November 20th, 2010 11:11 PM by Wendy Thomas
It's hard to focus on the facts when you hear a lot of negative information in the news. Because of that, I thought it was important to share with you some information that also focuses on how localized these statistics should be, and how you can't rely on all that you read or see in the news.
... I'm having trouble uploading the file to the blog, but I have it if you would like to see it...
Based on the South Carolina Association of Realtors, the state of SC's market report for the month of October, 2010 says:
"The inventory of single-family homes has increased by 4.9 percent from a year ago to 39,558 while the number of available condo homes has declined by 8.8 percent to 11,589 units during the same period. That amounts to 14.0 months of supply for single-family homes and 18.2 months of supply for condos, marking big improvements among the condo supply.
Sales of single-family homes have decreased by 2.1 percent over the last 12 months, despite gains in activity among homes with 2 or fewer bedrooms. Condominium sales were up 7.1 percent for this time period. The range with the strongest year-over-year change in sales was the $100,000 and Under bracket, where sales increased by 7.0 percent. The weakest showing was in the $100,001 to $150,000 range, where sales have declined by 9.4 percent.
The $100,000 and Under price range also led in terms of shortest Average Days on Market Until Sale, at 124 days. The price range with the longest mark was the $300,001 and Above range at 170 days. Overall, the region has seen its market times up a slight 0.7 percent over the last year."
However, if you focus on each individual town or city, you'll find the following:
In Rock Hill, inventory has increased 28% over the same month in 2009. The median sales price was $122,200 this October, down 7% from Oct. 2009. Overall days on market average is up to 151 days, 17.4% higher than 129 in 2009. This report doesn't show the breakdown of what houses in what prices had the biggest increase/decrease, but taking a look at the median sales price, you can see that the most buyers are in that starter home price range.
Sales, listings, prices, conditions-- all are location specific. It's hard to discuss the state as a whole, when that groups this area, which would be better grouped with the Charlotte region, with others like Myrtle Beach and Charleston, who have had a difficult few years in real estate.
If you're curious about the statistics for your area, ask! I'll be glad to email you a personalized report, as well as the state report.