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July 2009 Sumter, SC Market Report

As I stated back in June, my report is under transition. I have been working on it over the summer and what a summer this has proven to be. The number of units sold in Sumter County has increased and many Realtors®, including myself, have been very busy. My report is still in transition and I am open to any suggestions you might have. You can email me at kim@agentowned.com. I am trying to provide you the consumer with information to make an informed decision about the real estate market in the Sumter, SC area.
Summary of the Market Thru July 31, 2009*

Market Statistic

July 2009

June 2009

Trend
Median Price of Homes Sold

$137,250

$128,900

+

Average Price of Home Sold

$140,366

$141,765

-

Least Expensive Home Sold

$15,000

$14,500

Most Expensive Home Sold

$390,000

$397,500

Price/ Sq. Ft.

$75.69

$73.70

+

Average Days of Market (DOM)

191

158

+

Total Active Inventory

1337

1386

-

Median Home Size

1742

1754

Median Number of Bedrooms

3

3

Median Number of Bathrooms

2

2

The information above starts to show the picture of the Sumter, SC market, but it isn't a complete picture. The number of homes sold in Sumter during June 2009 was 85 and in July that number increased to 106. This is the first time since June 2008 that the number of units sold in a month has been over 100! Many Realtors®, are seeing the increase in buyer traffic. Also note on the chart that year to year, the number of units sold in July 2009 compared to July 2008 was actually higher. This is the first time we have seen this in a chart since 2006 numbers over 2005!

Units Sold Per Month Sumter, SC
The total number of homes sold in 2009 has lagged behind the year to date total for 2008. As the numbers increase, we may see this gap narrowing.
Year To Date Units Sold
While days on the market increased, it also meant homes that had been on the market for many months were receiving offers and being sold.
Days on Market
The number of new listings in Sumter decreased in July 2009. This is the lowest number of listings we have seen since January 2009. Listings are cyclical and historically July has been a month where more listings are seen on the market. The lower number may be the result of sellers marketing their homes sooner, but one month doesn't make a trend.
Listings per Month Sumter County
The Year To Date listings in the Sumter market appears to be leveling off more. If the trend continues, we should see fewer homes on the market over the next several months.
Year to Date Listing Sumter SC Real Estate Market
A combination of units sold during the month and the decrease in homes listed resulted in a downward movement of the total number of homes available. This is the first decrease we have seen since April 2009.
Active Listings Sumter SC
The median home price continues to increase over time in Sumter. The current price of $137,250 has only seen two months higher since January 2004. During the fall and winter of 2008-2009, we did see the median home price down, but in the past six months the median home prices have come back. Much of the fluctuation during these months was due to the mix of properties being sold.
Median Home Prices Sumter, SC
The average price per sq. foot continued to climb in July as it had over the past six months. In comparing the price per square foot, you notice it closely mirrors the median home price. This would lead me to believe that we saw many investors buying lower priced homes over the fall and winter and more owner occupied properties being sold during the spring and summer.
Monthly Average Price/ Sq. Ft Sumter SC
Most areas in Sumter have been able to maintain their values during the National Housing Down Turn. This is just a reminder that all real estate is local. Every market is local and consumers must find an educated Realtors® who understands the market to help them buy or sell a home.
Again, this market report is still evolving and I hope you are finding the information helpful. If you have any suggestions, please email me at kim@agentowned.com and I will see what I can do.
Kim Peasley-Parker
Realtors®/Shareholder
AgentOwned Realty,
Heritage Group, Inc.
Sumter, SC
Cell 803-840-7519
Serving all of Sumter County including Sumter, Dalzell, and Shaw Air Force Base area
Copyright, Kim Peasley-Parker August 2009

Posted Sunday Aug 30