Home Sales Data for Sumter, SC January 1-15, 2010
Home Sales Data, January 1-15, 2010 Sumter, SC
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 January 1-15, 2010, there were 87 new listings placed on the market. Lowest list price was $10,500 for a four-year-old bank-owned mobile home that sold for $10,000 cash after being on the market 37 days. Highest list price was $460,000 for new construction home in an upscale subdivision, with hardwood floors, tile floors, granite countertops, a central vacuum system, a three-car garage and tons of other neat amenities. One new listing is a bank-owned bungalow which was withdrawn after being on the market 16 days (with the latest Realtor®, anyway; it’s been on the market for awhile with others). Seventeen of the new listings are new construction, one is a condo/townhouse and one and is a duplex. Twelve of the new listings are REO (bank-owned) and two are listed as short sales.
Twenty-four properties sold (closed) from January 1-15, 2010. Lowest list price was $10,500 for the four-year-old bank-owned mobile home mentioned above (which sold for $10,000 cash after being on the market for 37 days). Highest list price was $279,900 for a custom-built home on a golf course which was originally listed for $300,000 and underwent two price reductions before selling for $272,950 after being on the market for 189 days. Six of the sales were new construction and one was a duplex. Two of them were listed as REO (bank-owned) and none were listed as a short sale.
Of the 24 properties sold, 9 were listed for at or below $100,000. Average days on market was 67 and median days on market was 61 (ranged from 14 to 142). Average list-to-sales percentage was 93% and median list-to-sales was 95.24% (ranged from 66.36% to 100%).
Ten of the 24 sold properties were listed above $100,000 and below $200,000. Average days on market was 109, and median days on the market was 113.5 (ranged from 19 to 166). Average list-to-sales percentage was 98.98% and median list-to-sales was 99.17% (ranged from 93.64% to 102.7%).
The remaining five listings which sold were listed above $200,000 and below $300,000. Average days on market was 220 and median days on market was 217 (ranged from 189 to 260). Average list-to-sales percentage was 99.22% and median list-to-sales was 100% (ranged from 97.52% to 100.42%).
In contrast, for the same period a year ago (January 1-15, 2009), 49 properties were newly listed. Lowest list price was $22,000 for a then-35-year-old bank-owned mobile home which underwent two price reductions to end up at $17,500; the listing expired after being on the market for 301 days and has not been re-listed in the MLS. Highest list price was $379,900 for a then one-year-old new construction executive home in an upscale subdivision which was withdrawn from the market after being listed for 127 days and has not been re-listed in the MLS. Five of these listings have expired, twelve were withdrawn, one was rented rather than sold, and two remain active. Nine of them were new construction, one was a duplex and two were condos/townhouses. Eight were listed as REO (bank-owned) properties and two were listed as short sales.
Between January 1-15, 2009 17 properties sold (closed). Lowest list price was $29,900 for a then fifty-year-old home which sold for $17,000 cash after being on the market for 120 days. Highest list price was $228,900 for a then four-year-old home which underwent one price reduction to $219,900 before selling for $197,000 after being on the market for 107 days. Three were new construction and one was listed as a duplex . were listed as REO (bank-owned), were listed as short sales.
Of the 17 properties sold, 7 were listed at or below $100,000. Average days on market was 166, median days on market was 120 (ranged from 36 to 431). Average list-to-sales price percentage was 88.94% and median list-to-sales was 95.83% (ranged from 56.86% to 100%).
Eight of the 17 sold properties were listed above $100,000 and below $200,000. Average days on the market was 223 and median days on the market was 242 (ranged from 88 to 345). Average list-to-sales price percentage was 101.25% and median list-to-sales was 100.05% (ranged from 93.15% to 114.14%).
The remaining 2 listings were listed for above $200,000 and below $300,000. Average and median days on market was 101 (ranged from 95 to 107). Average and median list-to-sales-price percentage was 87.89% (ranged from 86.2% to 89.59%).
At the moment there are 891 residential properties on the market in Sumter County. Fifty-six homes sold (closed) in the past month. Unless something changes, we have almost 16 months of inventory on the market. Yikes.
And now, fun with graphs and charts. This time, I looked at average home sales prices. Not list prices, sales prices. And it was sort of interesting. I attended a meeting last week during which one Realtor®, who’s been doing business here for a long time and who knows his stuff, said that in Sumter we really hadn’t seen the price drops that had occurred in other places. Seemed wrong to me. So I put this chart together.
” alt=”average and median home sales prices 2006-2009″ />
The average prices seemed to hold pretty steady, until 2009. It’s debatable that that information is particularly useful — it includes every piece of residential real estate that sold, from the poorest old decrepit mobile home to the highest-priced upscale executive mini-mansion (we don’t have any of the real type here). The median price has seen more volatility (”median,” for those of you who don’t know what that means and up until a couple weeks ago that included me, means the number of homes that sold below that price are equal to the number of homes that sold above it).
I’m no expert, but that graph looks like a drop in home prices to me.
Can’t wait to see what my next effort turns up.
(Based on information from the Sumter Board of Realtors®/MLS, February 1, 2010)
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