The same factors that catalyzed widespread market recovery for the past couple of years are likely to continue throughout 2014, though perhaps at a moderate pace. Those are the findings from the January Statewide Market Report released by South Carolina Realtors.
That’s not a bad thing, says the report, since the market is returning to a stable, healthy state. Potential trends to keep an eye on in 2014 include increased seller activity, more new construction and fewer foreclosures on the market.
Overall, new listings in the state of South Carolina decreased 3.1 percent to 8,943. Pending sales were down 6.0 percent to 4,497 and inventory levels shrank 4.1 percent to 44,472 units. But prices moved higher as the median sales price increased 5.3 percent to $154,743. Days on market were down 10.8 percent to 116 days and absorption rates improved as months’ supply of inventory was down 15.2 percent to 8.4 months.
In the Greater Greenville area, the number of homes sold was 527 for January 2014 compared to 512 in January 2013, representing a 2.9 percent increase. Spartanburg was down 14.2 percent from 226 homes sold in January 2013 compared to 194 sold in January 2014.
The median price of homes in the Greater Greenville area rose 1 percent from $148,000 to $149,500 from January 2013 to January 2014. In Spartanburg, the median price rose 13.4 percent from $104,051 in January 2013 to $118,000 in January 2014, according to the report.
Other positive results show the average days on market decreased in Greater Greenville from 99 days to 90 days, a 9.1 percent decrease. In Spartanburg days on market decreased from 159 days in January 2013 to 133 days in January 2014.
