Published: Thursday, Dec. 17, 2009 / Updated: Thursday, Dec. 17, 2009 03:18 PM

Local home sales increase nearly 50 percent in November

Home sales in York, Chester and Lancaster counties increased by nearly 50 percent in November over the same time last year, according to data released today.

The surge is attributed to people taking advantage of a federal tax credit for first-time buyers.

Sales of homes in the area grew by more than 49 percent last month, according to the Piedmont Regional Association of Realtors. Statewide home sales increased by almost 63 percent over the previous year.

But the recent jump doesn’t tell the whole story, as sales in the tri-county area are still down about 21 percent year-to-date because of dismal showings early in the year.

Meanwhile, home prices in York, Chester and Lancaster counties took a hit in November, the data shows, dropping 4 percent below October figures and 10 percent off prices from a year ago.

The median price of a home in the area in November was $144,000, down from $150,000 in October and down from $160,000 in November 2008. But the local prices remain above the state median of $138,000.

Almost every region in the state had massive increases in the number of homes sold in November, compared to the previous month on the heels of an $8,000 tax credit for first-time buyers. The credit had been set to expire at the end of November, but was later extended to next spring by Congress.

Still, the credit had buyers leaping off the fence to snap up homes statewide, especially along the coast. Both Beaufort and Hilton Head’s sales were up more than 120 percent. Sales in Charleston and Myrtle Beach grew 80 percent or more.

Greenville’s sales increased 40 percent and Spartanburg’s 26 percent.

The only blip was in Cherokee County, where sales declined 24 percent. The tiny territory saw 19 sales in November, compared to 25 last November.

As for the dip in the median sales price, Cindy Noel, a real estate broker with Coldwell Banker Stepp Tuttle Realty in Rock Hill, said low prices on foreclosures, new homes and homes being sold because of corporate relocations are driving prices down for individuals trying to sell.

“All of those are selling below what they really should be,” she said. “All three of those things are bombarding the resale.”

Homes priced below $250,000 continue to sell well, Noel said. She doesn’t think the drop in the median price signals anything significant.

“A lot agents are not as busy. But I’ve been busy,” she said. “I’m positive that we are going to be fine.”

The (Columbia) State contributed.