COLUMBIA, S.C. – January 17, 2012 – (RealEstateRama) — South Carolina REALTORS® (SCR) today released its 2012 Year-End Statewide Market Report and video.
Housing has been the center of attention in 2012. And for the first time since 2006, it is on track to be a net positive contributor to GDP. Low mortgage rates, affordable prices and rising rents have bolstered consumer confidence. On a national scale, disasters, the fiscal cliff, contested elections and a sovereign debt crises could not slow down buyers. Consequently, home values are ticking higher in many regions. The housing recovery also has tangible benefits to homeowners – particularly those still in underwater situations. Rising prices should convince more sellers to reenter the marketplace.
In South Carolina listings through 2012, homeowners introduced 96,860 new properties to the marketplace – a modest 0.9 percent decrease or just 859 units fewer than 2011. When it came to 2012 sales, the buyer rebound remained strong throughout the year. Closed slaes were up 12.5 percent to 53,375 for the year – the most since 2007. Buyers have 13.1 percent fewer choices than this time last year when it comes to inventory and sellers have 13.1 percent less competition. Well priced and well presented listings are fetching 94.9 percent of list price at sale, on average.
Both locally and nationally, home prices are turning a corner. 2012 ended with a modest 1.5 percent median price gain compared to 2011. At $150,000, prices have come down to 9.8 percent from the apex in 2006. But, the numbers are now out of the $140 thousands, where they’ve been for the last few years.
The Annual Market Report is attached for your review. A video version of the report is available here, on SCR’s YouTube channel. Please contact local boards for data by area. Questions about the statewide data? Contact Nick Kremydas at 803.772.5206.
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®.
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