Residential Real Estate Sales Decline as Nationwide COVID-19 Impacts Become Localized
Released June 10, 2020:
1,489 homes sold in May in the Charleston region at a median price of $288,325 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last May, 1,906 homes sold at a median price of $285,000.
Year-to-date, 7,100 homes have changed hands at a median price of $289,245. At this point last year, 7,293 homes had sold at a median price of $275,000. Year-to-date, sales are down 2.6% and median price has increased by 5%.
Inventory data shows 29% fewer homes for sale over the last 12-month period, with 4,614 homes listed as “active” for sale in the CHS Regional MLS database at the end of May.
“During a ‘normal’ May 2020, residential sales would have undoubtedly matched or been above 2019 levels. Given the circumstances, we expected a decline in sales, even with considerable demand in the market, as our region was still working towards reopening in May” said 2020 CTAR President Bobette Fisher. “What is encouraging is the showing data and buyer interest—both were on the rise in May as people grew more comfortable navigating the real estate market alongside the threat of Covid-19” said Fisher.
Total showings for the region gained ground in May, with 31,367 showings—an increase of 2% over last year and a 76% increase over April. The areas with the highest number of showings were concentrated in the north area with Summerville/Ladson, Goose Creek and North Charleston leading the way.
“Two things will remain challenging as we move forward: inventory shortage and unemployment. We were already struggling with low inventory levels, pre-Covid, and further declines based on sellers removing their homes from market has intensified that problem” said Fisher. “We were experiencing record lows for unemployment at the end of 2019, so that exponential growth in unemployment has had a significant and rapid impact on our market, mostly on activity in the $200k and under price range” she said. “As our economy begins reopening across the country, I believe we will see the positive impacts in our own backyard and rebound quickly. Charleston is even more desirable now, either for those whose work has shifted to a virtual space and they can now work from anywhere, and also for those who now see the value in living in a smaller, less population-dense city” concluded Fisher.
CTAR hosted a Midyear Market Update with economist, Dr. Joseph Von Nessen on June 10, further detailing the impacts of Covid-19 and offering a forecast for the remainder of the year. Find the recorded webinar and additional information on the Association’s website.
April Adjustment
Preliminary data showed 1,441 homes sold in April in the Charleston region at a median price of $290,000. Updated data now shows 1,448 sales at the same median price.
Berkeley County
421 homes sold at a median price of $236,714 in Berkeley County in May, 349 single-family homes and 72 condos/townhomes. Year-to-date, 1,656 single-family homes have sold at a median price of $279,241 and 254 condos/townhomes at a median price of $189,975.
There are currently 918 residential properties for sale in Berkeley County; 812 single-family homes and 106 condos/townhomes.
Charleston County
687 homes sold at a median price of $327,250 in Charleston County in May, 537 single-family homes and 150 condos/townhomes. Year-to-date, 2,600 single-family homes have sold at a median price of $395,000 and 847 condos/townhomes at a median price of $250,000.
There are currently 2,616 residential properties for sale in Charleston County—1,855 single-family homes and 761 condos/townhomes.
Colleton County
21 homes sold at a median price of $173,875 in Colleton County in May, 19 single-family homes and 2 condos/townhomes. Year-to-date, 130 single-family homes have sold at a median price of $180,000 and 16 condos/townhomes at a median price of $253,750.
There are currently 127 residential properties for sale in Colleton County—116 single-family homes and 11 condos/townhomes.
Dorchester County
311 homes sold at a median price of $219,775 in Dorchester County in May, 271 single-family homes and 40 condos/townhomes. Year-to-date, 1,194 single-family homes have sold at a median price of $264,000 and 157 condos/townhomes at a median price of $189,000.
There are currently 585 residential properties for sale in Dorchester County—522 single-family homes and 63 condos/townhomes.
