The Tri-County area is booming, but housing market isn't moving as fast

The Tri-County area is booming, but housing market isn't moving as fast

CHARLESTON, SC (WCSC) - The stockpile of homes up for sale has gone down over the years.

"Right now there is absolutely nothing on the market,” said home buyer, Elizabeth Fulton.

Fulton has been looking for the perfect first home for about seven months now.

"It’s been a little frustrating, my realtor and I talk all the time, and she knows what I want,” said Fulton.

Fulton says she likes to have choices, but also wants to get her money's worth.

"The prices are a little ambitious,” said Fulton.

The amount of homes up for sale has a lot to do with it.

"2006 and 2007 when the economy and the housing industry started going down we had almost 8,000 homes actively on the market in the Tri-County area, compared to what they are now, we have just a little over 5,000,” said Todd Evans, a realtor for the Elite Evans team of Coldwell Banker.

Evans says right now this area doesn't have very many choices.

"It's like shopping, you want to look at the most you can look at to find what's best and with the inventory lower like it is, there's not enough to look at,” said Evans.

Evans says it's causing more tension between buyers and sellers.

"A buyer's market would be where there's a bunch of inventory because there's so much demand, the prices come down,” said Evans.

Evans says sellers will probably soon have the upper hand in this region. He says it's already happened in Mount Pleasant.

Evans said, "A seller's market is the inventory drops down, there's more demand for houses, so therefore the prices start going up."

Dr. Joseph Von Nesson, a research economist at the University of South Carolina says the more people with a job, the better it is for the housing market.

"They have more money to spend and are willing to spend it,” said Von Nesson.

Von Nesson says the money is bringing more builders.

"The total number of builders in Charleston and in South Carolina have started moving positive and that happened within the last year for the first time since 2010,” Von Nesson.

Copyright 2014 WCSC. All rights reserved.