“December marked the end of a great 2017 here along the Grand Strand,” said E.F. Buddy Hucks, President of E.F. Hucks & Associates. “Single-family permits were up 33 percent, and the dollar volume of residential and commercial closings were up nine percent. Average new home closing prices were up three percent, while the total of new homes closed rose 11 percent. This says a lot about our local economy,” Hucks said.
Huck’s report is reinforced by the South Carolina Realtors (SCR), who released their 2017 annual market report citing 2017 as a record-setting year for closed sales. At 83,570, this is the highest number of closed sales ever recorded by SC Realtors.
Prices reflected a median sales price increase of five (5) percent to $189,250 over the same period last year. “Sellers got the price they asked for, as the original list price received at sale rose to 97 percent over the previous year,” said SCR CEO, Nick Kremydas.
These numbers are reflective of the nation. The National Association of Realtors recently reported 2017 as the best year for existing home sales in eleven years. With prices on the rise, 2018 could remain a strong seller’s market.
Although year-over-year inventory levels continue to decline, builder confidence has improved, and construction job gains are higher. This gives prospective homebuyers more options.
Days on the market, months’ supply of inventory, and housing affordability were also down in year-over-year comparisons. Days on the market decreased five percent, while months’ supply of inventory was down almost 11 percent to four months.
“2017 turned out to be the best year in a long time for real estate sales. And when we look at the economic indicators we’re optimistic that 2018 will be another strong year for South Carolina’s real estate market,” continued Kremydas.
Hucks, too, is optimistic. “The increase in the number of building permits is the strongest we have seen in years. Although I don’t have a crystal ball, I think the Grand Strand is well positioned for growth in 2018,” he said.