Posted By Alan Donald @ Jun 20th 2020 9:30am In: Charleston Real Estate

Pending Home Sales Charleston SC May 2020The Post & Courier reported today (June 20,2020) a 31% decrease in the number of sales for South Carolina (read article below). 

If all the cities in South Carolina behaved like Charleston did, it will be reporting RECORD SALES in June and July!! Because in May, Charleston posted a RECORD NUMBER (ever!) of homes going under contract!

It goes to show that homeowners who rely on public media to make decisions regarding real estate are acting on OLD NEWS. 

The real estate market can change course on a dime! In order to take make WISE BUYING or SELLING decisions, you need to have the LATEST NEWS! 

Get the latest news in your in-box! Sign up to receive our monthly newsletter!


SC home sales plunged 31% amid coronavirus pandemic in May
Residential real estate transactions dropped 22 percent in the Charleston region in May, but they took a much bigger hit across South Carolina after all of the different regional groups reported plummeting sales amid the coronavirus outbreak and lockdown.

All 16 of the regional agencies across the Palmetto State reported significant double-digit dips in home sales for a statewide average that was down nearly 31 percent from the same month a year ago, according to the South Carolina Realtors Association.

Last month, 6,943 homes changed hands across the state compared to 10,017 in May 2019.

Hilton Head led the state with nearly a 43 percent decline in sales followed by Beaufort, Greenwood and the Myrtle Beach area, each with just over 33 percent fewer transactions in May.

Aiken saw the smallest drop at 15.3 percent fewer home sales.

The decrease in sales, caused in part because of the limited number of homes on the market during the pandemic, didn't result in a price decrease.

The median price of all homes in South Carolina in May rose 4.7 percent to $233,500.

For the year, home sales statewide are down about 13 percent with 33,865 properties changing hands. The price statewide is up 8.5 percent to $230,000.

As more properties are shown and become available, sales are expected to increase and prices could fall by next year for the first time in nine years, according to property information service CoreLogic.