South Carolina real estate practitioners, if you thought 2020 was outrageously busy, there was an excellent reason for that. In the middle of a global pandemic, our state had a record year in home sales.
South Carolina REALTORS® (SCR) recently issued a press release reflecting the market data as of the close of 2020, stating that the number of sales closed in South Carolina in 2020 was 101,500, representing a 20% increase in closed sales, an increase in median price sales of 13% and a decrease in inventory of 40%.
SCR’s press release touted its efforts in fighting for real estate to be deemed an “essential service”. We want you to be aware that Chicago Title fought for that designation, too.
Despite these phenomenal numbers, it was clear that inventory was an issue through 2020 and remains an issue in early 2021. SCR’s press release states that as of the end of December, there were only 16,480 active home listings in our entire state, compared to 118,667 at the end of 2019.
And we all know that home prices were up. It was indeed a seller’s market! SCR reports that the overall median sales price increased in South Carolina by 12% to $245,000, and that sellers received, on average, 98% of their original list price. This represents a year-over-year improvement of 0.6%.
As we prepare for 2021, it appears to us that the trends of low inventory and higher prices in housing will continue at least through mid-year.
We’re hoping for continued good news in our marketplace as our population gets vaccinated and we are all able to move around more freely.
Here’s wishing for each of you a healthy, happy and prosperous 2021. And here’s wishing for the end of COVID for all of us sooner rather than later!