COLUMBIA, S.C. – August 15, 2011 – (RealEstateRama) — South Carolina REALTORS® (SCR) today released its July 2011 statewide market reports. At the height of summer, we’re finally beginning to move beyond comparisons to the 2010 incentive market. Even so, sudden changes in sales volumes are likely due to factors occurring at this time last year. Qualified buyers may find more attractive opportunities now than during either of the recent tax credits. Interest rates should hold their ground around five percent, though the shift in the federal credit rating could change that. Some indicators suggest improving conditions.
New Listings in the state of South Carolina decreased 22.5 percent to 7,520. Pending Sales were up to 10.2 percent to 4,392. Inventory levels shrank 13.6 percent to 54,807 units, but consumers are still finding terrific opportunities. Prices softened a bit. The Median Sales Price declined 3.2 percent to $150,000. Days on Market increased 8.0 percent to 141 days. Absorption rates improved as Months Supply of Inventory was down 5.4 percent to 14.0 months.
Second quarter GDP growth was 1.3 percent after a 0.4 percent gain in the first quarter. However, 117,000 new jobs were added in July. Even though a budget deal has been reached, several challenges persist. Changes to Fannie, Freddie and the mortgage interest deduction are still in play. As consumers absorb distressed inventory and labor market conditions improve, the wheels of recovery grind.
Please contact local boards for data by area. Questions about the 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®.