In 2008,
the future of the housing market and the economy at-large looked grim. The country gritted its teeth and prepared to
fight a long, up-hill battle just to get back to par. However, improvements made in 2012 have been
encouraging, exceeding most expectations.
Nationwide, total home sales have increased by 6%, while home prices
have risen by 7.5%. While a price
increase might not seem like a good thing, the lower prices over the past
several years were largely due to the toxic mortgage bubble bursting, fueling
the country’s economic woes. The surge
of defaulted homes gave banks a surplus, and the country simple couldn’t afford
to quickly correct the over-supply problem.
Needless to say, a housing market centered on defaults and bank re-sales
is not a stable one. Fortunately, this
unhealthy surplus has been steadily dropping.
Over the past year alone, the sale of bank-owned homes has fallen by
over 20%. The decrease of an
unnecessarily large inventory has allowed homeowners and realtors to bring
prices up to a more optimal level.
If the
national housing market’s gains in the past year were somewhat unexpected, the
gains made in Upstate South Carolina have been pleasantly shocking. After a 16% increase in housing sales from
2011 to 2012, we have seen a 25.4% year-over-year increase in December, usually
the slowest time of the year for home sales.
For the past few years, the Upstate’s economy has been one of the
healthiest, fastest growing economies in the country, so the housing market was
predicted to improve in kind.
This rising
demand from buyers has exceeded all expectations, creating a seller’s market in
the Greenville , SC Acadia , our community is gaining
from the same momentum. In the first
weeks of 2013, Acadia has already booked 6 new
home starts, with more prospects in the wings.
Compared to 2012, a good year of renewed growth for Acadia, this year
2013 should see many more rooftops rising in Acadia . Come Discover Life in Balance in Acadia . www.AcadiaSC.com.
Copyright © 2015 | Acadia, LLC
Copyright © 2015 | Acadia, LLC
