Published Nov. 15, 2012
Sales of residential homes and condominiums rose 24% in October, South Carolina Realtors reported, describing 2012 as a “comeback year.”
The association said 4,608 homes sold last month compared with 3,717 in October 2011.
In the large markets, Greenville had the strongest percentage gain, up 35% to 660 homes sold in October, compared with 489 a year earlier. Charleston sales rose 30.7%, to 894 from 684 a year earlier. Columbia posted 663 homes sold, up 29.7% from 511 in October 2011.
“Most markets have shed listings, resulting from strong sales and sluggish seller activity. There has been a general easing of foreclosures and short sales, meaning distressed listings are dragging prices down less than in recent years. So it's both about market fundamentals and market composition,” the Realtors association said in releasing the data.
Compared with October 2011, new listings in South Carolina increased 10.1% to 7,888, while pending sales were up 26.7% to 4,676. Inventory levels shrank 13.4% to 46,776 units.
Prices were fairly stable, the association said, as the median sales price increased 0.1% to $149,900. Days on the market was down 10.8% to 131 days. Absorption rates improved as months’ supply of inventory was down 24.7% to 10.2 months.
“The economy is slowly growing and economic growth in 2013 is expected to outpace 2012. Mortgage rates are expected to remain near historic lows through 2015; rents are expected to rise due to low vacancy; and financial situations in Europe, China and elsewhere, believe it or not, have an effect on local markets,” the association said.
The price range for homes with the strongest sales statewide was $200,001 to $300,000, with a 19.5% sales gain in that category. The property type with the strongest sales gains was condos, up 18%.