Residential Properties SOLD through the Charleston Trident Multiple Listing Service for April 2019
Greater Charleston Area – 556
Mount Pleasant – 269
Summerville/Dorchester County – 290
Goose Creek/Moncks Corner/Berkeley County – 414
Daniel Island – 25
For much of the country, the first quarter of 2019 provided several disruptive weather patterns that contributed to less foot traffic toward potential home sales. Coupled with low affordability, higher prices and an inventory situation in its infancy of recovering from record lows – not to mention several more days of wintry weather in April – slower sales persisted across most residential real estate markets. However, buyers are beginning to return in force this spring.
For well-priced homes in desirable locations, competition is fierce. New Listings were up 4.2 percent to 2,433. Pending Sales increased 9.7 percent to 2,024. Inventory shrank 2.0 percent to 5,758 units. Prices were stable as Median Sales Price remained flat at $270,000. Days on Market decreased 7.3 percent to 51 days.
Months Supply of Inventory remained flat at 3.8, indicating a stabilizing supply-demand balance. The national unemployment rate dropped to 3.6 percent during April 2019, the lowest level since 1969. A historically low unemployment rate can provide reassurance to wary consumers. But in order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Neither situation is likely to occur in 2019, yet inventory is straining to keep pace in the most competitive price ranges.