COLUMBIA, S.C. – December 15, 2011 – (RealEstateRama) — South Carolina REALTORS® (SCR) today released its November 2011 statewide market reports. Home prices are one of the most popular barometers of market vitality, yet they only tell part of the story. Soft prices may accompany improvements in other indicators such as purchase demand, absorption reates, seller concessions or market times.
Regional, market-wide prices fell short by not recognizing the mix of homes that close each month, be it weighted toward single-family, lender-mediated or new construction. In addition, price movements often lag changes elsewhere in the marketplace. New Listings in the state of South Carolina decreased 9.9 percent to 6,242. Pending Sales were up 10.0 percent to 3,571. Inventory levels shrank 15.2 percent to 50,352 units, a common trend across the country. Prices were fairly stable. The Median Sales Price decreased 0.7 percent to $149,000. Days on Market increased 3.0 percent to 143 days. Absorption rates improved as Months Supply of Inventory was down 14.3 percent to 12.6 months.
Not only do forces beyond supply and demand affect home prices, but other factors outside of housing serve as inputs into the equation. New job growth and consumer confidence drive household formations which in turn fuels purchase demand and pressures prices. Similarly, when real incomes rise, families can afford more house and move-up buyers become increasingly motivated. To that end, the jobless rate fell from 9.0 percent to 8.6 percent in November — the lowest in 2.5 years.
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®.