South Carolina REALTORS® Release June Market Numbers
July 23, 2012
COLUMBIA, SC – July 23, 2012 – South Carolina REALTORS® (SCR) released its June Statewide Market Reports.
We’rehalfway through 2012 and what a year it’s been. Residential real estatehas finally taken some meaningful strides toward recovery, and they’veall been self-powered without intervention. There have been some headfakes in the past, but there’s real reason to believe that marketturnaround awaits us.
Beyond home prices, key metrics to watchinclude Days on Market, Percent of List Price Received and Months Supplyof Inventory. Locally, several indicators showed improvement.
Comparingthe numbers to June 2011, New Listings in South Carolina decreased 8.3percent 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 movedhigher, the Median Sales Price increased 1.9 percent to $158,000 andDays on Market was down 4.8 percent to 134 days. The supply-demandbalance stabilized as Months Supply of Inventory was down 23.7 percentto 11.4 percent.
We seem to be at a critical inflection point inour attempts to spur more hiring. Job growth provides the dual benefitof stimulating new household growth as well as relieving distressedhomeowners. There’s also the positive feedback loop of housing creatingjobs and jobs creating housing. Keeping the affordability pictureafloat, the Fed has vowed to keep interest rates around 4.0 percentthrough mid-2013.
Please contact local boards for data by area. Questions about the statewide data? Contact Nick Kremydas at 803.772.5206.
