2017 Summerville Year in Review

1/4/18 Snow in Summerville

Summerville Real Estate Year in Review - 2017

It was a strong year for Summerville real estate in 2017. The number of homes sold increased while the number of homes on the market decreased over 2016. This strengthened the "Sellers Market" (where the number of months supply is less than 6 months.) In a Sellers Market, the buyer has less negotiating power and this shows to be true with sellers getting 99.2% of their original asking price. The median Days on Market dropped from 19 to 15 as buyers were quicker to make offers when homes came on the market.

The market will continue to be strong in 2018. Per the Charleston Chamber of Commerce, 48 people are moving into the Tri-county area a day. The job growth rate is expected to accelerate, increasing by more than 3% this year. Volvo is hiring 3900 workers and is on track to open late 2018. Mercedes is building a new facility and other industry and supporting industry is moving in as well. Mortgage rates are expected to rise slightly, per the Mortgage Bankers Association, hitting mid 4% and reaching 5% for a 30 year loan by year end. The number of new homes being built will continue to increase to help ease the high demand.

Below are the stats and trends for the market, let me know if you need anything this coming year!
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Summerville
Number of Homes Sold

2016 - 3,392 homes sold
2017 - 3,451 homes sold
+1.7% increase
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Summerville
Median Sales Price

2016 - $221,000
2017 - $231,215
+4.6% increase
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Summerville
Median Days on Market

2016 - 19 days on market
2017 - 15 days on market
-21.1% decrease
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Summerville
Sold Price percentage of Original List Price

2016 - 99.0%
2017 - 99.2%
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Summerville
Number of Homes for Sale

2016 - 896 homes
2017 - 785 homes
-12.4% decrease
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Summerville
Months Supply of Homes for Sale

2016 - 3.3 months
2017 - 2.7 months
-18.2% decrease
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Summerville
Median Price per SFT

2016 - $108/sft
2017 - $116/sft
+7.4% increase
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It was a strong year for Summerville real estate in 2017. The number of homes sold increased while the number of homes on the market decreased over 2016. This strengthened the “Sellers Market” (where the number of months supply is less than 6 months.) In a Sellers Market, the buyer has less negotiating power and this shows to be true with sellers getting 99.2% of their original asking price. The median Days on Market dropped from 19 to 15 as buyers were quicker to make offers when homes came on the market.