Columbia, SC Real Estate Update

Columbia, SC Real Estate Update: 1st in a Series



Columbia, SC Housing Report

 Home sales in the Columbia area are down the first nine months of 2010 compared to the same period last year.   This was also the subject of an article in THE STATE newspaper yesterday.   CLICK HERE to read the article.    I will provide more details in this blog article and plan to have two more blogs coming soon with more detail.   Get your best update and snapshot of the Columbia real estate market by reading my blog posts!

The 3rd quarter was a really bad quarter for the Columbia real estate market.   Sales were down 29.4% in the 3rd quarter of 2010 compared to the 3rd quarter in 2009.    Average prices were up a modest 2.09%.

For year-to-date in 2010 (thru September 2010), sales are down 4.3%.  Average prices are up a modest 1.89%.    Obviously the year-to-date stats were helped by the first time homebuyer tax credit that was in effect for contracts written and accepted by April 30, 2010.

Personally, my stats are a little different.   My closings thru September 2010 were up 20% compared to the same nine month period last year.   And, I've got 4 closings scheduled for October.   But, there is no doubt that our market is still down and in "erratic" mode.   But, it's a GREAT TIME TO BUY A HOME!  Call Mel Coker at (803) 388-8011 to buy your home in Greater Columbia.

More stats:   At the end of September 2010, there were 8396 properties for sale.  This compares to 7217 as of the end of September 2009, an increase of 16.3%.   And there is enough inventory (based on sales rate compared to remaining inventory) to last 13.09 months.   This is an increase of 21.7% over the same period last year.   Normal market inventory accumulation would be in the range of 6 months.

The last positive growth period in Columbia real estate sales was the 1st nine months in 2007.    During this period, there were 9304 closings compared to the 5773 closings in the same period this year.  That's a 38.0% drop.   Also, during this nine month period in 2007, the inventory accumulation was 7.69 months.   Average prices have dropped since then by 6.95%.

Coming in future blog posts:  further detail on the above stats, including specifics in the most popular areas of Columbia real esate (Irmo/Dutch Fork; Lexington and Northeast Columbia); Lake Murray real estate update.   Be sure to read (or subscribe to my blog posts) for the most detail about what's happening in the Columbia real estate market.

Mel Coker
RE/MAX Metro Associates
Columbia, SC
(803) 223-6214  (office)
Columbia SC real estate website

Join Us at Nutty Back Door this Thursday!

Join Mel & Barbara at Nutty Back Door
Thursday, October 14 from 6:30 - 7:30 p.m.



Located in Hilton area at Wessinger Road

 I've recently met the really nice owner, Ron Robbs,  of the Nutty Back Door and the Get-N-Go in Hilton.     Barbara and I have been there for dinner several times now.  It's very good and reasonably priced.  I want to help Ron get some more business by introducing you to this really good "locals" place to eat.  I've had the wings several times and they are great!  He also has a very nice salad bar.

The Nutty Back Door and Get-N-Go convenience store is located at the same location as the old PDQ.  It's between White Rock and Chapin at the intersection of U.S. Highway 76 and Wessinger Road in the Hilton area.

Join us this Thursday night as we stop in for dinner again at the Nutty Back Door.   Ron is offering a special: buy one dinner and get the 2nd of equal or greater value at 1/2 price.   All of the meals are very reasonably priced.   I will be giving away a few door prizes.  Join us this coming Thursday night.  If you know you are coming, please send me an email so I can give Ron an idea of a potential crowd.  Email: melcoker@remax.net    Barbara and I will be there about 6:30 p.m.   Please join us!



Barbara with Nutty Back Door Owner, Ron Robbs

 Nutty Back Door
2101 Wessinger Road; Chapin
(803) 945-9250

CLICK HERE: Read my restaurant review at UrbanSpoon

South Carolina Rolls Over #1 Alabama

We were there!   South Carolina's Gamecocks beat the #1 Alabama Crimson Tide 35-21 in Williams-Brice Stadium yesterday afternoon.  



End of Game!  Gamecocks Beat #1 Alabama 35-21

 Barbara and I were there for the exciting game.  It was really a dominating performance by the Gamecock football team.   Alabama was the #1 ranked team in the country coming into the game; was the defending national champions; and had won 19 straight games.

Read the story at Gamecocks Online

The University of South Carolina campus was the setting yesterday for ESPN's College Game Day show and the 3:30 game was the CBS national game of the day.  The stadium was really rocking for this game!

This great win was the third time this year, a Gamecock men's sports team beat a #1 ranked team.   Early this year, the men's basketball team beat #1 ranked Kentucky.   Early this summer, the South Carolina baseball team beat #1 ranked Arizona State and went on to win the College World Series and become national college baseball champions.

As a result of the big win, South Carolina has moved from #19 to #10 in the Associated Press college football poll released today.   This win also moved Coach Steve Spurrier to #2 all-time in SEC wins... behind Alabama's legendary Paul "Bear" Bryant.

CLICK HERE: Watch the ESPN Video recap
CLICK HERE:  Stephen Garcia




Gamecock Flag Flys at Lake Murray

 Mel Coker
Columbia Realtor
RE/MAX Metro Associates
(803) 388-8011
Columbia, SC Real Estate

Foreclosures Continue to Swell

Foreclosures / Short Sales Continue to Hamper Any Real Estate Recovery

According to RealtyTrac Inc., homes in the foreclosure process sold at an average 26 percent discount in the second quarter as almost one-fourth of all U.S. transactions involved properties in some stage of mortgage distress.  The discount reflects the average sales price of homes in the foreclosure process compared with properties not in distress, according to RealtyTrac.

Home seizures in August reached a record for the third time in five months, with more than 95,000 repossessions, RealtyTrac said earlier this month. Home prices dropped in July, the eighth consecutive year-over- year decline according to the Federal Housing Finance Agency.

CLICK HERE To Read the Entire Article

Basically, foreclosures are adding to a swelling U.S. housing supply as the national unemployment rate hovers around 10 percent and the end of a federal homebuyer tax credit dampen purchases.   This makes sales of exisiting homes and new homes very difficult.

Nevada had the highest proportion of distressed sales of any U.S. state in the second quarter, with 56 percent of all transactions involving properties seized by banks or at risk of foreclosure. Arizona ranked second at 47 percent, while California was third at 43 percent.   Top foreclosure cities are: Las Vegas, NV; Chicago, IL; Miami, FL; Phoenix, AZ; Orland, FL.

In South Carolina, the counties with the highest number of foreclosures are:  Horry,  Greenville and Charleston.  CLICK HERE for foreclosure activity by county

Need Help with your mortgage?  Click on the resources listed below:
HUD.gov - Are you at risk of foreclosure and losing your home?
Help for America's Homeowners



Mel Coker, Columbia's Internet Realtor!

 Mel Coker
RE/MAX Metro Associates
(803) 223-6214
Ready to BUY or SELL in Columbia, SC?  Contact Mel Coker.
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