Has the Columbia, South Carolina housing market fully rebounded or is it still in a slump?  How does one know when things are improving?  According to bankrate.com, there are two key indicators:  1)  a decreasing unemployment rate, which shows residents of the area are going to work and companies are confident in their abilities to remain profitable and 2) a decreasing number of properties that remain unsold on market.

According to the Bureau of Labor Statistics, the Columbia, South Carolina’s unemployment rate hit its peak in March 2009, of 8.8 percent.  The following month, April 2009, had it trending downward to 8.5%.  A year ago, in July 2008, the area experienced a rate of 6.2%.

By utilizing the data from our Multiple Listing Service, the housing supply of single family homes for the first six months of this year in all price ranges currently on market for the Downtown and East Columbia areas, Forest Acres, Arcadia Lakes, Irmo, Lexington, Chapin, West Columbia, Northeast and Southeast areas of Columbia are 3,698.

Looking at the same snapshot a year ago for the same areas, an inventory of 4,134 properties were on market, a decrease of 436 from year to year.

While the recovery is in its infancy, there are signs that properties are moving and the unemployment rate is improving.  It is a good time to be located in Columbia, South Carolina, as the massive layoffs and stagnant real estate market have never been a factor here as it was in other major cities.  With having government, healthcare, education and major companies headquartered here, we are fairly insulated from massive swings in our marketplace.

Your “No Bull” Realtor,

Kathy Smith
Russell & Jeffcoat Realtors, Inc.
(888) 808-4Moo ext. 0
(803) 781-5729
http://www.kathy.smith.net/