesn't know if it will be enough for the state to break even with last year's sales. He expects 2010 to be better than the past two dismal years.

SALES

Nearly every region in S.C. saw a massive increase in home sales in November.

STATEWIDE

Home sales

November 2008: 2,454

November 2009: 3,997

Change: +63%

Median price

November 2008: $146,700

November 2009: $138,000

Change: -6%

BEAUFORT