What a year 2020 was! 2019 had been a record year. 2019 had just under 18k residential sale and it was just barely better than 2018. 2020 had almost 21k transaction, eclipsing 2019 by 17.1%! Median sales price in 2020 was $306k which is up 8.9% over 2019. 2020 was a year we will not forget any time soon. Almost all areas in the Charleston market were up double digit percentages in terms of transactions over 2019. Only MLS areas 32,72,73 were down in transactions. Almost half of the our local MLS areas were up double digit percentages in terms of median sales price over 2019. Only MLS area 51 was down in terms of median sales price.
The big reason for 2020’s success was the 2nd half of the year. The 2nd half of 2020 was up 34.9% over the 2nd half of 2019. We had over 12k transactions in the 2nd half of 2020… That’s crazy! Dec 2020 was actually up 13.8% over Nov 2020 in terms of transactions which is rare to see! Dec 2020 was up 31.9% over Dec 2019 in terms of transactions. There were almost 2k transactions in Dec 2020! Months of inventory at the end of the year was only 1.2 MOI based on sales from the entire year. Of course, with the 2nd half of the year being so strong, the number would have been even smaller if we had used only 6 months of sales. 30 of the 32 MLS areas have less than 3 MOI. Only MLS area 51 has more than 4 MOI.