Home sales across South Carolina did not decline in January, usually a less active time of year to buy a home, as people continued to seek lower mortgage interest rates amid rising prices.
Across the state of Palmetto, residential real estate transactions increased 19 percent during the first month of the year compared to the same month in 2020, according to the SC Realtors Association.
In January, 6,752 houses changed hands in January at an average price of $ 255,000. That is about $ 35,000, or almost 16 percent, more than last year, at the same time.
The state reported 15,562 homes on the market in January, a decline of nearly 42 percent from 12 months earlier. For comparison, in January 2019, more than 30,000 homes were listed for sale in South Carolina.
All major metropolitan areas in the state reported increased sales.
Charleston showed a jump of almost 25%, Greenville 22%, Columbia 10% and Myrtle Beach 20%.
The expensive Hilton Head had particularly rising sales, with a 56% jump compared to the same month last year, and the average price on Beaufort County Island jumped almost 17%, to more than $ 390,000, the highest in the South Carolina.
“Homes are selling at a record pace and have a very, very scarce supply,” said Phil Nagley, vice president of the group of realtors who work for the Coastal Realty Group, the Nagley team, in Bluffton.
“I believe this will continue for the foreseeable future, as South Carolina has become the place to be, and the south coast is right on the fly,” he said. “Not only have homes become popular, but land purchases are rapidly gaining momentum. We are seeing a lot of transactions involving ‘invisible’ properties, houses and land.”
The scarcity of homes continues to plague the market and raise prices.
“The stock is simply not there, which is one reason why homes are selling faster than ever,” said Morris Lyles, president of the group of state realtors who work at ERA Wilder in Columbia.
“This time, last year, the houses were sold in an average of 85 days,” he said. “Currently, the state average is 65 days”.
Nationally, the stock fell nearly 26 percent, according to the National Association of Realtors.
Catch up Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.