Home Sales Data for Sumter, SC October 16-31, 2009

Home Sales Data, October 16-31, 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 October 16-31, 2009, there were 75 new listings on the market. Lowest list price was $10,000 for a 56-year-old 720-square-foot house with no heating or air system, in need of electrical work. Highest list price was $285,900 for a 3-year-old 3001-square-foot home in a golf-course community. Nine of the new listings are new construction, and one is a duplex (although it's in the MLS as a condo/townhouse, it's not; it's a duplex). Three of the new listings are REO (bank-owned) and two are listed as short sales.

Fifty-one properties sold (closed) from October 16-31, 2009. Lowest list price was $24,900 for a five-year-old bank-owned home that originally listed for $63,500, underwent three price reductions before finally selling for $22,000 after being on the market for 120 days. Highest list price was $327,000 for a new construction home in a new subdivision which originally listed for $332,000 and underwent one price reduction before selling for $297,000 after being on the market for 279 days. Seven of the sales were new construction, one was a duplex and six were condos/townhouses. Eleven of them were listed as REO (bank-owned) and none were listed as short sales.

Of the 51 properties sold, 25 were listed for at or below $100,000. Average days on market was 144 and median days on market was 120 (ranged from 30 to 266). Average list-to-sales percentage was 92.21%
and median list-to-sales was 94.44% (ranged from 25.04% to 113.71%).

Twenty-two of the sold properties were listed above $100,000 and below $200,000. Average days on market was 108, and median days on market was 76 (ranged from 28 to 355). Average list-to-sales percentage was 98.95% and median list-to-sales was 99.09% (ranged from 96.06% to 105.54%).

Three listings which sold were listed above $200,000 and below $300,000. Average days on market was 239 and median days on market was 266 (ranged from 135 to 316). Average list-to-sales percentage was 97.05% and median list-to-sales was 96.63% (ranged from 94.51% to 100%).

The remaining listing was mentioned earlier. It listed originally for $332,000, underwent one price reduction to $327,000 and sold for $297,000 after being on the market for 279 days.

In contrast, for the same period a year ago (October 16-31, 2008), 83 properties were newly listed. 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 $698,000 for a new construction in an upscale community; it underwent one price reduction for $640,000, which is where it's listed now. It's been on the market for 372 days, make 'em an offer, they might take less. Twenty of these listings have expired (seven of them were condos/townhouses listed under one MLS number and which I counted as seven, not one), 22 were withdrawn, two are pending, one was rented rather than sold and 8 remain active. Seven of the new listings were condos, all listed under the same MLS number (see "expired" above), and three were duplexes. Six of them were new construction, and 15 were listed as REO (bank-owned)properties. None were listed as short sales.

Between October 16-31, 2008 54 properties sold (closed). Lowest list price was $26,900 for a then 16-year-old mobile home which underwent three price reductions to end up at $9,500 before selling for $2,000 cash after being on the market for 277 days. Highest list price was $575,000 for a then 12-year-old bank-owned executive home that underwent two price reduction before selling for $517,500 after being on the market for 321 days. Twelve were new construction; there was one duplex. Twelve were listed as REO (bank-owned), none were listed as short sales.

Of the 54 properties sold, 20 were listed at or below $100,000. Average days on market was 158, median days on market was 135 (ranged from 30 to 803). Average list-to-sales price percentage was 85.91% and
median list-to-sales was 92.93% (ranged from 21.05% to 102.86%).

Twenty-seven of the 54 sold properties were listed above $100,000 and below $200,000. Average days on market was 172 and median days on market was 148 (ranged from 8 to 533). Average list-to-sales price percentage was 97.98% and median list-to-sales was 98.85% (ranged from 84.95% to 107.15%).

Six listings were listed for above $200,000 and below $300,000. Average days on market was 170 and median days on market was 151 (ranged from 68 to 292). Average list-to-sales-price percentage was 97.99% and median list-to-sales was 97.99% (ranged from 94.76% to 102.02%).

The remaining listing was listed for above $500,000 and below $600,000 and was the highest list price mentioned above. It listed for $575,000 originally, underwent two price reductions and sold after being on the market for 321 days for $517,000 (94.26% of the list price).

At the moment there are 735 residential properties on the market in Sumter County. There were 121 homes that sold (closed) in the past 30 days. That means, unless something changes, we have about 6.07 months of inventory on the market.

Not a bad place to be. Here's hoping it doesn't get worse when the next wave of foreclosures hits.


(Based on information from the Sumter Board of Realtors®/MLS, November
4, 2009)