Sumter, SC Real Estate Market Update April 2009
First let me apologize about being so bad about doing market reports this year. About the time I should have been doing February’s report, I had another project going on. The project was 7 lbs 2 oz and 19 ½” long and totally adorable. J Madeline Marie was born on February 2nd, healthy and happy and that is all that mattered to her mom and dad. Mom went back to work February 12th and hasn’t slowed down since. I have listed several homes, done several competitive market analysises and also had several transactions close. So I am trying my best to get back on track ya’ll. Bear with me!
The Sumter real estate market had a slow winter. Normally winters are slower, but our December, January and February were slower than normal. In December the number of pendings dipped to 94 and that showed in the number of units sold (closed) in January. I am posting a chart of the data below so you can see the numbers. After a slow winter, the numbers have shown an increase in March and April. The number of units sold and pending (under contract) has increased and this is good news. The number of phone calls for showings has also increased, but we are seeing a little slower activity in May. Showings do have a tendency to slow in May due to the end of the school year and many people being busy wrapping up the school year.
| Month | Units Sold in Month | Pendings | New Listings |
|
December 2008 |
57 | 94 | 107 |
|
January 2009 |
49 | 114 | 114 |
| February 2009 | 57 | 127 | 163 |
| March 2009 | 69 | 139 | 181 |
| April 2009 | 72 | 152 | 151 |
The charts for Units Sold Per Month, Listings per Month and YTD Listings are included below. You can compare 2009 to prior years and see that we are off to a slow start. Will we catch up to prior years? It is hard to tell, but right now I would say no. But that doesn't mean it will be a horrible year. Sumter is still looking forward the the 3rd Army Headquarter relocation to Shaw Air Force Base and also the Shaw AFB PCS season has not yet gotten into full swing.
There are two questions after all this data. First, is it a good time to list my home for sale? My answer is if you need to sell, yes it is. As a seller, you need to make sure your home is ready to sell. The house needs to be spic and span and organized throughout and be ready to market. The competition is tough and you need to be ahead of them in order to get the buyer to make an offer. I wrote a series of blogs about houses selling in Sumter and what they have in common. (Are Houses Selling in Sumter?) Second, is it a good time to buy a home? YES!!!! No one has a crystal ball to say what the future holds, but it is an excellent time to purchase a home. We are seeing mortgage rates at record lows. No one has any idea how long they will stay there, so strike while the iron is hot. (This includes refinancing if you are remaining in the home.) Also if you are a first time home buyer, you can qualify for up to $8000 First Time Homebuyers Tax Credit. This credit doesn't have to be repaid like the 2008 tax credit, unless you sell the home in less than three years. If there is a chance you might sell the home before the three years, there are options to help you.
2009 promises to be another interesting year in Sumter, South Carolina as far as real estate. The best thing that both buyers and sellers can do is research, ask questions and deal with a professional who understands the market and keeps up to date on the trends.
If you would like any specific information about a segment of the market please feel free to contact me at 803-840-7519. I would be happy to talk with you about your real estate needs and concerns.
Kim Peasley-Parker, AgentOwned Realty, www.SumterHomePros.com
Comments (3)Subscribe to CommentsComment