Cherokee County Real Estate Market Shows Signs of Life

Is it true? Could it be?? Experts are saying that the Cherokee County Real Estate market may have bottomed out and is starting to show signs of improvement. In the months of June and July, the number of homes sold increased over the number of homes sold in the same months last year. Additionally, the average sales price between the 2 years stayed essentially the same -- $185,000 in July of 2008 and $184,000 in July of 2009. That’s something to be excited about!

Inventory seems to be evening out as well…while there is still over a 10 month supply of homes in Cherokee County, the new home inventory has dropped dramatically as it becomes absorbed by new buyers. Industry expert Eugene James of the research company Metrostudy states, “(Cherokee County) no longer has an oversupply problem; we have a demand problem”. It seems as though people are realizing that if they don’t buy soon, prices will end up going back up. Also, one would think the amazing government tax incentives would help push those sales numbers up as well.  Hopefully the demand will remain steady over the next year and we can continue to improve what is surely the pitfall of our economy. James is also quoted as saying that not many of the 22 markets he studies shows the signs of improvement that Cherokee County exhibits (yeah!).

Experts are quick to say, though, that until the foreclosure and short sale inventory clears the books, we will not be able to get back into a regular resale market (boo!).

As a full-time Realtor, I will take any good news that I can get! We get so much doom-and-gloom, it’s nice to have a glimmer of hope for a change. Hopefully more buyers will realize what an opportunistic market we currently have, and will get out there to take advantage of the incredible deals / rates / houses / all of the above. The Real Estate market got us into this mess, it’s what will get us out too! Now go buy a house!
 

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