Housing Supply Overview A RESEARCH TOOL PROVIDED BY SOUTH CAROLINA REALTORS September 2018 According to a recent study by Fannie Mae, 24 percent of Americans feel that now is a good time to buy a house. That number was 54 percent five years ago. Feelings change rapidly when incomes do not match well with home prices and frustration sets in. For the 12-month period spanning October 2017 through September 2018, Pending Sales in the Charleston- Trident region were up 3.6 percent overall. The price range with the largest gain in sales was the range, where they increased 15.0 percent. The overall Median Sales Price were up 6.4 percent to $265,000. The property type with the largest price gain was the segment, where prices increased 6.7 percent to $285,000. The price range that tended to sell the quickest was the range at 34 days; the price range that tended to sell the slowest was the range at 74 days. Market-wide, inventory levels were down 8.6 percent. The property type that gained the most inventory was the segment, where it increased 2.8 percent. That amounts to 3.4 months supply for Single- Family homes and 3.6 months supply for. Quick Facts + 15.0% + 9.1% + 5.1% Price Range With the Strongest Sales: Bedroom Count With Strongest Sales: 4 Bedrooms or Pending Sales Days on Market Until Sale Median Sales Price Percent of Original List Price Received Inventory of Homes for Sale Months Supply of Inventory Property Type With Strongest Sales: Single-Family 2 3 4 5 6 7 Current as of October 9, 2018 All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 1
Pending Sales A count of properties on which offers have been accepted. Based on a rolling 12-month total. 7,109 7,535 8,920 8,944 14,275 14,997 5,189 5,968 6,709 7,320 2,980 2,712 984 909 1,797 1,578 2,430 2,438 3,410 3,294-7.6% - 12.2% - 9.0% + 6.0% + 15.0% + 0.3% + 0.3% + 9.1% + 5.1% -3.4% Change Change Change 984 909-7.6% 545 486-10.8% 225 222-1.3% 1,797 1,578-12.2% 969 757-21.9% 735 716-2.6% 2,980 2,712-9.0% 2,221 1,906-14.2% 717 735 + 2.5% 7,109 7,535 + 6.0% 6,022 6,587 + 9.4% 1,066 919-13.8% 5,189 5,968 + 15.0% 4,518 5,261 + 16.4% 667 702 + 5.2% All Price Ranges 18,059 18,702 + 3.6% 14,275 14,997 + 5.1% 3,410 3,294-3.4% Change Change Change 2,430 2,438 + 0.3% 663 608-8.3% 1,686 1,762 + 4.5% 3 Bedrooms 8,920 8,944 + 0.3% 7,216 7,367 + 2.1% 1,495 1,330-11.0% 4 Bedrooms or 6,709 7,320 + 9.1% 6,396 7,022 + 9.8% 229 202-11.8% All Bedroom Counts 18,059 18,702 + 3.6% 14,275 14,997 + 5.1% 3,410 3,294-3.4% Current as of October 9, 2018 All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 2
Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted. Based on a rolling 12-month average. 75 58 79 74 64 53 46 44 64 63 58 47 40 36 34 45 45 54 52 54-22.7% - 14.9% - 5.6% 0.0% - 6.3% - 17.2% -4.3% -1.6% -3.7% -6.9% Change Change Change 75 58-22.7% 77 59-23.4% 56 37-33.9% 47 40-14.9% 41 38-7.3% 50 38-24.0% 36 34-5.6% 33 29-12.1% 45 44-2.2% 45 45 0.0% 44 44 0.0% 50 48-4.0% 79 74-6.3% 77 72-6.5% 95 97 + 2.1% All Price Ranges 55 53-3.6% 54 52-3.7% 58 54-6.9% Change Change Change 64 53-17.2% 63 48-23.8% 61 52-14.8% 3 Bedrooms 46 44-4.3% 43 42-2.3% 53 54 + 1.9% 4 Bedrooms or 64 63-1.6% 64 63-1.6% 70 65-7.1% All Bedroom Counts 55 53-3.6% 54 52-3.7% 58 54-6.9% Current as of October 9, 2018 All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 3
