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Looking at the overall market in December of 2018, we saw that the market was down 20% as a whole. We broke down the numbers into segments: Resale Homes
- Resale home sales are down 13.4%. There were 361 resale home sales this past December, where there were 417 in December 2017. This is the second month in a row that we’ve seen such a decline.
- Prices were up 5.7% last month, with a median price of $226,000. Pricings are lagging indicators, which means that price always follows after sales (with about a three-month lag time), so we may see a softening of prices here in a few months.
- We noticed that our number of days on market was actually getting bigger, as well. It’s taking homes 9.2% longer to sell, with our average being 130 days on market.
- Inventory is down 3.8%, leaving us at five months of inventory. That means we’re technically in a seller’s market.
- New construction sales were down 30.4% year over year as of last month. This may have something to do with the hurricane affecting what homes went under contract
- Prices actually went up 11.7%; the median price was $273,727, which is great news.
All three categories of properties are in a trifecta of decline, and the next number you can expect to drop will be home price.
Townhouses/Condos
- Condo sales were also down, having dropped 17% year over year.
- Prices were up 6.2%, however, with a $130,000 median price.
- The days on market went down 9.4%, leaving the average at about 115 days.
- Inventory increased 6.3% with 5.1 months of supply available.
Overall, the stats suggest that we’re probably going to enter into more of a buyer’s market this year. If you’re thinking about selling this spring or summer, that means you should make that decision sooner than later. All three categories of properties are in a trifecta of decline, and the next number you can expect to drop will be home prices. Sellers who want to get the most for their home sales should get a move on. Additionally, though we saw interest rates jump a few times last year, they actually dropped back down this past week to almost a one-year low. My long-term prediction for this year is that we’ll likely be fairly insulated from the general market decline. So many people are still retiring from the north to move down here, as South Carolina was recently ranked as the No. 6 retirement destination in the country. Remember that you can always tune in to my radio show on Saturdays and Sundays on WRNN 99.5. Otherwise, if you have any questions, feel free to reach out to us. We’d love to help you any way we can.
