Market Activity for the Coastal Carolinas Association of ... · 14.7 percent for condos. Inventory decreased 0.8 percent for single-family homes and 4.0 percent for condos. The Median

Quick Facts

Change in Change inClosed Sales All Properties

Closed SalesSingle-Family Only

23456789

10111213

Monthly Indicators

- 9.6% - 12.6% - 4.9%

August 2019As the summer draws to a close, multiple opposing factors and trends are competing to define the direction of the real estate market. After the Federal Reserve lowered its benchmark interest rate on July 31, 30-year mortgage rates continued to decline, approaching all-time lows last seen in 2016. Yet most experts agree these reductions are unlikely to bring sufficient relief, at least in the short term, for first-time home buyers. The lack of affordable inventory and the persistence of historically high housing prices continue to affect the housing market,leading to lower-than-expected existing home sales at the national level.

Closed Sales decreased 12.6 percent for single-family homes and 4.9 percent for condos. Pending Sales increased 14.8 percent for single-family homes and 14.7 percent for condos. Inventory decreased 0.8 percent for single-family homes and 4.0 percent for condos.

The Median Sales Price was up 5.0 percent to $240,000 for single-family homes and 6.5 percent to $148,750 for condos. Days on Market decreased 7.9 percent for single-family homes and 0.8 percent for condos. Supply remained flat for single-family homes but decreased 4.0 percent for condos.

As many homeowners refinanced their homes to take advantage of declininginterest rates, consumer confidence in housing was reported to be at historically high levels. Even so, real estate professionals will need to monitor the market for signs of continued imbalances. Although the inventory of affordable homes at this point remains largely stable, it is stable at historically low levels, which may continue to push prices higher and affect potential buyers across the U.S.

A research tool provided by the Coastal Carolinas Association of REALTORS®. Percent changes are calculated using rounded figures.

Single-Family Market Overview

Change inClosed SalesCondo Only

Current as of September 10, 2019. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2019 ShowingTime.

Condo Market Overview

Percent of List Price ReceivedHousing Affordability IndexInventory of Homes for SaleMonths Supply of Inventory

New ListingsPending SalesClosed SalesDays on Market Until SaleMedian Sales PriceAverage Sales Price

Single-Family Market Overview

Key Metrics Historical Sparkbars 8-2018 8-2019 Percent Change YTD 2018 YTD 2019 Percent Change

Key metrics by report month and for year-to-date (YTD) starting from the first of the year. Single-family homes only.

New Listings 1,166 1,113 - 4.5% 9,271 + 4.7%

Pending Sales 864 992 + 14.8% 6,600 6,643 + 0.7%

8,854

- 1.1%

Days on Market 140 129 - 7.9% 140 137 - 2.1%

Closed Sales 920 804 - 12.6% 6,233 6,162

+ 6.2%

Avg. Sales Price $275,499 $275,154 - 0.1% $258,737 $273,637 + 5.8%

Median Sales Price $228,500 $240,000 + 5.0% $224,000 $237,955

Current as of September 10, 2019. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2019 ShowingTime. | 2

- 0.2%

Affordability Index 104 99 - 4.8% 106 100 - 5.7%

Pct. of List Price Received 97.6% 97.3% - 0.3% 97.5% 97.3%

Homes for Sale --

Months Supply 5.1 5.1 0.0% -- -- --

3,843 3,814 - 0.8% -- --

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

Condo Market Overview

Key Metrics Historical Sparkbars 8-2018 8-2019 Percent Change YTD 2018 YTD 2019 Percent Change


- 5.5%Affordability Index 170 159 - 6.5% 182 172

Homes for Sale 2,475 2,376 - 4.0% -- --

+ 4.0%

Pct. of List Price Received 96.3% 96.3% 0.0% 96.0% 96.0% 0.0%

Avg. Sales Price $166,562 $172,051 + 3.3% $156,840 $163,040

$138,000 + 6.2%

Days on Market 129 128 - 0.8% 126 126

Median Sales Price $139,650 $148,750 + 6.5% $130,000

4,180 + 0.3%

0.0%

Closed Sales 593 564 - 4.9% 4,167

5,674 + 2.0%

Pending Sales 496 569 + 14.7% 4,315 4,473 + 3.7%

5,563

Key metrics by report month and for year-to-date (YTD) starting from the first of the year. Condo properties only.

