April Market report for Western Upstate SC
Source: Western Upstate Association of REALTORS MLS. Current as of May 10, 2020
"While the stock market recovered significantly in March, the effects of COVID-19 to the economy continue 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 30.1 percent to 551. Pending Sales decreased 49.3 percent to 286. Inventory grew 4.1 percent to 1,863 units.
Prices moved higher as Median Sales Price was up 13.8 percent to $197,900. Days on Market decreased 28.2 percent to 84 days. Months Supply of Inventory was up 5.1 percent to 4.1 months, indicating that supply increased relative to demand.
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.."