Residential Properties SOLD through the Charleston Trident Multiple Listing Service for January 2019
Greater Charleston Area – 324
Mount Pleasant – 127
Summerville/Dorchester County – 175
Goose Creek/Moncks Corner/Berkeley County – 260
Daniel Island – 14
Despite a strong U.S. economy, historically low unemployment and steady wage growth, home sales began to slow across the nation late last year. Blame was given to a combination of high prices and a steady stream of interest rate hikes by the Federal Reserve. This month, the Fed responded to the growing affordability
conundrum. In a move described as a patient approach to further rate changes, the Fed did not increase rates during January 2019.
New Listings were up 14.4 percent to 2,084. Pending Sales increased 12.0 percent to 1,554. Inventory shrank 1.7 percent to 5,276 units. Prices moved higher as Median Sales Price was up 2.7 percent to $265,000.
Days on Market decreased 1.6 percent to 62 days. Months Supply of Inventory remained flat at 3.5, indicating a stabilizing supply-demand balance. While the home affordability topic will continue to set the tone for the 2019 housing market, early signs point to an improving inventory situation, including in several
markets that are beginning to show regular year-over-year percentage increases. As motivated sellers attempt to get a jump on annual goals, many new listings enter the market immediately after the turn of a calendar year. If home price appreciation falls
more in line with wage growth, and rates can hold firm, consumer confidence and affordability are likely to improve.