August 2009 Sumter, SC Market Report

August 2009 Sumter, SC Market Report

Hope everyone had a good August and part of September. From my talks with many Realtors^®, we are seeing a very different market than what we have experienced in the past. Yes, you can say "Duh, Kim, we all know that." But I am not talking solely about the level of sales. I am talking about what is getting buyers' attention in properties. All the Realtors^® I have spoken with have found that homes they think will sell quickly do not. Homes they think might linger on the market go under contract. Buyers are being fickle (sorry buyers, I don't mean this as an insult, it is just a fact). As Realtors^® we once could tell a seller exactly what would sell a home price, location, preparation for the sale and several other items. These rules seem to have been thrown out in today's market. In asking all the Realtors^®, what they find are selling homes and the answer is the same. They don't seem to have a good answer as it changes from buyer to buyer. With that being said, here are the August Sumter, South Carolina Market Statistics.

Summary of the Market Thru August 31, 2009

Market Statistic	July 2009	August 2009	Trend
Median Price of Homes Sold	$137,250	$140,000	+
Average Price of Home Sold	$140,366	$151,923	+
Least Expensive Home Sold	$15,000	$30,000
Most Expensive Home Sold	$390,000	$400,000
Price/ Sq. Ft.	$75.69	$78.41	+
Average Days of Market (DOM)	191	165	-
Total Active Inventory	1337	1345	+
Median Home Size	1742	1789
Median Number of Bedrooms	3	3
Median Number of Bathrooms	2	2

The number of homes sold in Sumter during July 2009 was 106 and in August that number decreased to 83. While we did see the units closed or sold decrease, the units was only 4 units less than August 2008. The number of pending units is still strong so we expect to see more units closing over the next several months too.

The total number of homes sold in 2009 has lagged behind the year to date total for 2008. This is to be expected as the monthly numbers with some exceptions have fallen behind.

While days on the market decreased in August, this put the Days on Market back down to where it was before the spike we saw in July.

The number of new listings in Sumter increased in August 2009. July had shown Sumter the lowest number of new listings in since January 2009. Listings are cyclical and historically July and August have proven to been months where a large number of listings come onto the market.

The Year To Date listings in the Sumter market for 2009 is following very closely with the 2005 Year To Date listings as far as overall trends. If Sumter continues to follow this trend, I would expect to see the number of listings level off for the remainder of the year.

A combination of units sold during the month and the increase in homes listed resulted in a upward movement of the total number of homes available. This statistic is new to the report and it gives buyers and sellers a feeling for what is on the market. I am still watching it to determine what it is showing.

The median home price continues to increase over time in Sumter. The current price of $140,000 has only seen one month 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.

The average price per sq. foot continued to climb in August as it had over the past seven 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.

Remember all real estate markets are local. There is no National rules that every market in the United States follows when it comes to the ups and downs. Consumers are best served by an educated Realtors^® who understands the market and how to help them buy or sell a home.

I hope you find this real estate market report for Sumter County, SC interesting. 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 September 2009