Residential Properties SOLD through the Charleston Trident Multiple Listing Service for March 2019
Greater Charleston Area – 571
Mount Pleasant – 240
Summerville/Dorchester County – 303
Goose Creek/Moncks Corner/Berkeley County – 380
Daniel Island – 35
In addition to the quandary of ongoing housing price increases and affordability concerns in many U.S. markets, the first quarter of 2019 saw a fair share of adverse weather as well. Sales totals were mixed across the nation and sometimes dependent on what was a persistent wintry mix, especially in the Great Plains, Midwest and Northeast. Meanwhile, new listings and total homes for sale have been trending lower in year-over-year comparisons in many areas, and last year’s marks were already quite low.
New Listings were down 1.4 percent to 2,526. Pending Sales increased 6.0 percent to 2,012. Inventory shrank 3.3 percent to 5,654 units. Prices moved higher as Median Sales Price was up 5.8 percent to $275,000. Days on Market decreased 1.7 percent to 59 days. Months Supply of Inventory was down 2.6 percent to 3.7 months, indicating that demand increased relative to supply. The Federal Reserve recently announced that no further interest rate hikes are planned for 2019.
Given the fact that the federal funds rate has increased nine times over the past three years, this was welcome news for U.S. consumers, which carry an approximate average of $6,000 in revolving credit card debt per household. Fed actions also tend to affect mortgage rates, so the pause in rate hikes was also welcome news to the residential real estate industry.