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Midlands home sales up 7% in January

Real Estate - Residential
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The Midlands residential market got off to a strong start in January as sales rose nearly 7% over the same month in 2016, the South Carolina Association of Realtors reported Tuesday.

In January, 739 units were sold compared with 691 for January 2016, up 6.9%, the trade group reported. Meanwhile the median price rose 1.3% to $151,475 while the number of days a unit was on the market dropped 3.3% to 89 days.

Statewide, sales totaled 4,660 units -- the highest it has been since January 2006, the association said.

New listings climbed nearly 8% to 9,477, while pending sales increased 3% to 5,778. Inventory shrank by 7% to 31,647 units, the association reported.

Prices moved higher as median sales price was up 5% to $179,000 while days on market has decreased 6% to 104 days. Month's supply of inventory was down 11% to almost five months, indicating that demand increased relative to supply, the association reported.

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