Real estate inventory nearing normal levels

sjones@thesunnews.comFebruary 7, 2014 

Yearend market statistics provided the Coastal Carolinas Association of Realtors by 10K Research show that the area’s housing market is moving to becoming normal again, judging by the drop in inventory over all price ranges.

A normal market, Realtors say, is one with about five to six months inventory, and while none of the five price-range categories are there yet, all but homes above $300,000 are within sight. And all, including the most expensive, dropped in inventory from 2012 to 2013.

Nearest to the magic number are homes listed for $150,000 and below, with a 7.2-month supply on the market at the end of last year. The others, by price range and months of inventory, are:

• $150,001 to $200,000, 8.1 months inventory

• $200,001 to $250,000, 8 months inventory

• $250,001 to $300,000, 9.3 months inventory

• $300,001 and above, 16.2 months inventory

The percentage drop from 2012 to 2013 ranged from 7.2 percent in the $250,001 to $300,000 category to 18.8 percent for home listed at $300,001 and above.

The yearend news for the category where higher numbers are desirable was as good.

The report said that houses and condos in all categories were on the market fewer days in 2013 before they were sold than in 2012 and got a higher percentage of their asking price at closing than in the previous year.

Contact STEVE JONES at 444-1765.

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