Despite inventory shortage, South Carolina housing sales strong
COLUMBIA, S.C. (March 18, 2021) — South Carolina REALTORS® (SCR) today released its February 2021 statewide real estate market data revealing inventory has hit an all-time low, with half of the number of available homes on the market compared to last year. Despite the shortage, home sales remain high with sellers receiving 14% more for money for the sale of their home than this time last year.
The average sale of residential homes, condos and villas across South Carolina was up 13% in February compared to the same time last year. Hilton Head (+39.4%), Charleston (+27.9%), Beaufort (20%) and Myrtle Beach (18.7%) continue to lead sales throughout the state.
Median sales price was up statewide throughout February to $259,475. Last year, the statewide average price was $226,800.
“We have had record sales and low inventory, which means homes are selling as soon as they go on the market,” said Morris Lyles, SCR 2021 president and Realtor® at ERA Wilder in Columbia.
Some Realtors® report that they continue to see an uptick in people moving from northern and midwestern states.
“I have never seen a market like this in my seventeen years of doing real estate. Homes are selling in days or weeks rather than months with people moving from places like New York and Las Vegas,” said Realtor® Corwyn Melette of Exit Realty Lowcountry Group.
Buyer demand continued to be robust in February, leading to many multiple offer situations as housing supply continues to remain severely constrained in most areas. This imbalance of prospective buyers to available homes for sale will continue to support multiple offers and with it, higher home sales prices, as we enter a typically busy spring market.
“I believe the strong sales market will continue throughout the spring. Inventory should rise as sellers who were apprehensive about listing during the pandemic may be more comfortable putting their home on the market,” said Lyles.
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®.