2017 has highest number of closed home sales ever recorded in South Carolina

Mungo Homes photo

South Carolina REALTORS® released its 2017 annual market report for the state, Monday. The report shows 2017 as a record-setting year for closed sales at 83,570. It’s the highest number of closed sales ever recorded in the state.

There were 12,780 total closed sales, up 4.7 percent, in Greater Columbia. The Greater Columbia area includes Lexington County.  There were  348 closed sales, an increase of 10.8 percent in the Southern Midlands.  The median price for a house was up to $160,000 in the Greater Columbia area in 2017. That was up from $159,500 in 2016, but it was up $16,000 per house since 2013.

Statewide prices also were up compared to last year at this time, with a median sales price increase of 5 percent to $189,250. Sellers got the price they asked for, as the original list price received at sale rose to 97 percent since in 2017. These numbers also reflect the nation as a whole, with the National Association of REALTORS® recently reporting 2017 as the best year for existing home sales in eleven years. With prices on the rise, 2018 could also become a strong seller’s market.

Although year-over-year inventory levels continue to decline, builder confidence has improved and construction job gains are higher giving prospective home buyers more options.

Days on market, months supply of inventory and housing affordability also were down in year-over-year comparisons.  Days on market decreased five percent to 28,774 units, while months supply of inventory was down almost 11 percent to four months.

“2017 turned out to be the best year in a long time for real estate sales. And when we look at the economic indicators as a whole, we’re optimistic that 2018 will be another strong year for South Carolina’s real estate market,” said SCR CEO Nick Kremydas.