Published March 15, 2013
The pace of home sales quickened in South Carolina markets where second homes are a major portion of the inventory, led by markets in Beaufort, Charleston and Hilton Head.
Increases in the number of homes sold in Charleston rose 16% to 718 homes in February, compared with February 2012; 24.6% to 86 homes in Beaufort; and 26.5% to 229 homes in Hilton Head.
In Charleston, homes also sold much quicker in February than a year earlier, with the number of days on the market shrinking 25.8% to 91 days, from 122 days a year earlier.
“It appears buyers are motivated by an attractive affordability environment, while more and more sellers are receiving near top dollar for their homes,” S.C. Realtors said in announcing the February data on Friday.
The data show a generally improving market statewide. New listings in South Carolina increased 2.8% to 8,676 homes. Pending sales were up 8.4% to 4,863 homes. Inventory levels shrank 11.3% to 45,173 units.
Prices were up and the median sales price increased 3.6% to $145,500.
Average days on the market shrank 10.6% to 132 days.
“The economy continues to grow at a snail’s pace,” S.C. Realtors said. “But there’s significant pent-up demand from renters, first-timers and investors to counteract it.”
Source: S.C. Realtors