2008 is starting out in a traditional fashion for Sumter County Real Estate. Traditionally we have seen a ramp up in our sales in January through the summer and then a slower sales rate in November and December. There are many reasons for this. My experience has shown that in the first quarter, I am working for many first time home buyers looking to use their income tax returns to purchase a home. This is a great investment of that money and it provides many families the ability to purchase a home that otherwise might not be able to gather the funds to purchase. Sumter also begins to experience many families PCS'ing into Shaw. Many families also choose this time to move as school will be ending soon. No matter what the reason, most Realtors® refer to the coming months as selling season. Below are the newest statistics for the Sumter, SC real estate market.

The number of units sold in February 2008 was 100 in Sumter County. During the same month in 2007, 131 units were sold and 133 units were sold in 2006. February 2005 had numbers very similar to 2008 with 103 units sold. The data follows:

Days on market increased to 161 Year to Date over the Year End average of 142 for 2007.

The median home price increased to $127,000 in February vs. $120,000 for January. The average home price also rose from $120, 691 in January to $126,123 in February.

The number of new listings in February also increased to 206. January 2008 had 192 new listings. These numbers are still on par with the listings for Sumter County during 2007. Below is a break down by month of the number of homes listed.

You can see in the chart above that the number of homes listed in 2008 continues to be at levels higher or equal to 2007, 2006, 2005 and 2004. 2008 is running about even with 2007 levels so the next few months will be able to show us if we are going to see a decrease in the number of listings in 2008. Below is a chart showing the year to date number of homes listed:

Currently, there are 161 properties under contract or pending in the Sumter County area. This is a good indicator that March will also be a positive month for the number of units closed.

Yes, we are still in a buyers market, but Sumter statistics are remaining steady as are our housing prices. Foreclosure levels are not rapidly rising as in other areas of the country. We remain in a buyers' market, but homes are selling and for reasonably close to the list price.

(c) 2008 Kim Peasley-Parker, All Rights Reserved