South Carolina REALTORS® (SCR) today released its December 2020 statewide real estate market data and its 2020 annual market report and video. The data show a record-breaking year despite the pandemic.
"Because SCR fought for real estate to be deemed an essential service, REALTORS® were able to continue to work for homeowners throughout an unprecedented time, said Morris Lyles, SCR 2021 president and Realtor® at ERA Wilder in Columbia.
Realtors® closed out December with a 20% increase in closed sales, an increase in median sales price of 13%, and 40% less inventory compared to December 2019.
In examining the annual market report, pending sales increased 5%, finishing 2020 at 104,998. Closed sales were up 2.4% to end the year at 101,500. Hilton Head, Beaufort, Charleston, Greenwood and Aiken led the state in closed sales.
“101,500. That number represents the total of closed transactions for 2020. That's the highest ever recorded for South Carolina,” said SCR CEO Nick Kremydas.
Comparing 2020 to the prior year, the number of homes available for sale was lower by 36.8%. There were 16,840 active listings at the end of 2020. New listings decreased by 6% to finish the year at 118,667.
Inventory was an issue throughout the year, with only 16,840 homes currently for sale in South Carolina. That is a 37% drop from 2019 and 50% less inventory than what was available 2016.
Home prices were up compared to last year. The overall median sales price increased 12% to $245,000 for the year. Single family home prices were up 12.6% compared to last year, and condo home prices were up 12%.
Sellers received, on average, 98% of their original list price at sale, a year-over-year improvement of 0.6 percent.
Some trends including inventory shortages and buyer demand are expected to continue into 2021.
Up-to-date and archived reports are available at screaltors.org/marketreports.