Sellers are becoming increasingly more optimistic in South Carolina as they are in the rest of the country. While the housing recovery has been slow since the Great Recession, it's starting to pick up. The latest Real Estate Trends in South Carolina show pent-up demand and rising home values, which is good news for sellers.
According to a recent article on RealEstate.com, some sellers may be a bit too optimistic about their property value. Many don't realize that first-time homebuyers are still having trouble qualifying for loans.
From the end of 2011 to the spring of 2012, the average price for a townhome went from $183,000 to $197,000 in South Carolina. Meanwhile, single family homes had an average list price of $282,000 at the end of last year. But the average sales price of a single family home has been 42 percent below list price at about $162,000. Gradually, the list prices are coming into alignment with the sale prices.
According to RealEstate.com, the largest increase in listing price occurred in Westminster, S.C., which saw a 3-month increase of about 45 percent compared to increases of 17 percent in Okatie, 14 percent in Clover, 9 percent in Landrum and 9 percent in Piedmont, S.C.
The foreclosure rate in South Carolina is 1 in every 851 homes. According to data by RealtyTrac the median list price is $170,000 in South Carolina, which is up 3 percent compared to April of 2013. The median sales price in South Carolina is $134,750 which is up 4 percent compared to April 2013. In contrast, the median foreclosure sales price is $82,550 which is up 1 percent from April 2013.
Real Estate Trends in South Carolina are similar to the rest of the country as more and more people get out from being underwater on their mortgages. If interest rates rise, experts say it will accelerate the seller's market as people who were on the fence decide to buy.