South Carolina REALTORS® Release October Market Numbers

COLUMBIA, S.C. – November 15, 2013 – (RealEstateRama) — South Carolina REALTORS® (SCR) today released its October Statewide Market Reports.

This year has shown robust gains in sales and prices with more homes sold in less time and closer to asking price. While consumers have gained empowerment by low prices and interest rates, sellers are regaining confidence.

New Listings in the state of South Carolina increased 6.7 percent to 8,597. Pending Sales were up 1.0 percent to 4,789. Inventory levels shrank 4.5 percent to 46,528 units.

Prices moved higher as the Median Sales Price increased 3.3 percent to $154,900. Days on Market was down 13.3 percent to 113 days. Absorption rates improved as Months Supply of Inventory was down 17.6 percent to 8.8 months.

The economy continues to move slowly and the government shutdown had a modest impact on borrowing – mostly centered on USDA and VA borrowers. Consumer spending accounts for approximately 70 percent of U.S. economic activity and impacts likelihood for big-ticket purchases like homes and cars.

Please contact local boards for data by area. Questions about the attached statewide data? Contact Nick Kremydas at 803.772.5206.

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South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves as the voice of real estate for 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®.

REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a Member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. This email and any files sent with it are confidential. If you have received this email in error, please notify the sender and then delete it immediately.

CONTACT: Sharon Delia