South Carolina REALTORS® release December market data
January 18, 2016
South Carolina REALTORS® (SCR) released its December 2015 real estate market reports. The data reveals that the South Carolina housing market wrapped up the year on a positive note, with increases in both closed sales and median sales price.
New listings were up three percent to 5,776 and Pending Sales decreased slightly by one percent to 4,156. Inventory shrank eight percent to 33,800.
Prices moved higher as Median Sales Price was up more than seven percent to $175,000. Days on Market decreased five percent to 107 days and Months Supply of Inventory was down 19 percent to five and a half percent- indicating that demand increased relative to supply.
“Our state faced a lot of challenges toward the end of 2015, but December turned out to be a good month for real estate,” said SCR CEO Nick Kremydas.
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Time will tell if the recent Federal Reserve rate increase adversely affects housing markets. Since the increase was widely anticipated in a much-improved economy, overly negative reactions are not anticipated in 2016. Rates are still very attractive. For the 12-month period spanning January 2015 through December 2015, Pending Sales in the state of South Carolina were up 12.8 percent overall. The price range with the largest gain in sales was the $200,001 to $300,000 range, where they increased 24.9 percent.
The overall Median Sales Price was up 6.2 percent to $172,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 6.4 percent to $180,875. The price range that tended to sell the quickest was the $150,001 to $200,000 range at 95 days; the price range that tended to sell the slowest was the $100,000 and Below range at 115 days.
Market-wide, inventory levels were down 8.2 percent. The property type that lost the least inventory was the Single Family segment, where it decreased 7.8 percent. That amounts to 5.4 months supply for Single-Family homes and 6.3 months supply for Condos.
