Winter ‘10 SC Realtors Market Report

Real Estate Broker/Owner with Eagle Realty

Hey there Eagle Realty BLOG readers!! Thought i would hit you up with some market research content for you to review on the current market analysis of our statewide real estate and building conditions. And to be honest, my son is sick at home, so this was some quick content, and stuff of interest i thought you might like!

Though 4th quarter 2009 annualized Gross Domestic Product (GDP) growth of 5.7 percent is very encouraging and shows that the
economy is recovering, much of this growth is the result of the 2009 federal stimulus package and cannot be sustained. In the long
run, consumer spending and private investment are what drive GDP; consumer spending is increasing, but private investment is not yet
showing signs of significant recovery. This will only occur after credit conditions begin to loosen in the financial sector. Nevertheless,
housing prices in South Carolina are relatively stable, and national inventory levels for both new and re-sales have dropped within the last
six months-a very positive sign for the housing market in South Carolina. In states such as South Carolina where increases in foreclosures
are relatively small, a decline in inventory represents a net decrease in housing supply, which is critically important in the recovery of the
housing market.
The housing consumer of 2009 and 2010 is frugal and thrifty; in South Carolina the market has adjusted to this with a major shift
toward less expensive housing units. Nowhere is this reflected more than in the second home market along the coast, which continues
to experience downward pressure on prices. Changes in economic conditions will bring changes in consumer preferences; builders who
identify and adjust to these new preferences have the best chances to succeed in 2010."

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