Realtors report sales and price increases, slim inventory
August 19, 2020
South Carolina REALTORS® (SCR) today released its July 2020 statewide real estate market data. The reports show prices continued to increase in every region across the state at an average of almost 11% statewide. Sales also increased by double digits in some areas, while inventory remained sparse.
The data reflect much of what is happening across the country. According to a recent report by the National Association of Realtors® (NAR) home prices have grown by 96% in metro areas in the second quarter of 2020.
Price and inventory trends which have carried throughout the summer continue across South Carolina due to high sales activity along coastal regions and the upstate.
In comparing statewide data from July 2020 to July 2019, Hilton Head saw the biggest increase in the number of residential homes, condos and villas sold statewide with an increase of 41%, followed by Beaufort (34%), Charleston (33%) and Greenville (20%).
The Charleston real estate market continues to show resilience with shorter market times and an increase in sale prices throughout most of the Lowcountry.
“Homes are selling in 57 days on average in Charleston, reflecting the competitiveness when it comes to inventory. And across the state, inventory has decreased by 28%. In this market, you have to act quickly to get what you want,” said Owen Tyler, SCR president and broker in charge at The Cassina Group in Charleston.
In Greenville, Realtors® report activity typical of a Spring housing market, due in part to the decrease in mortgage interest rates.
“We did feel a pause from mid March to the beginning of June due to Covid-19, but I believe our typical Spring buzz is happening right now on the cusp of Fall, thanks in part to record breaking low interest rates,” said Lisa Alexander, SCR region 6 vice president and broker in charge at Del-co Realty Group in Greenville.
SCR’s statewide reports are attached. FastStats are also available at screaltors.org/marketreports.
