Contact Information
Aiken Board of Realtors and MLS
1069 Silver Bluff Road
Aiken, SC 29803
Office: 803-648-1891
(F): 803-642-6044

 

Market Statistics – December 2019

December 2019

Prior Year

Current Year

+/-

Average Sales Price

$199,945

$202,288

+1.2%

Median Sales Price

$173,900

$195,000

+12.1%

Inventory of Homes for Sale

994

998

+0.4%

Days on Market

133

117

-12.0%

Closed Sales

166

212

+27.7%

 

In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three-quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.

New Listings were up 28.9 percent to 192. Pending Sales increased 27.8 percent to 207. Inventory grew 0.4 percent to 998 units.

Prices moved higher as Median Sales Price was up 12.1 percent to $195,000. Days on Market decreased 12.0 percent to 117 days, the twelfth consecutive month of year-over-year declines. Months Supply of Inventory was down 12.2 percent to 4.3 months, the twelfth consecutive month of year-over-year declines.

With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.

 

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