S.C. home prices up 5.3% in January

Staff Report
Published Feb. 17, 2014

The median price of S.C. homes sold in January rose 5.3% compared with the same month in 2013, according to the S.C. Realtors Association.

Meanwhile, the number of new listings dropped 3.1% to 8,943 units, while pending sales in January fell 6% to 4,497 units compared with the same month in 2013, the trade group said. In addition, the number of available homes dropped 4.1% in January to 44,472 units.

Statewide the median sales price in January was $154,743, and the number of days a home was on the market dropped 10.8% to 116 days. The association said the months’ supply of inventory fell 15.2% to 8.4 months.

The property type recording the largest sales gain was the condo segment, which saw an 8.2% increase to $125,000 in January. The price range that tended to sell most quickly was $200,001-$300,000, at 113 days. The slowest action was in the $300,001-and-up range, where homes averaged 134 days on the market.

The association said that the housing market should continue to recover through 2014, though at a moderate pace.

“That’s not a bad thing, since the market is returning to a stable, healthy state,” the association said. “Potential trends in the coming year include increased seller activity, more new construction and fewer foreclosures on the market.”

While interest rates are expected to rise in 2014, they should “remain attractive and should stay below long-term averages,” the association added.

Looking ahead, the association said that homeowners who were hesitant to sell may want to reconsider.

“Getting a fresh comparative market analysis might be a good idea,” the trade group said.

Among the state’s metro markets, the Charleston Trident region was the hottest in January, recording a 15% increase in sales to 743 units compared with 646 for the same month in 2013. The Charleston median price also rose 15% to $211,000, compared with $183,425 in January 2013, while the number of days on the market declined 7.9% in January to 197 compared with 214 for the same month in 2013.

Greater Greenville reported a 2.9% increase in sales to 527 homes in January compared with 512 homes for the same month in 2013. Meanwhile, the median price rose 1% to $149,500. The average number of days a home remained on the market dropped 9.1% last month to 90 days compared with 99 for January 2013.

January sales in Greater Columbia dropped 7% in January to 504 units, compared with 542 units for the same month in 2013, the association reported. The median price of a home dropped 2.2% to $131,060 in January compared with $133,987 for the same month in 2013. The average number of days a house in Columbia was on the market dropped 4.8% to 109 days, down from 115 in January 2013.

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