FLORENCE, S.C. – The number of days on the market for a Pee Dee home has declined by nearly 36% from last May.
The latest data from the Pee Dee Realtor Association indicates that the average Pee Dee home now sits on the market for 83 days compared with the 134 days a home sat on the market last May.
The monthly data from the Pee Dee Realtor Association includes data from Florence, Darlington, Marion, Williamsburg, Dillon, Marlboro and Chesterfield counties.
The numbers represent a decline of 35.8%.
The association adds that buyer demand has increased because of low mortgage rates and that price increases have been exacerbated by lower inventory supplies (months supply of inventory was down by 17.1% and inventory of homes for sale was down 13.2%) due to material and labor shortages.
The association also indicates that the median sales price has increased by 21% from $157,000 in May 2020 to $190,000 in May and the average sale price increased by 20.2% from $177,790 in May 2020 to $213,725 in May. Also, sellers are now receiving 98.2% of their list price.
As a result of the increasing prices, housing affordability index for the region has decreased by 17.2%.