Columbia real estate

A few weeks ago, I started looking at some of the data on Columbia & SC real estate. Amber and I have been interested in buying, while at the same time remaining realistic about our financial situation since moving from Gainesville and expecting baby Seth. I've gotten into conversations with lots of people that are adamant that the market here is still great. Since I hate anecdotal evidence, I want numbers.

Here's what I've found so far...

Despite the protests and complaints from agents in the area, even the local markets here are being hit hard by a housing recession.

• SC MLS data, 1999-2007: pdf
  
• SC DOM data, March 2008: pdf
• SC MLS data, March 2008: pdf

1) There has been a steep drop-off in the total number of sales and the media price of homes in in the past few years.
2) Locally, in the Greater Columbia area, the average days on market (DOM) has jumped 19% since this time last year.
3) The number of homes & condos sold in the Greater Columbia area has dropped 17% since this time last year.
4) The median prices of homes & condos sold in the Greater Columbia area has remained completely flat since this time last year; in comparing Q1 08 to Q1 07, it has risen a paltry 0.95% since this time last year, far below the rate of inflation.

To me, it seems that the self-reinforcing trends will continue for at least a little while longer.

Here are some images from trulia:


the same image modified with trend lines:


The slump is real and obvious, although realtors are predicting an upturn this summer. Their jobs depend on it, obviously:

Compared to the first three months of last year, the median home price in the state dipped by 2.1 percent to $149,000, down from $152,000. The total number of sales declined by 21.4 percent to 11,240 total sales, according to the Multiple Listing Service (MLS) data from SCR. Despite the overall decline, six of the 15 reporting regions in the state again showed positive price increases this quarter.