Housing Supply Overview

A RESEARCH TOOL PROVIDED BY SOUTH CAROLINA REALTORS®

From the Charleston Trident Association of REALTORS®

October 2017

Quick Facts

Supply will dip for the remainder of the year, but there are some hopeful signs that we may see a bump in the new year. To say that more inventory will immediately impact housing markets is premature, especially if affordability continues to drop and prices continue to rise. For the 12- month period spanning November 2016 through October 2017, Pending Sales in the Charleston-Trident region were up 6.5 percent overall. The price range with the largest gain in sales was the $200,001 to $300,000 range, where they increased 14.8 percent.

The overall Median Sales Price were up 4.1 percent to $249,900. The property type with the largest price gain was the Condos segment, where prices increased 6.5 percent to $200,000. The price range that tended to sell the quickest was the $150,001 to $200,000 range at 36 days; the price range that tended to sell the slowest was the $300,001 and Above range at 79 days.

Market-wide, inventory levels were down 11.0 percent. The property type that lost the least inventory was the Single Family segment, where it decreased 9.1 percent. That amounts to 3.5 months supply for Single- Family homes and 3.0 months supply for Condos.