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September 2011 Archives

Purchase of foreclosed property can affect local values

The purchase of short sales and as well as foreclosed property has continued to have an impact on Charleston real estate transactions. However, the news seems to be gradually improving. According to a recent report from the Charleston Trident Association of Realtors, August was found to be the busiest month this year, with 904 homes selling at a median price of $185,000. While the median price was about 7 percent higher a year ago, 33 percent more sales closed this August than last. In making sense of the figures, it was noted that purchase of foreclosed property and short sales have and will affect pricing until those homes are cleared from the inventory.

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