New Listings 758 648 - 14.5%

--

Months Supply 5.0 4.8 - 4.0% -- -- --

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

8-2016 8-2017 8-2018 8-2019

New Listings

New Listings Single-FamilyYear-Over-Year

Change CondoYear-Over-Year

Change

Sep-2018 646 -36.7% 423 -20.8%

Oct-2018 1,070 +2.0% 659 -2.9%

Nov-2018 889 -8.1% 556 +11.0%

Dec-2018 674 -6.5% 372 -12.7%

Jan-2019 1,207 +24.4% 792 +9.4%

Feb-2019 1,043 +3.0% 687 +8.5%

Mar-2019 1,194 -6.2% 707 -12.8%

Apr-2019 1,226 +5.6% 783 +8.9%

May-2019 1,169 -3.5% 728 +9.0%

Jun-2019 1,109 +7.3% 605 -2.9%

Jul-2019 1,210 +18.0% 724 +15.5%

Aug-2019 1,113 -4.5% 648 -14.5%

12-Month Avg 1,046 -0.5% 640 -0.2%

Historical New Listings by Month


A count of the properties that have been newly listed on the market in a given month.

1,072

638

1,166

758

1,113

648

Single-Family Condo

August

200

400

600

800

1,000

1,200

1,400

1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019

Single-Family Condo

9,198

5,687

8,854

5,563

9,271

5,674

Single-Family Condo

Year to Date

2017 2018 2019

- 14.5%+ 18.8%- 4.5%+ 8.8% - 2.2%+ 4.7%- 3.7% + 2.0%

2017 2018 2019 2017 2018 2019 2017 2018 2019

+ 1.2% + 7.0% + 2.2%+ 3.2%

Pending Sales

Pending Sales Single-FamilyYear-Over-Year


Change

Sep-2018 496 -24.7% 297 -25.8%

Oct-2018 673 -8.9% 434 -5.9%

Nov-2018 642 +9.9% 397 -5.3%

Dec-2018 433 -15.8% 290 -4.9%

Jan-2019 732 +1.7% 526 +13.9%

Feb-2019 740 +1.2% 502 +2.4%

Mar-2019 835 -4.2% 589 -5.0%

Apr-2019 850 -5.2% 596 -1.0%

May-2019 840 +2.1% 565 -3.1%

Jun-2019 783 -7.8% 550 +0.5%

Jul-2019 871 +3.2% 576 +11.8%

Aug-2019 992 +14.8% 569 +14.7%

12-Month Avg* 758 -2.3% 492 -0.2%

Historical Pending Sales by Month

A count of the properties on which offers have been accepted in a given month.


730

540

864

496

992

569

Single-Family Condo

August

0

200

400

600

800

1,000

1,200

1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019

Single-Family Condo

6,207

4,260

6,600

4,315

6,643

4,473

Single-Family Condo

Year to Date

2017 2018 2019

+ 14.7%- 8.1%+ 14.8%+ 18.4% + 1.3%+ 0.7%+ 6.3% + 3.7%

2017 2018 2019 2017 2018 2019 2017 2018 2019

+ 4.7% + 12.9% + 18.0%+ 18.2%

Closed Sales

Closed Sales Single-FamilyYear-Over-Year


Change

Sep-2018 492 -31.9% 339 -30.0%

Oct-2018 906 +36.7% 495 +6.9%

Nov-2018 665 -7.3% 405 -5.8%

Dec-2018 637 -9.3% 387 -12.6%

Jan-2019 576 -0.3% 364 +4.6%

Feb-2019 599 -2.0% 444 +4.5%

Mar-2019 806 +3.9% 547 +10.5%

Apr-2019 786 +2.5% 577 +0.9%

May-2019 837 -4.2% 634 -0.8%

Jun-2019 866 -4.1% 517 -7.2%

Jul-2019 888 +10.4% 533 -0.9%

Aug-2019 804 -12.6% 564 -4.9%

12-Month Avg* 753 -1.9% 499 -3.0%

Historical Closed Sales by Month

A count of the actual sales that closed in a given month.


