Home Sales Data for Sumter, SC October 1-15, 2009

Home Sales Data, October 1-15, 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.

Eight-two properties were newly listed between October 1-15, 2009. Lowest list price was $25,500 for a 26-year-old mobile home on an acre; the appliances do not convey. Highest list price was $537,000 for a 25-year-old two-story home in an established subdivision of executive-type houses; it has a bit over 5,000 square feet, a vacuum system, a glassed-in porch, an in-ground pool and a lot of other spiffy amenities. Two of the new listings are condos/townhouses and three are duplexes (one of which went under contract after being on the market for 10 days). Twelve of the new listings are new construction (three of them have closed already, most likely pre-solds). Three of the new listings have already gone pending and three are under contract. One new listing was withdrawn after being on the market for four days, no idea why; it's not for rent in the MLS but it was listed as a short sale. One new listing was listed with a different agency last year for $319,000; the price was reduced to $315,000 and then the home was withdrawn from the market after being on the market for 328 days. Nine months later it was then listed with a different agency for $250,000 and then temporarily withdrawn from the market after only two days, no idea why. Five of the new listings are REO (bank-owned) and one was a short sale (the one mentioned above).

Fifty-nine properties sold (closed) between October 1-15, 2009. Lowest list price was $14,000 for a 16-year-old privately-owned mobile home that sold for $11,000 cash after being on the market for 64 days. Highest list price was $495,000 for a 36-year-old 1.5 story brick home that sold for $400,000 after being on the market for 80 days. Thirteen were new construction, four were REO (bank-owned) and one was a short sale.

Fifteen of the 59 homes sold were listed at or below $100,000. Average days on the market was 159, median days on the market was 153 (ranged from 22 to 322). Average list-to-sales price percentage was 95.15%, median was 96.92% (ranged from 78.57% to 103.71%).

Forty of the 59 properties sold were listed above $100,000 and below $200,000. Average days on the market was 124, median days on the market was 100 (ranged from 2 to 372). Average list-to-sales price percentage was 98.11%, median was 98.12% (ranged from 88.36% to 104.83%).

Three of the homes sold were listed above $200,000 and below $300,000. Average days on the market was 78, median days on the market was 52 (ranged from 7 to 176). Average list-to-sales price percentage was 98.29%, median was 100% (ranged from 90.04% to 104.84%).

The remaining home was the one mentioned above; it listed for $495,000 and sold for $400,000 (80.81%) after being on the market for 80 days.

In contrast, for the same period a year ago (October 1-15, 2008), 76 properties were newly listed. Lowest list price was $13,500 for a then 56-year-old bank-owned A-frame which sold for $13,500 cash after being on the market for 46 days. Highest list price was $439,000 for a then 9-year-old steel-framed brick home on a bit over one acre which underwent one price reduction to $399,995 and then was withdrawn after being on the market for 276 days. It first went on the market (for $439,000) a little over two years ago, was withdrawn a year ago and then the listing was deleted. It remains on the market now under a different MLS number (but the same listing agent) for $399,000. Ten of the new listings were new construction and two were duplexes. In the interim 22 have been withdrawn, 9 expired, one was deleted and one is pending. Ten are still active. Six were listed as REO (bank-owned) and there were none listed as short sales.

Thirty-five properties sold (closed) between October 1-15, 2008. Lowest list price was $14,900 for a then 62-year-old bank-owned A-frame that sold for $7,500 cash after being on the market for 74 days. Highest list price was $425,000 for a then 13-year-old cedar home on 50 acres that sold for $370,000 after being on the market for 69 days. Eleven of the homes sold were new construction. Four were listed as REO (bank-owned); there were none listed as short sales.

Eleven of the homes sold were listed at or below $100,000. Average days on the market was 144, median days on the market was 80 (ranged from 23 to 483). Average list-to-sales-price percentage was 89.23%, median was 92.31% (ranged from 50.34% to 100%).

Sixteen of the homes sold were listed above $100,000 and below $200,000. Average days on the market was 157, median days on the market was 90.5 (ranged from 24 to 530). Average list-to-sales-price percentage was 98.08%, median was 100% (ranged from 87.5% to 102.16%).

Four of the homes sold were listed above $200,000 and below $300,000. Average days on the market was 194, median days on the market was 169 (ranged from 43 to 395). Average list-to-sales-price percentage was 86.82%, median was 98.64% (ranged from 50% to 100%).

Three of the homes sold were listed above $300,000 and below $400,000. Average days on the market was 163, median days on the market was 145 (ranged from 127 to 217). Average list-to-sales-price percentage was 93.62%, median was 93.53% (ranged from 92.02% to 95.31%).

The remaining home sold was mentioned above. It was listed for $425,000 and sold for $370,000 (87.06%) after being on the market for 69 days.

As of today, October 23, 2009, we have 9.44 months of inventory on the market. Not as bad as the last report, but not as low as we'd like to see it.

(Based on information from the Sumter Board of Realtors®/MLS, October 23, 2009)