Columbia SC Real Estate and Community News

Dec. 17, 2020

Columbia SC Real Estate Market Update

November 2020

November saw the Dow Jones Industrial Average top 30,000 for the first time, while
mortgage rates reached new record lows again. These new records have provided
encouragement for buyers to move forward on home purchases, which continued to
remain strong overall for the month.

New Listings were up 1.7 percent to 1,098. Pending Sales increased 34.1 percent to
1,214. Inventory shrank 41.1 percent to 1,642 units.

Prices moved higher as Median Sales Price was up 11.4 percent to $209,500. Days
on Market decreased 37.7 percent to 33 days. Months Supply of Inventory was
down 45.8 percent to 1.3 months, indicating that demand increased relative to
supply.

Showing activity remains higher than the same period a year ago across most of the
country, suggesting that strong buyer demand is likely to continue into what is
typically the slowest time of year. With inventory remaining constrained in most
market segments, sellers continue to benefit from the tight market conditions.

Information courtesy of CMLS*

Nov. 25, 2020

Columbia SC Real Estate Market Update

October 2020

October continued to be busier than the calendar normally suggests. Buyer activity
remains higher than normal for this time of year, while in many segments of the
market housing supply remains much lower than one year ago. Multiple offers
remain a common occurrence in many areas, keeping housing hot while the
temperatures continue to fall.

New Listings were up 13.0 percent to 1,525. Pending Sales increased 32.1 percent
to 1,448. Inventory shrank 34.6 percent to 1,864 units.

Prices moved higher as Median Sales Price was up 13.9 percent to $205,000. Days
on Market decreased 25.0 percent to 39 days. Months Supply of Inventory was
down 37.5 percent to 1.5 months, indicating that demand increased relative to
supply.

Mortgage rates dropped to new record lows again in October, helping to offset the
monthly mortgage payment increases caused by the rise in home prices seen in
many segments of the market across the country. While prices often dip a bit in the
winter months, continued buyer demand may temper any price retreats this year.

Information courtesy of CMLS*

Oct. 21, 2020

Columbia SC Real Estate Market Update

September 2020

Strong buyer activity has continued into the fall, which is normally the start of the
seasonal slowing of the housing market. With stronger buyer activity in the market
this year and the continued constrained supply of homes for sale, speedy sales and
multiple offers are likely to remain a common occurrence and will keep the housing
market hot even when the weather is cooling.

New Listings were up 18.6 percent to 1,470. Pending Sales increased 32.8 percent
to 1,401. Inventory shrank 33.8 percent to 1,866 units.

Prices moved higher as Median Sales Price was up 18.6 percent to $210,000. Days
on Market decreased 19.6 percent to 41 days. Months Supply of Inventory was
down 37.5 percent to 1.5 months, indicating that demand increased relative to
supply.

While mortgage rates remain near record lows, The Mortgage Bankers Association
reports that lending standards are tightening, which makes it a bit more difficult for
some buyers to qualify. At the same time, unemployment remains substantially
higher than a year ago due to COVID-19. Despite all this, buyers are out in full force
this fall, showing amazing resilience in the middle of a pandemic.

Information courtesy of CMLS*

Sept. 22, 2020

Columbia SC Real Estate Market Update

August 2020

The housing and stock markets continue to be the leaders in the economy. In
August, showings and pending sales remained at strong levels while housing
inventory remained limited, continuing the competitive bidding market we have seen
in recent months. With the stock indexes at or near record highs as mortgage rates
remain near record lows, signs point to a busy fall housing market.

New Listings were down 1.7 percent to 1,482. Pending Sales increased 26.7 percent
to 1,565. Inventory shrank 36.7 percent to 1,852 units.

Prices moved higher as Median Sales Price was up 10.8 percent to $204,990. Days
on Market decreased 8.0 percent to 46 days. Months Supply of Inventory was down
40.0 percent to 1.5 months, indicating that demand increased relative to supply.

As we look towards the fall, we normally see housing activity begin to slow a bit as
the back-to-school season begins, but this year is far from normal. While uncertainty
remains on what effects the upcoming elections and any seasonal resurgence of
COVID-19 may have on the financial and housing markets, the healthy housing
demand we see today will create significant tailwinds in the near term.

Information courtesy of CMLS*

Aug. 20, 2020

Columbia SC Real Estate Market Update

July 2020

Healthy buyer demand and constrained supply continue to be the story for much of
the country. Nationally, showing activity in July remained substantially higher than a
year before and multiple offer situations are a frequent experience in many markets.
With the inventory of homes for sale still constrained, a competitive market for
buyers shows little sign of waning.

New Listings were down 2.3 percent to 1,611. Pending Sales increased 18.5 percent
to 1,617. Inventory shrank 31.4 percent to 2,009 units.

Prices moved higher as Median Sales Price was up 11.4 percent to $208,300. Days
on Market decreased 4.1 percent to 47 days. Months Supply of Inventory was down
32.0 percent to 1.7 months, indicating that demand increased relative to supply.

While the number of unemployment insurance weekly initial claims have been far
lower in recent weeks than their peak in March and April, more than 1 million new
claims are still being filed each week and more 31 million were claiming benefits in
all programs as of early July, compared to fewer than 2 million in July 2019. Despite
this significant economic impact, home buyers remain extremely resilient. With
mortgage rates remaining near record-low levels and home purchase mortgage
applications up from a year ago, high buyer activity is expected to continue into the
late summer and early fall market.

Information courtesy of CMLS*

July 24, 2020

Columbia SC Real Estate Market Update

June 2020

While much of the country was working on a phased reopening of the economy in
June, real estate activity continued to strengthen as well. Nationally, June showing
activity as tracked by ShowingTime was up notably from the COVID-19 depressed
levels in recent months but was also up from June 2019, reflecting pent-up demand
by prospective home buyers.

