South Carolina REALTORS: Prices Increase, Inventory Tight through April
Monday, May 18th, 2020
South Carolina REALTORS released its April market data. The report reflects some expected downward trends due to the Coronavirus pandemic, but showed positive ones as well.
South Carolina saw a 7% decrease in year-to-date closed sales according to the latest data with 26,734 homes sold compared to 28,732 at this time last year.
"Realtors® continue to do business, but it is not business as usual," said SCR CEO Nick Kremydas. "Realtors® have been following CDC, WHO and National Association of REALTORS® (NAR) safety guidelines as they continue to work and help keep the South Carolina economy going."
As inventory remains tight, prices increased by almost 11% to $229,900, year-to-date. And despite the pandemic, homes sold more quickly with an almost 8% decrease in days on market.
"We expect the South Carolina real estate market will continue to be impacted by coronavirus as we go into late spring and early summer. But, while we know that social distancing, higher unemployment and overall economic activity will constrain these numbers, we believe there will be a lot of pent up demand and activity as soon as the economy starts to churn again," said SCR CEO Nick Kremydas.