Summerville SC Realtor: Hot Market
Here is a look at the housing stats from the Summerville MLS so far in 2017.
First, a look at home values:
January saw the Average Sales price of a Summerville home at $240,034. That was also the highest Average Price for Summerville homes ever.
In February the Average Price dropped to $232,984. In March, it was $227,085. April saw home values spike up to $235,911 and in May it dipped slightly to $234,535.
April and May were still higher than the previous high point of $232,390 set in June of last year.
When comparing the numbers to last year, Summerville real estate is up in year-over-year numbers every month so far in 2017:
Next up is a look at the number of Closed Sales:
January saw 229 Closed Sales in Summerville. That increased in February to 266, and then jumped up in March to 374. April saw the number of Summerville homes sold dip to 310, but in May it was back up to 340.
Here is a comparison of sold homes between 2017 (so far) and 2016:
The 374 Closed Sales in March was the highest since September of last year which saw 387 homes sold.
2016 saw some big numbers for Closed Sales in Summerville.
June saw 384 Closed Sales, but 2016 peaked in August with 400 Closed Sales.
That was the most since the highest point, which came in June of 2006 with 431 Closed Sales.
Next up, a look at Pending Sales:
January saw 339 Summerville homes for sale go under contract. In February, there were 365 more. March saw the number dip to 352, then decline again to 337 in April.
That number jumped up to 377 in May.
Here is a comparison of Pending Sales between this year and last year:
The 390 Pending Sales in March of last year was the highest number since April of 2005, which saw 406 Pending Sales.
Summerville SC Realtor: Selling Numbers
Here is a look at the Average Days On the Market (DOM) for Summerville SC homes:
In January, the Average DOM for Summerville homes on the Summerville MLS was 52 days. That increased in February to 57 days, but has been dropping since.
In March it was 46 days, then 41 days in April, and down to 38 days in May.
Here is a comparison of 2017 to 2016 for Average Days On The Market:
May’s Average DOM is the lowest ever DOM for Summerville and the lowest since November and December of 2005, which each saw an Average DOM of 39 days.
Next is a look at the Months Supply of homes for sale in Summerville SC:
That number has been fairly consistent so far in 2017. In January it was 2.4 months, February 2.3 months, 2.4 months for both March and April, then down to 2.2 months in May.
That is the lowest Months Supply in Summerville since July through October of 2005, which also had a Months Supply of 2.2 months.
Next is a look at the number of homes for sale on the Summerville MLS:
Despite a spike in March, that number has declined so far in 2017.
January kicked off the new year with 797 homes for sale in Summerville SC, then dropped to 765 in February.
March increased to 791 listings, then down to 778 in April, and 722 in May.
Here is a comparison between 2017 and 2016:
Finally, here is a look at New Listings to hit the Summerville MLS:
2017 started off well, with an upswing in listings starting in January. There were 382 homes added to the Summerville MLS that month, and that increased to 414 in February.
In March it increased to 468 before dropping to 389 in April. May saw a slight increase to 392.
The highest number of listings for the Summerville MLS, at least in the last 14 years (as far back as the data goes), was 556 new homes for sale in Summerville SC in June 2006.
Here is a comparison of New Listings in Summerville between 2016 and 2017:
And here is the percentage change, year-over-year, for each month so far in 2017:
Summerville SC Realtor: What Does All Of This Mean?
Basically, the Summerville market is pretty hot.
Just like the national market, there is a strong buyer demand and a lack of inventory.
Nationally, we are seeing home values escalating much faster than expected.
The most recent Case Shiller Home Price Index saw year-over-year numbers increase at an all time high for the fifth consecutive month. The latest numbers were the highest in 33 months.
Nationally, home values have increased at a rate in the 5% to 5.9% range. Over the first 5 months of 2017 Summerville home values have increased at an average 7.22%.
This strong demand has eaten up the available inventory as evidenced by the dropping numbers of Homes For Sale, Days On The Market, and Months Supply Of Homes.
Despite the low inventory, the number of Closed Sales and Pending Sales have shot up.
This is a great time to be a buyer or a seller in Summerville, and even better if you are both.
If you are thinking about buying or selling in Summerville SC, it is important to choose the right Summerville SC realtor. Learn more at my Pam Marshall Realtor website, and you can also download my free real estate guides.