FOR IMMEDIATE RELEASE
Contact: Sharon Stone • 803-772-5206
Record home sales continue into fall season
COLUMBIA, S.C. (October 27, 2020) — South Carolina REALTORS® (SCR) today released its September 2020 statewide real estate market data. It’s proving to be another unusual season as the state continues to see record sales and strong buyer activity into the fall.
Statewide there was a 15.4% increase in one-year closed sales during September. Areas along the coast including Hilton Head (+65%), Beaufort (+49%) and Charleston (+49%), continue to lead the state in sales, with the Pee Dee area following closely at (+30%).
Homes are selling at an even faster rate, with the average being 72 days on market — an almost 8% decrease compared to this time last year.
In areas like Charleston, inventory data show 46% fewer homes for sale over the last 12-month period, with 3,375 homes listed as “active” for sale in the CHS Regional MLS database at the end of September.
“Normally we see a gradual decrease in sales this time of year, but nothing has been normal in 2020. Our summer sales mirrored spring and our fall is looking a lot like summer,” said Owen Tyler, SCR president and broker in charge at The Cassina Group in Charleston.
Home sale prices continue to rise across South Carolina with an increase of almost 16% from $219,000 to $254,000. Buyer competitiveness also continues with a 32% decrease in inventory.
The Upstate area of South Carolina also is experiencing a continuation of record sales with the Greater Greenville area up 21% and the Western Upstate area up 31%. Declining inventory, however, continues to be an issue and could be for the foreseeable future.
“We began seeing an inventory shortage in 2008. As families started moving again, builders just couldn’t keep up with the demand. Demand has grown even more and we are experiencing an influx of buyers from more populated areas. I do not see the inventory issue going away anytime soon,” said Donna Smith, broker in charge of Berkshire Hathaway HomeServices C. Dan Joyner, REALTORS® in Greenville.
Statewide and local data reflect much of what is happening across the nation. The National Association of REALTORS® (NAR) recently released its September reports which reflect a 21% increase in existing home sales from one year ago, a 15% increase in median existing-home prices, and record low inventory, with the average home on the market for less than a month.
“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” said Lawrence Yun, NAR’s chief economist. “I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”
SCR’s statewide 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 24,000 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®.