871

567

920

593

804

564

Single-Family Condo

August

0

200

400

600

800

1,000

1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019

Single-Family Condo

5,851

3,993

6,233

4,167

6,162

4,180

Single-Family Condo

Year to Date

2017 2018 2019

- 4.9%+ 4.6%- 12.6%+ 5.6% + 4.4%- 1.1%+ 6.5% + 0.3%

2017 2018 2019 2017 2018 2019 2017 2018 2019

+ 23.4% + 12.4% + 17.7%+ 19.9%

Days on Market Until Sale

Days on Market Single-FamilyYear-Over-Year


Change

Sep-2018 146 +2.1% 119 -16.8%

Oct-2018 150 +11.9% 148 +12.1%

Nov-2018 145 +9.0% 121 -2.4%

Dec-2018 145 +6.6% 124 -9.5%

Jan-2019 142 -2.1% 124 -8.8%

Feb-2019 147 -3.9% 134 +12.6%

Mar-2019 143 -5.9% 139 +8.6%

Apr-2019 143 -0.7% 129 +1.6%

May-2019 136 +2.3% 117 -7.9%

Jun-2019 128 -1.5% 116 -3.3%

Jul-2019 133 +1.5% 119 -5.6%

Aug-2019 129 -7.9% 128 -0.8%

12-Month Avg* 139 +0.8% 129 -1.6%

Historical Days on Market Until Sale by Month

Average number of days between when a property is listed and when an offer is accepted in a given month.

* Days on Market for all properties from September 2018 through August 2019. This is not the average of the individual figures above.


137 134140

129129 128

Single-Family Condo

August

0

50

100

150

200

250

1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019

Single-Family Condo

141 143140

126137

126

Single-Family Condo

Year to Date

2017 2018 2019

- 0.8%- 3.7%- 7.9%+ 2.2% - 11.9%- 2.1%- 0.7% 0.0%

2017 2018 2019 2017 2018 2019 2017 2018 2019

- 3.5% - 6.0% - 8.3%- 10.1%

Median Sales Price

Median Sales Price Single-FamilyYear-Over-Year


Change

Sep-2018 $250,000 +13.3% $140,000 +4.7%

Oct-2018 $230,000 +7.0% $142,000 +8.0%

Nov-2018 $236,000 +12.4% $135,000 +8.0%

Dec-2018 $240,000 +9.3% $139,250 -0.5%

Jan-2019 $228,170 +8.7% $134,000 -4.2%

Feb-2019 $232,000 +9.0% $129,250 +7.7%

Mar-2019 $240,000 +8.4% $135,000 +8.1%

Apr-2019 $240,000 +10.3% $132,900 +2.2%

May-2019 $232,900 -0.6% $139,950 +7.7%

Jun-2019 $243,790 +2.9% $140,000 +3.7%

Jul-2019 $236,935 +8.2% $142,500 +8.6%

Aug-2019 $240,000 +5.0% $148,750 +6.5%

12-Month Avg* $220,318 +8.0% $131,000 +6.0%

Historical Median Sales Price by Month

Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.

* Median Sales Price for all properties from September 2018 through August 2019. This is not the average of the individual figures above.


