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Real Estate - Residential

April home sales in South Carolina rise 41% over last year

Real Estate - Residential
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Mr. Rogers famously asked, “Won’t you be my neighbor?” But the question seems more fitting for South Carolina residents these days.

April home sales in South Carolina were up 41% from last year and coastal areas like Charleston, Hilton Head, Beaufort and Myrtle Beach continue to lead in sales, South Carolina Realtors said in a news release. Myrtle Beach sales in particular were up almost 80% year over year.

Amanda Kennedy-Colie, real estate agent at Matt O’Neil Real Estate, said her most recent sale in Charleston’s 29414 ZIP code had 34 showings in two days. The house sold for $25,000 more than asking price after the homeowners received 16 offers above list price.

“People are offering to waive all kinds of contingencies. Appraisal values are being waived and all these things I’ve never seen before,” Kennedy-Colie said. “I still can’t believe what we’re seeing in today’s market.”

In Charleston, even with 80% less inventory over the last 12 months, year-to-date sales increased 32% with 7,437 homes sold in April, according to a news release by the Charleston Trident Association of Realtors. Median prices rose 15%, or nearly $44,000 to $333,765, compared to this time last year.

“Summer is our busy season, but we’re continuing to see above average sales throughout the state. Multiple offers are commonplace in this market,” said Morris Lyles, SCR 2021 president and real estate agent for ERA Wilder in Columbia.

Because of the competition in the market, home sales statewide have risen almost 15% since April 2020. 

According to the Coastal Carolinas Association of Realtors, statewide inventory decreased 64.9% year-over-year for single-family homes and 64.1% for condos. Closed sales then increased 54.8% for single-family homes and 133.2% for condos.

The median sales price for single-family homes in South Carolina also was up 10.9% from this time last year at $280,000 for single-family homes. Condos rose 12.9% to $164,000.

While people are relocating all over the region, many of today’s buyers are coming from out of state, a trend that accelerated during the pandemic as more people began working remotely, S.C. Realtors reported.

“Inventory is moving so quickly that we are seeing an uptick in buyers purchasing a property via virtual walkthrough or sight unseen,” said Brie Bender, agent and broker in charge at BRG in Myrtle Beach.

The market has never been busier and the challenge is homes are quickly turned, said 2021 Charleston Trident Association or Realtors President Rusty Hughes. On average, a Charleston region home sits on the market for 34 days.

“This summer will bring tourists and visitors from all over the world and many of them will fall in love with the Charleston lifestyle — this will drive demand up further,” Hughes said.

Reach Teri Errico Griffis at 843-849-3144.

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