The area we are in here in Upstate South Carolina (Oconee County, Walhalla, Seneca, West Union, Anderson, Salem, Westminster) is doing alright as far as home market values go. Better than alright as compared to many places in the country and even in this state we guess. March prices here in 08 compared to March of 07 show that we are up a bit over 6% on the median price of homes, condos, and villas sold and also up over 1.3% from last year to this year currently.
The Upstate area here in SC is becoming more and more popular, and we are seeing quite a few travelers coming in this spring to check out what the county has to offer as far as retirement and second homes go.
The negative though, that is effecting so many Realtors in this area, is that the number of homes sold is down over 21% as compared to March last year, and over 19% YTD compared to last year. We will see what the April data shows, but I have a feeling the numbers will be a little better regarding number of homes sold as compared to last year, and hopefully the values will continue to rise or be at least stable.
I know many other Realtors are dealing with a much worse local market situation than we are and we feel your pain, as we recently returned from an area in the midwest in Illinois that seemed to have foreclosures in every neighborhood, and unfinished developments and spec houses just sitting. We have seen more foreclosures showing up lately around here, but nothing in comparison to what we saw in Illinois.
There's a light at the end of the tunnel though, and and we still have hope (and pray) for a much better national and local market this summer!
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One thing we forgot to mention, is that although market values have been up in this area lately, many Realtors have been very slow as far as selling properies goes. Still the fact that the values haven't dropped is definitely an appeal factor to many people we see considering the area for retirement or second homes.