South Carolina Realtors recently released its 2015 annual market report. The data shows the real estate market in South Carolina experienced its best year since the end of the Great Recession in 2009.
Supply and demand proved healthy throughout the year, with closed sales up 11.5 percent, to 71,533, compared to the prior year. The year ended with slightly fewer homes on the market than the previous year, at 33,731. The annual median sales price was up by more than 6 percent to $172,000 — the highest since SCR began tracking it in 2005. Keeping in line with a balanced market, month’s supply of inventory for the year was down 19 percent to 5.5 months.
Hilton Head Island
Hilton Head Island was No. 3 in the state to see an increase in new listings, at 6 percent, behind the Columbia area, which saw the most growth in listings, and the Charleston area, which was No. 2. Hilton Head also had the second highest change in pending sales from 2014, with an increase of 19.2 percent. The area underwent a 13.2 percent increase in closed sales from the year before and a decrease of 7.2 percent in homes for sale.
Average sales price for a home on Hilton Head increased 1.2 percent from 2014.
Total closed sales for Hilton Head in 2015 was 4,043, an increase of 13.2 percent from the year prior. Average median price for 2015 was $276,900.
The Beaufort market experienced an increase of 3.5 percent in closed sales in 2015. It also saw a 27.1 percent drop in home for sale from the year prior.
Beaufort had a 10.4 percent increase in median sales price and a 6.8 percent jump in average sales price from 2014. The area saw a decrease of 12.6 percent in days on the market from 2014.
Total closed sales for Beaufort in 2015 was 2,023, an increase of 3.5 percent from the year prior. Average median price for 2015 was $169,900.