2017 Year In Review - Charleston Housing

A big thank you for the National Association of Realtors (NAR) and Charleston Trident Association of Realtors for putting forth the data to give all of us a comprehensive overview of this past year in the market. The data below and referenced in the the podcast reflects the entire year of 2017.

The Raw Data:

Sales: Pending sales increased 5.4 percent, landing at 18,726 to close out the year. Closed sales were up 3.1 percent to finish 2017 at 18,381.

Listings: Year-over-year, the number of homes available for sale was lower by 14.0 percent. There were 4,673 active listings at the end of 2017. New listings increased by 4.5 percent to finish the year at 24,054. Home supply was once again lower than desired in 2017.

Showings: Demand was high throughout 2017, thus showings were up. Homes for sale received, on average, 3.2 percent more showings. There were 13 showings before pending, which was unchanged compared to 2016.

Distressed Properties: The foreclosure market has dwindled from its peak several years ago. In 2017, the percentage of closed sales that were either foreclosure or short sale decreased by 8.1 percent to end the year at 5.7 percent of the market.

New Construction: New home building has improved acrossthe country but is not yet at a level to help sustain a balanced market. Locally, new construction months of supply finished 2017 at 3.8 months. While previously owned homes have seen months of supply drop from 6.0 to 2.8 months over the last five years, new construction supply has seen less change from a 2014 peak of 5.6 months.

Prices: Home prices were up compared to last year. The overall median sales price increased 4.7 percent to $251,333 for the year. Prices are expected to rise at a slow rate in 2018. Single-Family home prices were up 5.9 percent compared to last year, and Townhouse/Condo home prices were up 4.5 percent.