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Economists split on South Carolina real estate market

Economists split on vitality of South Carolina real estate market.

Economists split on vitality of South Carolina real estate market.

Expert opinions vary when it comes to the health of the South Carolina real estate market, but some do see positive moving activity leading to overall growth.

According to the Post and Courier, economist Joey Von Nessen told an assemblage of real estate professionals last week that their state would see growth in real estate for 2011 because of the state's economic recovery. According to Von Nessen, a research economist for the University of South Carolina, job growth statewide increased 0.1 percent last year. Combined with the 53 percent increase in South Carolina home sales since January 2009, according to Von Nessen, this should bolster the housing market.

But Coastal University research economist Rob Salvino paints a different real estate picture. In an interview with the same paper, Salvino said the foreclosure rate and excess inventory will make for a sluggish South Carolina housing market in 2011.

Where the economists agree, though, is that the year, overall, should be one of recovery. That's good news for people planning on moving to the area.

One area in particular that showed recovery last year was Charleston, South Carolina. According to the Charleston Trident Association of Realtors, Charleston County posted year-over-year increases in 2010, with sales volume jumping 5 percent and home prices increasing 3 percent.