Home Sales Data for Sumter, SC November 1-30, 2009
Home Sales Data, November 1-30, 2009 Sumter, SC
Silly Season is upon us, also known as Christmas. That wonderful time of the year when some of us feel compelled to overbook ourselves to the point of ridiculousness. That’s my excuse for not getting the market reports done for over a month, and I’m sticking to it. So, here’s November, all at once.
This information was for residences only; I did not include land or commercial properties. I looked only at Sumter and the surrounding area.
For the period November 1-30, 2009, there were 146 new listings on the market. Lowest list price was $15,000 for a 53-year-old 511-square-foot bungalow with owner financing available. Highest list price was $599,875 for a 2500-square-foot 27-year-old home on 41 acres and surrounded on three sides by state forest. Twenty of the new listings are new construction, three are condos/townhouses, three are duplexes, and two of the new listings have been withdrawn (no idea why). Nine of the new listings are REO (bank-owned) and none were listed as short sales. Seven of the new listings have already closed and ten are pending.
Ninety-one properties sold (closed) from November 1-30, 2009. Lowest list price was $9,900 for an 89-year-old bank-owned bungalow that originally listed for $19,900 and underwent two price reductions before finally selling for $7,000 after being on the market for 99 days. Highest list price was $344,900 for a three-year-old custom-built home which originally listed for $349,900 and underwent two price reductions before selling for $335,000 after being on the market for 224 days. Twenty-one of the sales were new construction and two were duplexes. Seven of them were listed as REO (bank-owned) and none were listed as short sales.
Of the 91 properties sold, 23 were listed for at or below $100,000. Average days on market was 137 and median days on market was 99 (ranged from 31 to 556). Average list-to-sales percentage was 89.16% and median list-to-sales was 94.92% (ranged from 41.67% to 110.61%).
Fifty-five of the sold properties were listed above $100,000 and below $200,000. Average days on market was 152, and median days on market was 119 (ranged from 17 to 453). Average list-to-sales percentage was 99.15% and median list-to-sales was 99.85% (ranged from 89.15% to 122.01%).
Ten listings which sold were listed above $200,000 and below $300,000. Average days on market was 149 and median days on market was 98 (ranged from 24 to 551). Average list-to-sales percentage was 97.28% and median list-to-sales was 96.69% (ranged from 92.11% to 100.65%).
The remaining three listings were listed for above $300,000 and below $400,000. Average days on market was 220 and median days on the market was 224 (ranged from 85 to 352). Average list-to-sales percentage was 96.38% and median list-to-sales percentage was 97.13% (ranged from 92.45% to 99.55%).
In contrast, for the same period a year ago (November 1-30, 2008), 103 properties were newly listed. Lowest list price was $14,900 for a then 42-year-old bank-owned bungalow which went pending, and then was withdrawn not quite two months later after being on the market for 101 days. Courthouse records indicate it was sold to a private buyer nearly four months ago for the princely sum of $3,100. Highest list price was $365,000 for a new construction in an subdivision that many had high hopes for and which has suffered greatly in the slow market. It was on the market for 265 days, then withdrawn and listed with another company for the same price, where it sits now (and has for 110 days, as of today). Make the builder an offer, he might very well take less at this point. Sixteen of these listings have expired, 34 were withdrawn, two are pending, three were rented rather than sold, one is under contract, two were deleted, one was temporarily withdrawn at the beginning of this month and 4 remain active. One of the new listings was a condo/townhouse, and there was also one duplex. Nine of them were new construction, 7 were listed as REO (bank-owned) properties and three were listed as short sales.
Between November 1-30, 2008 76 properties sold (closed). Lowest list price was $10,000 for a then 59-year-old bank-owned bungalow which sold for $10,000 cash after being on the market for 29 days. Highest list price was $328,000 for a then 7-year-old executive home with lots of bells and whistles which originally was listed for $353,900, underwent three price changes and one contract that fell through before selling for $329,000 after being on the market for 245 days. Twenty-one were new construction and there were three duplexes. Twelve were listed as REO (bank-owned), none were listed as short sales.
Of the 76 properties sold, 23 were listed at or below $100,000. Average days on market was 84, median days on market was 63 (ranged from 16 to 232). Average list-to-sales price percentage was 93.82% and median list-to-sales was 95.48% (ranged from 75.47% to 121.07%).
Forty-six of the 76 sold properties were listed above $100,000 and below $200,000. Average days on market was 178 and median days on market was 135.5 (ranged from 24 to 863). Average list-to-sales price percentage was 97.68% and median list-to-sales was 98.34% (ranged from 76.92% to 109.27%).
Five listings were listed for above $200,000 and below $300,000. Average days on market was 195 and median days on market was 187 (ranged from 15 to 396). Average list-to-sales-price percentage was 97.38% and median list-to-sales was 97.63% (ranged from 93.7% to 100.04%).
The remaining two listings were listed for above $300,000 and below $400,000. Average days on market was 447, median days on market was 446.5 (ranged from 245 to 648). Average list-to-sales price percentage was 92.53%, as was the median list-to-sales price percentage (ranged from 84.75% to 100.3%).
At the moment there are 785 residential properties on the market in Sumter County. There were 81 homes that sold (closed) in the past 30 days. That means, unless something changes, we have about 9.7 months of inventory on the market. Things always slow down over the Christmas holidays.
(Based on information from the Sumter Board of Realtors®/MLS, December 12-13, 2009)
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