Home Sales Data for Sumter, SC May 16-31, 2009
For the period May 16-31, 2009, there were 59 new listings posted. These were all residences; I did not include land or commercial properties. I looked only at Sumter and the surrounding area.
The lowest list price was $19,900 for a 79-year-old, bank-owned house that needs “some work,” with detached 2-car garage which judging from the photograph lacks doors but has more than sufficient exterior water damage. Highest list price was $495,000 for a seven-year-old custom-built home with over 3,500 square feet, 4 bedrooms, 3 1/2 baths, and listed as having a “Southern Living” floor plan.
Of the new listings, five were listed and closed (or pended) on the same day or a few days later, probably pre-solds. Four more started out as For Sale By Owners and ended up being quick-sales (one was agent-owned). One went pending after being on the market 5 days, four were new construction (including two of the pre-solds), and one was withdrawn after being on the market seven days; the sellers bought it in 2005 and were asking less than they paid for it then. Perhaps they decided to wait a bit longer — a good idea, if they can.
There were no condos, townhouses or duplexes newly listed.
Fifteen of the new listings are listed at or below $100,000, 32 are listed above $100,000 and below $200,000, 10 are listed above $200,000 and below $300,000, one is above $300,000 and below $400,000 and one is above $400,000 and below $500,000.
Forty-two properties sold (closed) during May 16-31, 2009. Lowest list price was $56,900 for a bank-owned mobile home that sold for $47,000 after being on the market for 75 days. Highest was $272,500 for one of the pre-solds that closed after being on the market for 6 days and went for full price.
Eleven of the homes sold were listed at or below $100,000. Average days on market was 213 (ranged from 46 to 601; if we eliminate the one on the market for 601 days the average was 174). Average list-to-sales price percentage was 94.37% (ranged from 82.6% to 101.87%).
Twenty-two of the homes sold were listed above $100,001 and below $200,000. Average days on market was 133 (ranged from 5 to 379). Average list-to-sales price percentage was 98.32% (ranged from 84.97% to 104.4%).
The remaining 9 listings were listed above $200,001 and below $300,000. Average days on market was 238 (ranged from 5 to 562 — if we eliminate the two extremes the average is 224). Average list-to-sales price percentage was 97.94% (ranged from 94.62% to 100%).
In contrast, a year ago during the same period (May 16-31, 2008) 73 new listings came on the market. Two were condos/townhouses, one of which is still on the market after 378 days and the price has not changed. Lowest list price was $35,900 for a bank-owned mobile home that was withdrawn after being on the market for 276 days, even after the list price was lowered to $12,950. The highest list price was $629,000 for a custom home on a waterfront lot in an upscale subdivision, which remains on the market even now and the price was been lowered to $499,000. Make an offer!
Seventeen of the new listings were new construction. Eight of the new listings expired, 25 of them were withdrawn, and five are still active. Most of the ones still active have had price reductions, some drastic, and yet they are still on the market. Perhaps if they’d been priced more competitively to start with….
Fifty-two properties sold (closed) during May 16-31, 2008. Lowest list price was $33,100 for bank-owned 57-year-old house on which the price was lowered to $24,000; it eventually sold for $13,000 after being on the market for 88 days. Highest list price was $369,990 for a two-story new construction that sold for $360,000 after being on the market for 53 days.
Ten of the listings that sold were listed at or below $100,000. Average days on the market was 87 (ranged from 37 to 159). Average list-to-sales price percentage was 85.15% (ranged from 54.17% to 100%).
Thirty-one were listed above $100,001 and below $200,000. Average days on the market was 149 (ranged from 23 to 795; if we remove the lowest and highest the average was 131). Average list-to-sales price percentage was 99.13% (ranged from 95.16% to 104.72%).
Eight were listed above $200,001 and below $300,000. Average days on the market was 111 (ranged from 3 to 205). Average list-to-sales price percentage was 98.44% (ranged from 94.8% to 100.1%).
The remaining 3 listings were listed above $300,001 and below $400,000. Average days on the market was 384 (ranged from 53 to 599 — the 599-day one was a new construction that listed for $349,000 and sold for $313,000). Average list-to-sales price percentage was 97.35% (ranged from 89.68% to 105.07%).
See you on the InterTubes!
(Based on information from the Sumter Board of Realtors®/MLS, June 3, 2009)
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