$218,115

$124,950

$228,500

$139,650

$240,000

$148,750

Single-Family Condo

August

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019

Single-Family Condo

$209,900

$126,000

$224,000

$130,000

$237,955

$138,000

Single-Family Condo

Year to Date

2017 2018 2019

+ 6.5%+ 11.8%+ 5.0%+ 4.8% + 3.2%+ 6.2%+ 6.7% + 6.2%

2017 2018 2019 2017 2018 2019 2017 2018 2019

+ 7.9% + 5.5% + 5.9%- 0.0%

Average Sales Price

Avg. Sales Price Single-FamilyYear-Over-Year


Change

Sep-2018 $286,754 +13.4% $167,760 +4.5%

Oct-2018 $273,606 +8.6% $160,483 +2.8%

Nov-2018 $263,263 +6.0% $160,596 +4.8%

Dec-2018 $288,466 +15.4% $159,131 -3.8%

Jan-2019 $259,255 +9.2% $163,427 +2.7%

Feb-2019 $275,584 +12.0% $147,413 +2.8%

Mar-2019 $275,282 +8.1% $154,218 +3.4%

Apr-2019 $285,884 +12.4% $157,289 -3.6%

May-2019 $267,385 +2.1% $174,285 +13.2%

Jun-2019 $274,425 +2.1% $163,139 +1.0%

Jul-2019 $273,081 +5.9% $168,068 +9.1%

Aug-2019 $275,154 -0.1% $172,051 +3.3%

12-Month Avg $274,845 +7.2% $162,322 +3.3%

Historical Average Sales Price by Month

Average sales price for all closed sales, not accounting for seller concessions, in a given month.

* Avg. Sales Price for all properties from September 2018 through August 2019. This is not the average of the individual figures above.


$265,344

$147,441

$275,499

$166,562

$275,154

$172,051

Single-Family Condo

August

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019

Single-Family Condo

$251,859

150,346

$258,737

$156,840

$273,637

$163,040

Single-Family Condo

Year to Date

2017 2018 2019

+ 3.3%+ 13.0%- 0.1%+ 3.8% + 4.3%+ 5.8%+ 2.7% + 4.0%

2017 2018 2019 2017 2018 2019 2017 2018 2019

+ 3.8% + 5.4% + 6.0%- 0.5%

Percent of List Price Received

Pct. of List Price Received Single-Family

Year-Over-YearChange Condo

Year-Over-YearChange

Sep-2018 97.2% -0.4% 96.3% +0.7%

Oct-2018 97.7% +0.7% 96.4% +0.5%

Nov-2018 97.3% 0.0% 95.8% +0.2%

Dec-2018 97.5% -0.1% 95.4% -0.5%

Jan-2019 97.1% -0.1% 95.7% -0.3%

Feb-2019 97.3% +0.1% 95.6% 0.0%

Mar-2019 97.2% -0.1% 96.1% +0.4%

Apr-2019 97.1% -0.5% 95.9% -0.4%

May-2019 97.1% -0.4% 96.3% +0.4%

Jun-2019 97.7% 0.0% 96.0% 0.0%

Jul-2019 97.3% -0.2% 96.0% -0.2%

Aug-2019 97.3% -0.3% 96.3% 0.0%

12-Month Avg 97.3% -0.1% 96.0% +0.1%

Historical Percent of List Price Received by Month

Percentage found when dividing a property’s sales price by its most recent list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.

* Pct. of List Price Received for all properties from September 2018 through August 2019. This is not the average of the individual figures above.


97.5% 96.2%97.6% 96.3%97.3% 96.3%

Single-Family Condo

August

88.0%

90.0%

92.0%

94.0%

96.0%

98.0%

100.0%

1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019

Single-Family Condo

97.2% 95.7%97.5% 96.0%97.3% 96.0%

Single-Family Condo

Year to Date

2017 2018 2019

0.0%+ 0.1%- 0.3%+ 0.1% + 0.3%- 0.2%+ 0.3% 0.0%

2017 2018 2019 2017 2018 2019 2017 2018 2019

+ 0.3% + 0.1% + 0.6%+ 1.1%

Housing Affordability Index

Affordability Index Single-FamilyYear-Over-Year


Change

Sep-2018 95 -11.2% 169 -4.5%

Oct-2018 103 -6.4% 167 -7.2%

Nov-2018 100 -11.5% 175 -7.4%

Dec-2018 99 -8.3% 170 +0.6%

Jan-2019 104 -8.0% 177 +4.7%

Feb-2019 102 -8.1% 183 -7.1%

Mar-2019 99 -7.5% 175 -7.9%

Apr-2019 99 -9.2% 178 -2.2%

May-2019 102 +1.0% 169 -7.1%

Jun-2019 97 -3.0% 169 -3.4%

Jul-2019 100 -7.4% 166 -7.8%

Aug-2019 99 -4.8% 159 -6.5%

12-Month Avg 100 -7.0% 171 -4.7%

Historical Housing Affordability Index by Month

This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.


