Inventories Reach All Time Highs
Sunday, 29 August 2010 05:24
Record high Real Estate Inventories in the Midlands of South Carolina keep home values near the same as 2006 home values. Economist do not see home values rising for the remainder of 2010. On the flip side of South Carolina Real Estate, home buyers continue to get great deals as well as record low interest rates when financing their new home purchase. The average number of months for housing inventory about five months. The months of inventory in Columbia South Carolina Real Estate market is twelve months.
Year Avg Sales Price DOM Months Inventory
2006 $168,000 77 5.7
2007 $175,000 84 6.6
2008 $176,000 96 8.2
2009 $161,000 105 10
2010 $163,000 101 12
SC home sellers are concerned about selling their home in this market and understandably so. Even though sellers are selling much lower than they might hope, as long as they buy another home, they will also be buying low. At least when the SC Housing Market Values recover, homeowners will still have their equity. Now would not be a good time to sell if the seller is not planning to purchase another home. Home buyers in South Carolina should be very happy with the market conditions. We are currently in the biggest buyers market I can ever remember. SC home buyers can purchase a home with values back to where they were in 2005 and finance the home with record low interest rates around 4% or lower.
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