Real Estate Market Growth Rate in Columbia? (Irmo, Lexington: days on market, sales)

[Wildflower-222]

Does anyone know what the real estate rate of growth for Columbia has averaged over the 2007-2008 period?

I ask this because we recently had our house that we purchased in 2007 reappraised. We have added on a bit in the back to update the existing bathroom into a nice larger master bathroom. I'm trying to figure out how much of the new appraisal value can be attributed to the new bathroom and how much can be attributed to average market growth here in Columbia.

[Brandon Hoffman]

A lot of variables so it's impossible to answer your specific question with general data. Appraisals are based on the sales of houses that are similar to yours in style and location. You should call your appraiser and ask if you really want to know. I will post the complete data but there was no change in value from 07-08 in price although days on market and absorption rate went up. Median sales price was 145 in '07 and '08.

Data can vary by price point, location, construction type, age, builder, etc. so don't take the below data into account to determine your house value. NE Columbia has been the hardest hit local market. across the board. Lexington has very high inventory also. Irmo, Chapin, and Midtown have been steady. High end homes across the board have been greatly affected by reduced buyers in the market. Lake properties have been hit hard.

[Brandon Hoffman]

Alright, tried to paste a table that showed the '07 vs. '08 break down. C-D did not agree with the formatting and it was quite jumbled.

Net net-

Fewer properties were put on the market and fewer properties were sold. (~2500 each, so would be local sellers never became local buyers. That's bad. The decline in transactions affects the economy much more than the price does.)
Median was $145 in both years.
8% depreciation last qtr of '08 in median price, probably because a much greater % of sales were foreclosures that needed work to bring up to fair market value and livable condition.
Inventory accumulation went from 9 months to 12 months.

[Wildflower-222]

Thanks for the info Brandon. This is some bad news...but, it also helps explain the price the appraiser gave. I think the key here is no increase in home value in 2008. I've also noticed what seems to be lower prices for listed houses in my neighborhood.

[waccamatt]

My best advice is to hold tight if you're not a desperate seller. The market in SC is not as bad as in some parts of the country and it will rebound, but everyone needs to have patience.