Monthly Indicators 2018 Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry. Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates coupled with salary stagnation and a generational trend toward home purchase delay or even disinterest could create an environment of declining sales. New Listings were down 5.2 percent to 1,573. Pending Sales decreased 2.1 percent to 1,212. Inventory shrank 8.6 percent to 5,441 units. Quick Facts - 13.6% + 8.2% - 12.5% One-Year Change in Closed Sales One-Year Change in Median Sales Price One-Year Change in Months Supply A research tool provided by the Charleston Trident Association of REALTORS. Percent changes are calculated using rounded figures. Prices moved higher as Median Sales Price was up 8.2 percent to $276,500. Days on Market decreased 5.7 percent to 50 days. Months Supply of Inventory was down 12.5 percent to 3.5 months, indicating that demand increased relative to supply. Tracking reputable news sources for housing market predictions makes good sense, as does observing trends based on meaningful statistics. By the numbers, we continue to see pockets of unprecedented price heights combined with low days on market and an economic backdrop conducive to consistent demand. We were reminded by Hurricane Florence of how quickly a situation can change. Rather than dwelling on predictions of a somber future, it is worth the effort to manage the fundamentals that will lead to an ongoing display of healthy balance. Market Overview New Listings Pending Sales Closed Sales Days on Market Until Sale Median Sales Price Average Sales Price Percent of Original List Price Received Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory 2 3 4 5 6 7 8 9 10 11 12 Current as of October 9, 2018. All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 1
Market Overview Key market metrics for the current month and year-to-date figures. Key Metrics Historical Sparkbars 09-2017 09-2018 YTD 2017 YTD 2018 New Listings 1,660 1,573-5.2% 19,148 19,402 + 1.3% Pending Sales 1,238 1,212-2.1% 14,472 14,757 + 2.0% Closed Sales 1,430 1,236-13.6% 14,157 14,180 + 0.2% Days on Market 53 50-5.7% 56 52-7.1% Median Sales Price $255,620 $276,500 + 8.2% $250,000 $266,000 + 6.4% Average Sales Price $324,938 $359,523 + 10.6% $339,366 $360,472 + 6.2% Pct. of Orig. Price Received 96.6% 96.5% - 0.1% 96.5% 96.7% + 0.2% Housing Affordability Index 110 102-7.3% 113 106-6.2% Inventory of Homes for Sale 5,951 5,441-8.6% -- -- -- Months Supply of Inventory 4.0 3.5-12.5% -- -- -- Current as of October 9, 2018. All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 2
New Listings A count of the properties that have been newly listed on the market in a given month. 1,859 1,660 1,573 18,721 19,148 19,402 + 0.1% - 10.7% - 5.2% + 4.6% + 2.3% + 1.3% New Listings Prior Year October 2017 2,056 1,484 +38.5% November 2017 1,609 1,483 +8.5% December 2017 1,246 1,320-5.6% January 2018 1,820 1,946-6.5% February 2018 2,124 2,039 +4.2% March 2018 2,561 2,574-0.5% April 2018 2,332 2,142 +8.9% May 2018 2,438 2,345 +4.0% June 2018 2,290 2,373-3.5% July 2018 2,059 2,042 +0.8% August 2018 2,205 2,027 +8.8% 2018 1,573 1,660-5.2% 12-Month Avg 2,026 1,953 +3.7% Historical New Listings by Month 4,000 3,000 2,000 1,000 0 Current as of October 9, 2018. All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 3