109

190

104

170

99

159

Single-Family Condo

August

50

100

150

200

250

300

1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019

Single-Family Condo

113

188

106

182

100

172

Single-Family Condo

Year to Date

2017 2018 2019

- 6.5%- 10.5%- 4.8%- 4.6% - 3.2%- 5.7%- 6.2% - 5.5%

2017 2018 2019 2017 2018 2019 2017 2018 2019

- 13.5% - 11.7% - 12.6%- 6.9%

Inventory of Homes for Sale

Homes for Sale Single-FamilyYear-Over-Year


Change

Sep-2018 3,717 -4.6% 2,472 -2.3%

Oct-2018 3,846 +0.4% 2,537 -0.4%

Nov-2018 3,717 -3.8% 2,558 +3.7%

Dec-2018 3,616 -2.3% 2,448 +3.1%

Jan-2019 3,748 +3.5% 2,541 +3.0%

Feb-2019 3,824 +2.0% 2,609 +4.4%

Mar-2019 3,900 -0.4% 2,569 +1.3%

Apr-2019 3,961 +2.1% 2,589 +3.3%

May-2019 3,985 -0.3% 2,586 +6.2%

Jun-2019 4,045 +3.1% 2,518 +6.8%

Jul-2019 4,043 +4.3% 2,486 +5.7%

Aug-2019 3,814 -0.8% 2,376 -4.0%

12-Month Avg* 3,842 +0.3% 2,463 +2.5%

Historical Inventory of Homes for Sale by Month

The number of properties available for sale in active status at the end of a given month.


3,876

2,585

3,843

2,475

3,814

2,376

Single-Family Condo

August

2,000

3,000

4,000

5,000

6,000

1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019

Single-Family Condo

2017

- 4.0%- 4.3%- 0.8%- 0.9%- 5.8% - 21.8%2018 2019 2017 2018 2019

Months Supply of Inventory

Months Supply Single-FamilyYear-Over-Year


Change

Sep-2018 5.0 -10.7% 5.1 -5.6%

Oct-2018 5.2 -1.9% 5.3 0.0%

Nov-2018 5.0 -7.4% 5.3 +3.9%

Dec-2018 4.9 -3.9% 5.1 +4.1%

Jan-2019 5.1 +2.0% 5.3 +3.9%

Feb-2019 5.2 +2.0% 5.4 +5.9%

Mar-2019 5.3 0.0% 5.3 +1.9%

Apr-2019 5.4 +3.8% 5.4 +5.9%

May-2019 5.4 0.0% 5.4 +10.2%

Jun-2019 5.6 +5.7% 5.2 +8.3%

Jul-2019 5.5 +5.8% 5.1 +6.3%

Aug-2019 5.1 0.0% 4.8 -4.0%

12-Month Avg* 5.2 -0.2% 5.1 +3.4%

Historical Months Supply of Inventory by Month

The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.

* Months Supply for all properties from September 2018 through August 2019. This is not the average of the individual figures above.


5.5 5.55.1 5.05.1

4.8

Single-Family Condo

August

0.0

20.0

40.0

60.0

80.0

100.0

120.0

1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019

Single-Family Condo

- 4.0%- 9.1%0.0%- 7.3%- 14.1% - 31.3%2017 2018 2019 2017 2018 2019

Documents

Market Activity for the Coastal Carolinas Association of ... · 14.7 percent for condos. Inventory decreased 0.8 percent for single-family homes and 4.0 percent for condos. The Median