Median home price climbs 5.1% for S.C. residential market

Staff Report
colanews@scbiznews.com
Published March 17, 2014

The median sales price of residential homes, condos and villas in South Carolina climbed 5.1% in February compared with the same month a year ago, according to the S.C. Realtors Association’s statewide market report.

Meanwhile, new listings slipped 5.1% to 8,943, when pending sales dropped 6% to 4,497, and inventory levels fell 4.1% to 44,472 units. The low inventory levels are resulting in a lot of new construction, the association said.

The median price of a home sold in February hit $152,931, with the price range that tended to sell most quickly falling between $200,001 and $300,000. Homes in that price range were on the market an average of 111 days.

The property type with the largest price increase was the condo segment, which saw prices climb 8.2% to $125,513.

Meanwhile, the number of days a home was on the market slipped 8.3% to 121 days while the supply of inventory fell 13.1% to 8.6 months, the trade group reported.

The association added that the month’s residential sales report saw some turbulence caused by a bout of winter storms, rising interest rates, a dwindling supply of distressed properties and declining investor activity.

“But the spring is upon us and there is plenty of reason for optimism,” the group added, noting that the economy continues to improve with 47 straight months of private job growth.

In February, the Greater Columbia market saw the number of sales fall 7.8% to 627 units compared with 680 for the same month in 2013, the association said. However, the median price climbed 3% to $137,026 and the average number of days a house was on the market fell 15.5% to 100 compared with 119 in February 2013.

The Greenville market recorded a 7.2% increase in the number of units sold. Greenville recorded 581 sales in February compared with 542 for the same month in 2013. The median price for a home sold in Greenville climbed 6.3% to $151,950 in February compared with the same month a year ago, while the average number of days a home was on the market fell 8.9% to 94.

Meanwhile, the Charleston Trident market recorded a 5.6% increase in units sold in February, the association said. Charleston had 779 sales for the month compared with 738 for February 2013. Meanwhile, the median price climbed 15% to $209,000 while the average number of days a home was on the market dropped 14.5% to 79.

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