Pending Sales A count of the properties on which offers have been accepted in a given month. 1,396 14,160 14,472 14,757 1,238 1,212 + 8.4% - 11.3% - 2.1% + 7.2% + 2.2% + 2.0% Pending Sales Prior Year October 2017 1,478 1,171 +26.2% November 2017 1,327 1,227 +8.1% December 2017 1,140 1,189-4.1% January 2018 1,390 1,522-8.7% February 2018 1,521 1,534-0.8% March 2018 1,914 1,826 +4.8% April 2018 1,860 1,701 +9.3% May 2018 1,890 1,814 +4.2% June 2018 1,750 1,735 +0.9% July 2018 1,636 1,585 +3.2% August 2018 1,584 1,517 +4.4% 2018 1,212 1,238-2.1% 12-Month Avg 1,559 1,505 +3.6% Historical Pending Sales by Month 2,000 1,750 1,500 1,250 1,000 750 500 250 Current as of October 9, 2018. All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 4
Closed Sales A count of the actual sales that closed in a given month. 1,627 13,749 14,157 14,180 1,430 1,236 + 11.5% - 12.1% - 13.6% + 9.9% + 3.0% + 0.2% Closed Sales Prior Year October 2017 1,329 1,287 +3.3% November 2017 1,371 1,268 +8.1% December 2017 1,553 1,525 +1.8% January 2018 1,120 1,033 +8.4% February 2018 1,133 1,277-11.3% March 2018 1,714 1,670 +2.6% April 2018 1,636 1,529 +7.0% May 2018 1,829 1,813 +0.9% June 2018 1,942 2,002-3.0% July 2018 1,692 1,693-0.1% August 2018 1,878 1,710 +9.8% 2018 1,236 1,430-13.6% 12-Month Avg 1,536 1,520 +1.1% Historical Closed Sales by Month 2,500 2,000 1,500 1,000 500 0 Current as of October 9, 2018. All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 5
Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted in a given month. 54 53 50 59 56 52 Historical Days on Market Until Sale by Month - 1.8% - 1.9% - 5.7% - 3.3% - 5.1% -7.1% Days on Market Prior Year October 2017 52 53-1.9% November 2017 57 50 +14.0% December 2017 53 58-8.6% January 2018 63 65-3.1% February 2018 61 69-11.6% March 2018 60 62-3.2% April 2018 55 55 0.0% May 2018 48 54-11.1% June 2018 49 49 0.0% July 2018 46 51-9.8% August 2018 46 51-9.8% 2018 50 53-5.7% 12-Month Avg* 53 55-3.6% * Average Days on Market of all properties from October 2017 through 2018. This is not the average of the individual figures above. 140 120 100 80 60 40 Current as of October 9, 2018. All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 6
Median Sales Price Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month. $276,500 $266,000 $255,620 $242,878 $250,000 $239,900 Historical Median Sales Price by Month + 3.8% + 5.2% + 8.2% + 5.7% + 4.2% + 6.4% Median Sales Price Prior Year October 2017 $249,945 $240,000 +4.1% November 2017 $250,865 $242,710 +3.4% December 2017 $268,785 $243,900 +10.2% January 2018 $258,000 $239,900 +7.5% February 2018 $257,580 $241,000 +6.9% March 2018 $260,000 $246,000 +5.7% April 2018 $270,000 $247,000 +9.3% May 2018 $273,656 $259,900 +5.3% June 2018 $270,000 $260,000 +3.8% July 2018 $267,800 $258,935 +3.4% August 2018 $261,709 $245,000 +6.8% 2018 $276,500 $255,620 +8.2% 12-Month Med* $265,000 $249,000 +6.4% * Median Sales Price of all properties from October 2017 through 2018. This is not the median of the individual figures above. $300,000 $280,000 $260,000 $240,000 $220,000 $200,000 $180,000 $160,000 Current as of October 9, 2018. All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 7
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $359,523 $360,472 $339,366 $319,530 $324,938 $319,647 Historical Average Sales Price by Month + 1.5% + 1.7% + 10.6% + 4.4% + 6.2% + 6.2% Avg. Sales Price Prior Year October 2017 $328,244 $332,320-1.2% November 2017 $344,633 $324,164 +6.3% December 2017 $353,724 $317,232 +11.5% January 2018 $360,258 $323,869 +11.2% February 2018 $342,496 $316,802 +8.1% March 2018 $344,018 $338,807 +1.5% April 2018 $357,545 $332,494 +7.5% May 2018 $367,737 $368,513-0.2% June 2018 $391,711 $351,697 +11.4% July 2018 $348,893 $348,283 +0.2% August 2018 $360,680 $330,084 +9.3% 2018 $359,523 $324,938 +10.6% 12-Month Avg* $354,955 $334,100 +6.2% * Avg. Sales Price of all properties from October 2017 through 2018. This is not the average of the individual figures above. $400,000 $375,000 $350,000 $325,000 $300,000 $275,000 $250,000 $225,000 Current as of October 9, 2018. All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 8
