SC: September Numbers Show Decrease in Real Estate Inventory

Gay South Carolina Real EstateSouth Carolina REALTORS(R) (SCR) today released its September 2011 statewide market reports. Like the weather, all real estate is local. As we embark on the fourth and final quarter of 2011, let’s take a look at the South Carolina forecast.

New Listings in South Carolina decreased 27.1 percent to 6,195. Pending Sales were down 10.7 percent to 3,319. Inventory levels shrank 15.4 percent to 52,611 units, a positive supply side trend that should bring additional stability. Prices were fairly stable. The Median Sales Price increased 1.0 percent to $150,000, while Days on Market increased 9.1 percent to 145 days. And, absorption rates improved as Months Supply of Inventory was down 11.1 percent to 13.2 months.

On a national front, manufacturing activity, construction spending and overall job growth all picked up in September. And, the federal government’s Operation Twist, helped push mortgage rates to record lows; under 4.0 percent for the first time ever.

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