COLUMBIA, S.C. – November 17, 2015 – (RealEstateRama) — South Carolina REALTORS® (SCR) today released its October real estate market reports.
The reports reveal the number of homes, condos and villas sold compared to last year has declined by more than five percent, while the average days on market is also down by 12 percent compared to last year. New listings also decreased by almost seven percent to 7,693 along with Pending Sales which decreased ten percent to 4,798.
Inventory shrank six percent to 37,453 units, however Prices moved higher as Median Sales Price was up almost eight percent to $174,460. Inventory was down throughout October by 17 percent to 6 months.
“We expected the numbers to look different this month. On one hand national jobless claims are at an all-time low, and on the other hand we’re expecting a rise in interest rates. South Carolinians are also still contending with the aftermath of the October floods and new RESPA rules. There are many variables at play right now,” said SCR CEO Nick Kremydas.
South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves as the voice of real estate for 17,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®