COLUMBIA, S.C. – November 14, 2012 – (RealEstateRama) — South Carolina REALTORS® (SCR) today released its October Statewide Market Reports.
It’s been a comeback year for the housing market. As we round out the remaining two months of the year, let’s recap. Most markets have shed listings, resulting from strong sales and sluggish seller activity. There has been a general easing of foreclosures and short sales, meaning distressed listings are dragging prices down less than in recent years. So it’s both about market fundamentals and market composition.
In comparing the numbers to October 2011, New Listings in South Carolina increased 10.1 percent to 7,888, while Pending Sales were up 26.7 percent to 4,676. Inventory levels shrank 13.4 percent to 46,776 units. Prices were fairly stable. The Median Sales Price increased 0.1 percent to $149,900. Days on Market was down 10.8 percent to 131 days. Absorption rates improved as Months Supply of Inventory was down 24.7 percent to 10.2 months.
The economy is slowly growing and economic growth in 2013 is expected to outpace 2012. Mortgage rates are expected to remain near historic lows through 2015; rents are expected to rise due to low vacancy; and financial situations in Europe, China and elsewhere, believe it or not, have an effect on local markets.
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®.