Percent of Original List Price Received Percentage found when dividing a property s sales price by its original list price, then taking the average for all properties sold in a given month, not accounting for seller concessions. 96.8% 96.6% 96.5% 96.5% 96.5% 96.7% Historical Percent of Original List Price Received by Month + 1.0% - 0.2% - 0.1% + 0.6% 0.0% + 0.2% Pct. of Orig. Price Received Prior Year October 2017 96.3% 96.4% -0.1% November 2017 96.3% 96.3% 0.0% December 2017 96.4% 96.3% +0.1% January 2018 95.9% 95.6% +0.3% February 2018 96.7% 95.6% +1.2% March 2018 96.7% 96.5% +0.2% April 2018 97.0% 96.9% +0.1% May 2018 96.9% 96.9% 0.0% June 2018 96.8% 96.9% -0.1% July 2018 96.9% 96.7% +0.2% August 2018 96.8% 96.5% +0.3% 2018 96.5% 96.6% -0.1% 12-Month Avg* 96.6% 96.5% +0.1% * Average Pct. of Orig. Price Received for all properties from October 2017 through 2018. This is not the average of the individual figures above. 100.0% 98.0% 96.0% 94.0% 92.0% 90.0% 88.0% 86.0% 84.0% 82.0% Current as of October 9, 2018. All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 9
Housing Affordability Index This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. 125 126 110 113 102 106 0.0% - 12.0% - 7.3% - 2.3% - 10.3% -6.2% Affordability Index Prior Year October 2017 113 128-11.7% November 2017 112 119-5.9% December 2017 105 115-8.7% January 2018 109 117-6.8% February 2018 109 117-6.8% March 2018 108 114-5.3% April 2018 104 114-8.8% May 2018 103 108-4.6% June 2018 104 108-3.7% July 2018 105 109-3.7% August 2018 108 115-6.1% 2018 102 110-7.3% 12-Month Avg 107 115-6.7% Historical Housing Affordability Index by Month 180 160 140 120 100 80 Current as of October 9, 2018. All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 10
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 6,379 5,951 5,441-6.2% -8.6% -6.2% -6.7% Historical Inventory of Homes for Sale by Month -8.6% Homes for Sale Prior Year October 2017 5,996 5,999-0.1% November 2017 5,826 5,840-0.2% December 2017 5,351 5,442-1.7% January 2018 5,331 5,412-1.5% February 2018 5,559 5,515 +0.8% March 2018 5,756 5,821-1.1% April 2018 5,753 5,857-1.8% May 2018 5,780 5,961-3.0% June 2018 5,816 6,070-4.2% July 2018 5,663 6,041-6.3% August 2018 5,631 6,010-6.3% 2018 5,441 5,951-8.6% 12-Month Avg* 5,659 5,981-5.4% * Homes for Sale for all properties from October 2017 through 2018. This is not the average of the individual figures above. 14,000 12,000 10,000 8,000 6,000 4,000 01-2006 01-2007 01-2008 01-2009 01-2010 01-2011 01-2012 01-2013 01-2014 01-2015 01-2016 01-2017 01-2018 Current as of October 9, 2018. All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 11
Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months. 4.4 4.0 3.5-12.0% -9.1% - 12.5% Historical Months Supply of Inventory by Month Months Supply Prior Year October 2017 3.9 4.1-4.9% November 2017 3.8 4.0-5.0% December 2017 3.5 3.7-5.4% January 2018 3.5 3.6-2.8% February 2018 3.7 3.7 0.0% March 2018 3.8 3.9-2.6% April 2018 3.7 3.9-5.1% May 2018 3.7 4.0-7.5% June 2018 3.8 4.0-5.0% July 2018 3.6 4.0-10.0% August 2018 3.6 4.0-10.0% 2018 3.5 4.0-12.5% 12-Month Avg* 3.7 3.9-5.1% * Months Supply for all properties from October 2017 through 2018. This is not the average of the individual figures above. 20.0 17.5 15.0 12.5 10.0 7.5 5.0 2.5 Current as of October 9, 2018. All data from the Charleston Trident Multiple Listing Service. Report 2018 ShowingTime. Data deemed reliable but not guaranteed. Consult your agent for market specifics. 12