There’s no way to be certain what 2012 will bring. However, a few things do seem clear enough to make some assessments. First, 2011 was not the recovery year it was expected to be. It was yet another “transition year” for most. Second, multi-decade low mortgage rates and suppressed home prices coalesced to form an attractive purchase environment. And buyers did just what their name implies. This has driven down inventory levels in many locales, which—thirdly—nudged the market balance toward equilibrium. Here’s how the final month of 2011 concluded the year.
New Listings in the Charleston region decreased 16.4 percent to 812. Pending Sales were up 37.3 percent to 710. Inventory levels shrank 20.6 percent to 6,904 units, extending the signature trend of 2011. Home prices finished the year on an up note.
The Median Sales Price increased 3.7 percent to $186,664. Days on Market increased 12.8 percent to 123 days. Absorption rates improved as Months Supply of Inventory was down 26.0 percent to 8.6 months.
Read more: Download the December 2011 Indicators (PDF)