Median Sales Price Median price point for all closed sales, not accounting for seller concessions. Based on a rolling 12-month median. $320,000 $345,000 $249,000 $265,000 $267,000 $285,000 $221,900 $232,971 $195,000 $178,000 $179,000 + 0.6% + 5.0% + 7.8% + 6.4% + 6.7% -2.5% Change Change Change $178,000 $179,000 + 0.6% $219,000 $229,500 + 4.8% $173,000 $173,250 + 0.1% 3 Bedrooms $221,900 $232,971 + 5.0% $225,000 $240,000 + 6.7% $220,000 $220,000 0.0% 4 Bedrooms or $320,000 $345,000 + 7.8% $325,000 $349,000 + 7.4% $309,000 $343,568 + 11.2% All Bedroom Counts $249,000 $265,000 + 6.4% $267,000 $285,000 + 6.7% $195,000-2.5% Current as of October 9, 2018 All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 4
Percent of Original List Price Received Percentage found when dividing a property's sales price by its last list price, then taking the average for all properties sold, not accounting for seller concessions. Based on a rolling 12-month average. 96.1% 96.5% 97.3% 97.7% 97.6% 97.6% 96.0% 95.9% 96.9% 96.9% 96.7% 96.8% 95.8% 89.1% 90.4% 94.8% + 1.5% + 0.4% + 0.4% 0.0% - 0.1% + 1.1% 0.0% 0.0% + 0.1% + 0.2% Change Change Change 89.1% 90.4% + 1.5% 87.7% 89.0% + 1.5% 92.6% 94.8% + 2.4% 96.1% 96.5% + 0.4% 95.7% 95.9% + 0.2% 97.1% 97.4% + 0.3% 97.3% 97.7% + 0.4% 97.4% 97.7% + 0.3% 97.2% 97.6% + 0.4% 97.6% 97.6% 0.0% 97.7% 97.7% 0.0% 97.3% 97.1% - 0.2% 96.0% 95.9% - 0.1% 96.0% 96.0% 0.0% 95.8% 95.5% - 0.3% All Price Ranges 96.5% + 0.1% 96.7% + 0.1% 96.8% + 0.2% Change Change Change 94.8% 95.8% + 1.1% 93.6% 94.2% + 0.6% 95.6% 96.5% + 0.9% 3 Bedrooms 96.9% 96.9% 0.0% 96.9% 97.1% + 0.2% 97.6% 97.1% - 0.5% 4 Bedrooms or 0.0% 0.0% 97.0% 97.4% + 0.4% All Bedroom Counts 96.5% + 0.1% 96.7% + 0.1% 96.8% + 0.2% Current as of October 9, 2018 All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 5
Inventory of Homes for Sale The number of properties available for sale in active status at the end of the most recent month. Based on one month of activity. 2,848 2,890 2,856 2,347 2,241 2,433 4,812 4,278 1,862 1,751 329 360 205 244 510 385 756 767 958 985-37.7% - 32.2% - 24.5% - 6.0% - 1.2% + 1.5% - 4.5% - 14.6% - 11.1% + 2.8% Change Change Change 329 205-37.7% 203 100-50.7% 35 28-20.0% 360 244-32.2% 189 119-37.0% 130 88-32.3% 510 385-24.5% 326 233-28.5% 151 127-15.9% 1,862 1,751-6.0% 1,610 1,393-13.5% 241 331 + 37.3% 2,890 2,856-1.2% 2,484 2,433-2.1% 401 411 + 2.5% All Price Ranges 5,951 5,441-8.6% 4,812 4,278-11.1% 958 985 + 2.8% Change Change Change 756 767 + 1.5% 215 221 + 2.8% 485 489 + 0.8% 3 Bedrooms 2,347 2,241-4.5% 1,855 1,726-7.0% 397 417 + 5.0% 4 Bedrooms or 2,848 2,433-14.6% 2,742 2,331-15.0% 76 79 + 3.9% All Bedroom Counts 5,951 5,441-8.6% 4,812 4,278-11.1% 958 985 + 2.8% Current as of October 9, 2018 All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 6
Months Supply of Inventory The inventory of homes for sale at the end of the most recent month, divided by the average monthly pending sales from the last 12 months. Based on one month of activity. 6.7 5.1 4.0 4.0 2.7 2.4 1.9 2.1 1.7 3.1 2.8 5.7 3.7 3.8 3.2 3.0 4.0 3.4 3.4 3.6-32.5% - 20.8% - 19.0% - 9.7% - 14.9% - 19.0% - 9.7% - 14.9% - 15.0% + 5.9% Change Change Change 4.0 2.7-32.5% 4.5 2.5-44.4% 1.9 1.5-21.1% 2.4 1.9-20.8% 2.3 1.9-17.4% 2.1 1.5-28.6% 2.1 1.7-19.0% 1.8 1.5-16.7% 2.5 2.1-16.0% 3.1 2.8-9.7% 3.2 2.5-21.9% 2.7 4.3 + 59.3% 6.7 5.7-14.9% 6.6 5.5-16.7% 7.2 7.0-2.8% All Price Ranges 4.0 3.5-12.5% 4.0 3.4-15.0% 3.4 3.6 + 5.9% Change Change Change 3.7 3.8-19.0% 3.9 4.4-16.7% 3.5 3.3-16.0% 3 Bedrooms 3.2 3.0-9.7% 3.1 2.8-21.9% 3.2 3.8 + 59.3% 4 Bedrooms or 5.1 4.0-14.9% 5.1 4.0-16.7% 4.0 4.7-2.8% All Bedroom Counts 4.0 3.5-12.5% 4.0 3.4-15.0% 3.4 3.6 + 5.9% Current as of October 9, 2018 All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 7