Columbia's home sales dip slightly in November

December 16, 2013 

  • Home sales take slight dip

    Home sales in the Columbia area dipped slightly in November, but they are on track to finish the year strong.

    -1.5%

    What it is: Decrease in home sales in Columbia in November, compared with the same month last year

    How it compares: Sales were fairly steady with 607 homes selling in November, compared to 616 the same month last year.

    What it means: Sales have been gaining each month since bottoming out in 2011. Sales slowed last month because of the federal government shutdown the first half of October and dipped into negative territory this month. Sales still are significantly higher than the 503 that sold in November 2011.

    19%

    What it is: Increase in the number of pending sales – homes that are under contract but have not yet closed – in the Columbia area in November, compared with November 2012

    How it compares: In November, 670 homes were under contract; that’s 108 more than this time last year and 160 more than this time in 2011.

    What it means: Strong pending sales are a good sign that future months’ sales numbers will increase. Many of the sales that are under contract now will close in the coming months as deals are finalized and new home construction wraps up.

    $154,500

    What it is: Median sales price for Midlands’ homes that sold in November

    How it compares: That’s up significantly from the median price in November 2012, which was $133,700 and the $139,900 median price in November 2011.

    What it means: Prices, which plunged during the economic downturn, generally have stopped dropping and are moving up – good news for potential sellers who have lost property value.

    8.6

    What it is: The months’ supply of inventory on the Columbia market in November

    How it compares: It’s a 25 percent drop from November 2012, when the market had nearly a year’s supply of homes for sale. The supply level was 14.1 months in November 2011.

    What it means: While buyers still have an advantage, inventory is moving toward more normal levels. A balanced market between buyers and sellers is when inventory levels reach about a six months’ supply.

    S.C. STATS

    HOME SALES

    Nov. 2012: 4,424

    Nov. 2013: 4,449

    Change: +0.6%

    MEDIAN PRICE

    Nov. 2012: $149,900

    Nov. 2013: $157,900

    Change: +5.3%

    SOURCE: S.C. Realtors trade group

Home sales in the Columbia area have been recovering from the recession steadily for about two years. But sales dipped slightly in November, possibly an after-effect from the partial government shutdown in October.

Sales slipped 1.5 percent in November in the Columbia area to 607 from 616, compared to November 2012, according to a report Monday from the SC Realtors trade group. Statewide, sales were mixed, increasing just .6 percent overall to 4,449, with 10 out of 16 regions posting declines.

The median price of homes that sold in November rose 16 percent in Columbia to $154,500. In South Carolina, the median price increased 5 percent to $157,900.

However, home sales are likely to finish strong in the Midlands and across the state. Sales are up 22 percent to 8,602 in the Columbia area through the first 11 months of the year, compared to the same period last year, and sales are up 18 percent to 58,326 statewide for the period.

Pending sales – on homes that have a contract but the sale has not closed – and new listings also are up significantly from last year. That’s a sign that the months ahead will be strong.

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