Home Sales Data, September 16-30, 2009 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 September 16-30, 2009, there were 85 new listings posted to the Multiple Listing Service (MLS). Lowest list price was $10,000 for a 68-year-old 876 square foot ranch-style privately owned property being sold as-is by an estate. Highest list price was $479,000 for a custom-built home with a Southern Living floorplan which has been on the market for a total of 320 days with the same agency and whose owners finally decided to rent it, at which point it went after being on the rental market for 12 days. It's of course no longer on the sales market. One new listing was withdrawn after being on the market for only 2 days, I have no idea why; it's not presently being offered for rent. Two the new listings were duplexes (one of them a short sale), and fourteen were new construction. Seven of the new listings are pending, three of the new construction new listings are closed (two pre-solds and one quick sale). One new listing went under contract after being on the market for 15 days, and one was an out-of-area bank-owned listing with a seriously old photo (it looks like it was taken when the house was built in 1979) that was sold by one of our local agents. Ten of the new listings are REO (bank-owned), including the ones mentioned earlier, and only one was a short sale (the duplex mentioned earlier).
Thirty-three properties sold (closed) from September 16 - 30, 2009. Lowest list price was $34,950 for a bank-owned nine-year-old mobile home which sold for $28,000 after being on the market for 45 days. Highest list price was $259,500 for an eleven-year-old home in a golf course community; it went through one price reduction to $249,500 and sold for $244,000 after being on the market for 101 days. Seven of the sales were new construction, one was a duplex and one was a condo. Four of them were listed as REO (bank-owned) and two were short sales.
Of the 33 properties sold, nine were listed for at or below $100,000. Average days on market was 116 and median days on market was 53 (ranged from 2 to 580). Average list-to-sales percentage was 94.64% and median list-to-sales was 96.86% (ranged from 80.11% to 100%).
Nineteen of the sold properties were listed above $100,000 and below $200,000. Average days on market was 128, and median days on market was 108 (ranged from 3 to 484). Average list-to-sales percentage was 99.46% and median list-to-sales was 100% (ranged from 81.89% to 123.24%).
The remaining five listings sold were listed above $200,000 and below $300,000. Average days on market was 161 and median days on market was 177 (ranged from 101 to 212). Average list-to-sales percentage was 97.11% and median list-to-sales was 97.8% (ranged from 93.52% to 100%).
In contrast, for the same period a year ago (September 16-30, 2008), 93 properties were newly listed. Lowest list price was $800 (yes, really) for a then seven-year-old mobile home which was withdrawn, listed again for $80,000, underwent a price reduction to $70,000 and was eventually rented rather than sold. If we disregard that bit of buffoonery, the lowest list price was $17,500 for a then fifty-eight-year-old HUD-owned bungalow that sold for $18,000 after being on the market for 31 days. Highest list price was 599,000 for a home in a subdivision populated by the movers and shakers of our community; it sold for $560,000 after being on the market for 101 days. Eleven of these listings have expired, twenty were withdrawn (a few of which were rented), three are pending, one is under contract and six remain active. Seven were deleted. One of the new listings was a condo, twenty-two of them were new construction, sixteen were listed as REO (bank-owned) properties and two were short sales.
Between September 16-30, 2008 46 properties sold (closed). Lowest list price was $22,000 for a then fifty-eight-year-old 870 square foot A-frame that sold for $15,325 after being on the market for 257 days. Highest list price was $598,000 for a then thirty-six-year-old two-story home in an upscale subdivision that sold for $585,000 after being on the market for 133 days. Five of the 39 properties sold were new, one was a duplex. Two were listed as REO, none were listed as short sales.
Of the 46 properties sold, 12 were listed at or below $100,000. Average days on market was 120, median days on market was 123 (ranged from 12 to 257). Average list-to-sales price percentage was 90.64% and median list-to-sales was 93.43% (ranged from 57.11% to 109.22%).
Twenty-seven of the 46 sold properties were listed above $100,000 and below $200,000. Average days on market was 119 and median days on market was 85 (ranged from 16 to 405). Average list-to-sales price percentage was 99.03% and median list-to-sales was 100% (ranged from 89.06% to 107.97%).
Six listings were listed for above $200,000 and below $300,000. Average days on market was 223 and median days on market was 190 (ranged from 32 to 535). Average list-to-sales-price percentage was 99.52% and median list-to-sales was 100% (ranged from 96.19% to 103.54%).
The remaining listing was listed for above $500,000 and below $600,000. It sold after being on the market for 137 days for 97.83% of the list price.
At the moment there are 814 homes on the market in Sumter County. There were 60 homes that sold (closed) in the past 30 days. That means, unless something changes, we have (rounded up a bit) 13.56 months of inventory on the market.
In a word, yikes.
(Based on information from the Sumter Board of Realtors®/MLS, October 5, 2009)
