Real estate continues to be a good investment. Aiken leads the state in the percentage of sales price increases in 2007 with a 4.56% increase in value. In comparison, the average statewide statistics show a 0.02% loss in value in 2007 and a 3.5% loss in value as of September 2008. Even with a downturn in the number of units sold, Aiken has not experienced any appreciable loss of value of property. The average sales price of residential real estate has only fallen around 2% from the high of 2007. Because of Aiken’s increase in 2007, the effect of the nationwide slow down in housing has not significantly impacted the area.
There were 1,689 homes, villas, and condos sold last year in the Aiken area according to the S.C. Association of Realtors®. The most recent figures of Aiken indicate that there have been 957 homes sold through August of 2008. The median price of a home last year was $155,000, according to statistics from the National Association of Realtors®.
Sally Brodie, past president of the Aiken Board of Realtors®, says real estate in Aiken is a good, sound investment. “In my 36 years of selling real estate in the Aiken area, I have seen ups and downs, and I can tell you that real estate is worth a lot more now than it was even five years ago. You can’t go wrong making a real estate investment if you do your homework and purchase the right type of home or investment property.”
HORSES MEAN MILLIONS TO AIKEN’S ECONOMY
A recent study of Aiken’s equine industry shows that the area’s
135+ year-old affair with horses is alive, well, and riding high.
The popular industry continues to attract horse enthusiasts from around the world, and the number of equine disciplines has grown – and so has the economic impact of this historically revered industry in Aiken.
A 2008 study, “An Economic Profile of Aiken County and the Economic Impact of the Equine Industry,” done by the University of South Carolina Aiken (USCA) School of
Business for the Greater Aiken Chamber of Commerce, reveals the following:
- The equine industry’s economic impact in Aiken County tops $71.81 million.
- The annual cost per horse in Aiken County tops $7,393, which amounts to $50.16 million in total spending produced by the equestrian sector. That spending leads to $11.76 million in indirect effects and $9.89 million in induced effects for $71.82 million in gross receipts.
- In total, 1,814 jobs in Aiken County can be attributed to the operations of the equestrian industry.
- The industry accounts for 1,329 full time employees. An additional 283 jobs are a result of indirect effects, and 202 jobs result from induced effects of the industry.
- The impact of the equestrian industry on household income is estimated to be $17.71 million annually.
- There are $16.93 million in income effects that result directly from the local equestrian industry. Indirect household income linkages account for an additional $2.09 million, and the induced effects are an additional $217,513.
Dr. Sanela Porca in collaboration with Dr. Ralph Byington of USCA’s School of Business conducted this extensive research project.
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