South Carolina REALTORS® Release August Market Numbers
COLUMBIA, S.C. – September 15, 2011 – (RealEstateRama) — South Carolina REALTORS® (SCR) today released its August 2011 statewide market reports. Despite some choppy waters in August, there have been noteworthy shifts on both sides of the closing table. Buyer activity is moving back in line with historical trends while sellers are making fewer concessions in order to sell their homes.
Falling supply and improving absorption rates in many regions also suggest that market balance is realigning toward neutral. Locally, some indicators stabilized relative to August 2010.
New Listings in the state of South Carolina decreased 31.7 percent to 6,550. Pending Sales were down 1.6 percent to 3,881. Inventory levels shrank 15.5 percent to 53,320 units, a positive supply-side improvement.
Prices dipped lower. The Median Sales Price decreased 5.1 percent to $147,000. Days on Market Increased 7.8 percent to 139 days. Absorption rates improved as Months Supply of Inventory was down 9.3 percent to 13.5 months.
The economy bobbed along just this side of positive in August. Consumer confidence, which often affects housing demand, showed some slack even as personal income and spending both increased modestly. Low interest rates, declining supply and stabilizing prices are of hope in the harbor, but the recovery still needs wind in its sails.
Please contact local boards for data by area. Questions about the statewide data? Contact Nick Kremydas at 803.772.5206.
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South Carolina REALTORS® (SCR) is the largest professional trade association in the state, serving 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®.
