Statistics released Thursday confirm what local real estate agents deal with daily - it is a buyer's market for homes.
For the buyer, there is a large inventory to choose from and mortgage rates are at historic lows, between 4 percent and 5 percent for a 30-year fixed-interest loan.
For the seller, it means offering a picture-perfect product. "They have to have a new mailbox with flowers underneath it," said Realtor Pam Morrell of Keller Williams, who has sold York County real estate for more than 30 years. "The home needs to say 'buy me, buy me.'"
The statistics, while improving over last year, might be misleading. Realtors say they reflect the first-time homebuyers who entered the market because of a $8,000 federal credit. To quality, buyers had to close on their purchase in June. Now that the credit has expired agents expect the statistics to get worse in the third quarter.
The number of sales and sale prices improved in the York, Chester and Lancaster counties, according to the state association of Realtors.
Home sales in the three counties increased 16 percent this year compared to the first six months of last year. Statewide, sales rose 23 percent.
The median regional price increased slightly from $150,000 to $154,000, compared to $142,000 statewide.
The time it takes to sell a house dropped from 170 days in the first three months of 2010 to 145 days. The state average is 151 days.
The number of days it takes to sell a house is directly related to the inventory of for-sale properties, said Sandy Johnson, a Realtor for Allen Tate in Rock Hill.
Butch Brindel of the Piedmont Association of Realtors estimated the local housing inventory at about 4,300 homes. Historically, the inventory is between 2,600 to 3,000 home, he said.
The length of time on the market forces sellers to make sure they have the right price and a properly presented property.
Owners need to balance the price they want and their current mortgage, Brindel said. It might be better to reduce a sales price instead of maintaining a higher price and continuing to pay the mortgage and other home expenses.
Morrell said she starts evaluating a home from the time she gets out her car. Curb appeal is crucial and the impression that stays with potential buyers is the one they get while an agent opens the front door, she said.
Staging a house is key, too, said Johnson, who has sold real estate for 24 years. Another change forced by the market is sellers now have to make repairs instead of offering cash allowances, she said.
Foreclosures are affecting the regional market, bringing down the sale price statistics. According to data from RealtyTrac, a firm that tracks housing statistics, the average price of a foreclosed property in York County in the first quarter of this year was $125,684. The average foreclosure price in Lancaster County was $78,680. The state average was $171,971.
Buyers are finding they have to meet higher standards, too. Banks have tightened up credit standards, making it harder to get loans, agents said.
Home sale statistics
Housing sales in York, Chester and Lancaster counties the first six months.
2009: 1,017
2010: 1,180 (+16%)
Median price in York, Chester and Lancaster counties
2009: $142,000
2010: $150,000 (+5.6%)
Days on the market in York, Chester and Lancaster counties
2009: 153
2010: 158 (+3.3%)
SOURCE: South Carolina Realtors
