Residential Properties SOLD through the Charleston Trident Multiple Listing Service for May 2018
Greater Charleston Area – 663
Mount Pleasant – 309
Summerville/Dorchester County – 329
Goose Creek/Moncks Corner/Berkeley County – 424
Daniel Island – 33
Just like last year at this time, prospective home buyers should expect a competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains quite strong. Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly.
New Listings were up 3.4 percent to 2,425. Pending Sales increased 14.2 percent to 2,071. Inventory shrank 11.9 percent to 5,244 units. Prices moved higher as Median Sales Price was up 5.2 percent to $273,438. Days on Market decreased 11.1 percent to 48 days. Months Supply of Inventory was down 15.4 percent to 3.3 months, indicating that demand increased relative to supply. Although home sales may actually drop in year-over-year comparisons over the next few months, that has more to do with low inventory than a lack of buyer interest.
As lower days on market and higher prices persist year after year, one might rationally expect a change in the outlook for residential real estate, yet the current situation has proven to be remarkably sustainable likely due to stronger fundamentals in home loan approvals than were in place a decade ago.