South Carolina REALTORS® release November market data
January 5, 2016
South Carolina REALTORS® (SCR) released its November 2015 real estate market reports, showing that residential real estate experienced the best year for that month since the recession. The year is wrapping up to have the best national showing since 2006.
New listings were up five percent to 6,880 and Pending Sales increased 1.4 percent to 4,561. Inventory shrank almost seven percent to 36,371. Prices moved higher as Median Sales Price was up slightly more than seven percent to $174,400. Days on Market decreased six percent to 107 days and Months Supply of inventory was down almost 18 percent to six moths.
“2016 is projected to be a good year, but inventory and affordability challenges coupled with mortgage rate increases will likely slow growth a little bit. However, these changes will also keep home prices from increasing too rapidly to maintain economic stability,” said SCR CEO Nick Kremydas.
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For the 12-month period spanning December 2014 through November 2015, Pending Sales in the state of South Carolina were up 13.4 percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 25.1 percent.
The overall Median Sales Price was up 5.6 percent to $171,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 5.9 percent to $180,000. The price range that tended to sell the quickest was the $150,001 to $200,000 range at 96 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 6.6 percent. The property type that lost the least inventory was the Single Family segment, where it decreased 6.1 percent. That amounts to 5.8 months supply for SingleFamily homes and 6.6 months supply for Condos.
