July 2013 Monthly
Research Reports
*From the Beaufort County Association of REALTORS
Monthly Indicator Report
It won't be long before the housing recovery is simply referred to
as housing. Institutional and cash buyers have effectively priced themselves
out of the market. During the downturn, much inventory was purchased by these
groups. Now that prices are rising, there's less incentive for these kinds of
buyers, yet affordability for consumers remains attractive.
New Listings in the Beaufort region increased 35.8 percent to 182.
Pending Sales were up 33.7 percent to 123. Inventory levels shrank 9.4 percent
to 1,509 units.
Prices got a lift. The Median Sales Price increased 21.2 percent
to $225,000. Days on Market was up 12.6 percent to 215 days. Absorption rates
improved as Months Supply of Inventory was down 25.8 percent to 14.1 months.
With mortgage rates slightly up but relatively low by historic
standards, the Fed has indicated no change in monetary policy based on a
moderately-paced economic expansion. Although the unemployment rate remains a
factor to watch, the housing recovery continues to plug along, helping the
greater economy with flourishing activity in sales and prices. Housing has made
a positive contribution to real GDP growth for 11 consecutive quarters.
Housing Supply Overview
Soon enough, recent price gains should unlock more inventory so
that buyers have more choices. Eventually, housing recovery will be referred to
as simply housing. For the 12-month period spanning August 2012 through July
2013, Pending Sales in the Beaufort region were up 22.2 percent overall. The
price range with the largest gain in sales was the $500,001 and Above range,
where they increased 43.3 percent.
The overall Median Sales Price was up 2.3 percent to $180,000. The
property type with the largest price gain was the Condo segment, where prices
increased 7.9 percent to $102,006. The price range that tended to sell the
quickest was the $75,000 and Below range at 136 days; the price range that
tended to sell the slowest was the $500,001 and Above range at 298 days.
Market-wide, inventory levels were down 9.4 percent. The property
type that gained the most inventory was the Condo segment, where it increased
1.3 percent. That amounts to 13.4 months supply for Single-Family homes and
19.7 months supply for Condos.
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