COLUMBIA, S.C. – July 17, 2012 – (RealEstateRama) — South Carolina REALTORS® (SCR) today released its June Statewide Market Reports. We’re halfway through 2012 and what a year it’s been. Residential real estate has finally taken some meaningful strides toward recovery, and they’ve all been self-powered without intervention. There have been some head fakes in the past, but there’s real reason to believe that market turnaround awaits us.
Beyond home prices, key metrics to watch include Days on Market, Percent of List Price Received and Months Supply of Inventory. Locally, several indicators showed improvement.
Comparing the numbers to June 2011, New Listings in South Carolina decreased 8.3 percent to 8,279, while Pending Sales were up 7.3 percent to 4,820. Inventory levels shrank 15.7 percent to 49,496 units. Prices moved higher, the Median Sales Price increased 1.9 percent to $158,000 and Days on Market was down 4.8 percent to 134 days. The supply-demand balance stabilized as Months Supply of Inventory was down 23.7 percent to 11.4 percent.
We seem to be at a critical inflection point in our attempts to spur more hiring. Job growth provides the dual benefit of stimulating new household growth as well as relieving distressed homeowners. There’s also the positive feedback loop of housing creating jobs and jobs creating housing. Keeping the affordability picture afloat, the Fed has vowed to keep interest rates around 4.0 percent through mid-2013.
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) 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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