March 2011 Beaufort SC Home Sales Down From 2010
Posted by Todd Covington on Thursday, April 14th, 2011 at 11:55pm.
This month's numbers are stuck in the shadow of the spring 2010 incentive market. A number of factors hinder a full-scale housing recovery, yet there are positives that suggest improving consumer confidence. Slowing unemployment claims, strong corporate balance sheets and 13 months of private job growth are cause for long-dormant optimism. Let's see if our local glass is half empty or half full.
New Listings in the Beaufort region decreased 32.6 percent from last March to 207 new homes. Pending Sales decreased 15.7 percent to land at 97 contracts written. As a result, inventory levels decreased 2.8 percent from last year to reach 1,720 active listings.
Prices lost some ground - the March Median Sales Price of $162,500 decreased 9.7 percent. Negotiations moved toward buyers as Percent of List Price Received at Sale decreased 2.5 percent to 92.4 percent. The market moved toward balance as Months Supply of Inventory decreased to 20.0 months.
The national interest rate is 5.11 percent on a 30-year fixed; the national unemployment rate dropped to 8.8 percent in March. Several important changes to the mortgage industry are on the horizon. Ensuring access to adequate mortgage capital for qualified buyers is key to housing recovery.
