Competitive market leads to strong sales statewide
COLUMBIA, S.C. (May 18, 2021) — April was another strong month for South Carolina real estate according to South Carolina REALTORS® (SCR) statewide real estate market reports. Sales were up 41% from last year.
“Summer is our busy season, but we’re continuing to see above average sales throughout the state. Multiple offers are commonplace in this market,” said Morris Lyles, SCR 2021 president and Realtor® at ERA Wilder in Columbia.
Coastal areas continue to be South Carolina hot spots with areas like Charleston, Hilton Head, Beaufort and Myrtle Beach leading the state in sales. In the Coastal Carolinas region, which includes Myrtle Beach, sales were up almost 80 percent.
“Inventory is moving so quickly that we are seeing an uptick in buyers purchasing a property via virtual walkthrough or sight unseen,” said Brie Bender, Realtor® and broker in charge at BRG in Myrtle Beach.
Realtors® report that many buyers are coming from out of state – a trend that began during the pandemic as employers allowed working remotely.
“I have several clients that have made the transition south because their employers are allowing them to move their positions to work from home,” said Bender.
Due to the competitiveness of the market, prices have continued to rise. Statewide, prices went up almost 15% compared to this time last year. Price increases have been a trend nationwide as well.
Nearly every metro area tracked by the National Association of Realtors® — 99% — recorded year-over-year price increases in the first quarter of 2021, according to the latest quarterly report released by NAR.
"Significant price increases throughout the country simply illustrate strong demand and record-low housing supply," said Lawrence Yun, NAR chief economist. "The record-high home prices are happening across nearly all markets, big and small, even in those metros that have long been considered off-the-radar in prior years for many home seekers."
Inventory in South Carolina continues to dwindle with month’s supply of inventory now down almost 62%. In Charleston, there are 80% fewer homes on the market over the last 12-month period — a new record for that region.
“The market has never been busier—inventory remains historically low, but we are seeing an increase of more homes come onto the market as new listings. The challenge is that they don’t last long” said 2021 Charleston Trident Association of REALTORS® President Rusty Hughes.
Up-to-date and archived reports are available at screaltors.org/marketreports.
South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves as the voice of real estate for more than 25,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®.