COLUMBIA, S.C. – December 14, 2012 – (RealEstateRama) — South Carolina REALTORS® (SCR) today released its November Statewide Market Reports, and there was a lot to be thankful for throughout the month – historically low mortgage rates and affordable prices. Sellers were thankful for increased sales, less competition and faster market times. Challenges persist, but there is more reason for optimism going into 2013.
In comparing the numbers to November 2011, New Listings in South Carolina remained flat at 6,443. Pending Sales were up 13.0 percent to 3,941. Inventory levels shrank 13.3 percent to 45,858 units. Prices moved higher. The Median Sales Price increased 1.5 percent to $149,900. Days on Market was down 6.8 percent to 132 days. Absorption rates improved as Months Supply of Inventory was down 25.1 percent to 9.9 months.
There are three primary avenues to housing recovery: better market fundamentals, improved market composition and more jobs. Many communities are enjoying better fundamentals, such as higher demand and less supply. But many areas are also experiencing a lower overall share of distressed sales activity. In the month ahead, continue to watch hiring and unemployment trends.
Statewide reports are attached. Please contact local boards for data by area. Questions about the statewide data? Contact Nick Kremydas at 803.772.5206.
South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves as the voice of real estate for more than 14,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®.
REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a Member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. This email and any files sent with it are confidential. If you have received this email in error, please notify the sender and then delete it immediately.
sharon (at) screaltors (dot) org