New Listings were down 1.0 percent to 1,533. Pending Sales increased 20.8 percent
to 1,622. Inventory shrank 27.6 percent to 2,098 units.

Prices moved higher as Median Sales Price was up 5.8 percent to $200,000. Days
on Market held steady at 52. Months Supply of Inventory was down 32.0 percent to
1.7 months, indicating that demand increased relative to supply.

While buyer activity continues to be robust, seller activity continues to be a bit
softer, with fewer homes being listed for sale than a year ago. Many housing experts
believe sellers remain reluctant to list their homes due to continued concerns over
COVID-19, which was beginning to see a resurgence in June. Until sellers regain
confidence, housing inventory will continue to be constrained during what is
expected to be an active summer selling season.

Information courtesy of CMLS*

June 23, 2020

Columbia SC Real Estate Market Update

May 2020

While the effects of COVID-19 in the broader economy continue, real estate activity
is beginning to recover across much of the country. According to Freddie Mac,
mortgage rates have been below 3.3 percent for more than four weeks and are
hovering near all-time lows, spurring strong interest by buyers and lifting showing
activity up 4% nationally versus a year ago in the final week of May.

New Listings were down 16.2 percent to 1,459. Pending Sales increased 13.1
percent to 1,632. Inventory shrank 20.3 percent to 2,350 units.

Prices moved higher as Median Sales Price was up 6.4 percent to $200,000. Days
on Market decreased 7.7 percent to 48 days. Months Supply of Inventory was
down 23.1 percent to 2.0 months, indicating that demand increased relative to
supply.

Buyers have been quicker to return to the housing market in force than sellers,
who have been showing a bit more reluctance to list their homes than is typical for
this time of year. But trends are improving and as states and localities continue to
moderate their COVID-19 policies, real estate activity is expected to continue to
improve in the coming weeks.

Information courtesy of CMLS*

May 20, 2020

Columbia SC Real Estate Market Update

April 2020

While the stock market recovered significantly in March, the effects of COVID-19 to
the economy continues to build. In just the last four weeks, more than 20 million
people filed initial unemployment claims according to the United States Department
of Labor, fueled by stay-at-home orders and a slowdown of economic activity across
the country. Added to the unemployment claims from March, more than 30 million
people have become unemployed since COVID-19 has become widespread in the
U.S. In the face of these challenging times, real estate activity in April slowed
significantly.

New Listings were down 18.8 percent to 1,287. Pending Sales decreased 6.6
percent to 1,292. Inventory shrank 4.4 percent to 2,702 units.

Prices moved higher as Median Sales Price was up 6.1 percent to $188,900. Days
on Market decreased 15.0 percent to 51 days. Months Supply of Inventory was
down 8.0 percent to 2.3 months, indicating that demand increased relative to
supply.

While the effect of COVID-19 continues to vary widely across the country, it is
expected that social distancing, higher unemployment, and lower overall economic
activity is likely to continue to constrain real estate activity in the near term. At the
same time, the industry is adapting to the current environment by conducting
business using technologies such as virtual showings and e-signing to help buyers
and sellers with their housing needs in the face of these challenges.

Information courtesy of CMLS*

April 22, 2020

Columbia SC Real Estate Market Update

March 2020

As COVID-19’s impact spread across the country in March, the stock market
declines started in February accelerated downward before recovering a bit in the
last week of the month. With volatility across all the financial markets, lenders began
tightening underwriting standards and some buyers found they no longer were
approved for a loan. Massive layoffs also shook the economy with 3.28 million initial
jobless claims filed in a single week—the highest in history more than four times
over.

New Listings were up 16.0 percent to 1,843. Pending Sales increased 4.8 percent to
1,454. Inventory shrank 0.5 percent to 2,819 units.

Prices moved higher as Median Sales Price was up 9.8 percent to $189,900. Days
on Market held steady at 59 Months Supply of Inventory was down 8.0 percent to
2.3 months, indicating that demand increased relative to supply.

While the effect of COVID-19 is varied throughout the country, we are likely to see
impacts to housing activity now and into the coming months. Its continued spread is
leading many companies and consumers to change their daily activities.
ShowingTime is closely monitoring the situation and releasing daily updates on
changes in showing activity. See national and state showing activity trends at
Impact of Coronavirus.

Information courtesy of CMLS*

March 13, 2020

Columbia SC Real Estate Market Update

February 2020

As we progressed through February, the actual and expected impacts of COVID-19
continued to grow, with concerns of economic impact reaching the stock market in
the last week of the month. As the stock market declined, so did mortgage rates,
offering a bad news-good news situation. While short term declines in the stock
market can sting, borrowers who lock in today’s low rates will benefit significantly in
the long term.

New Listings were up 1.0 percent to 1,288. Pending Sales increased 30.0 percent to
1,366, the eighth consecutive month of year-over-year gains. Inventory shrank 3.1
percent to 2,780 units.

Prices moved higher as Median Sales Price was up 2.5 percent to $182,500. Days
on Market increased 4.8 percent to 65 days. Months Supply of Inventory was down
8.0 percent to 2.3 months, indicating that demand increased relative to supply.

The recently released January ShowingTime Showing Index® saw a 20.2 percent
year-over-year increase in showing traffic nationwide. All regions of the country
were up double digits from the year before, with the Midwest Region up 15.7
percent and the West Region up 34.1 percent. As showing activity is a leading
indicator for future home sales, the 2020 housing market is off to a strong start,
though it will be important to watch the spread of COVID-19 and its potential
impacts to the overall economy in the coming months.

Information courtesy of CMLS*