Sumter, South Carolina Real Estate Market Part 3

So far in the Sumter, South Carolina Real Estate Market Blog Parts 1 and Part 2, we have covered that markets are local and though sales are down from 2006 levels and days on market have jumped, Sumter continues to see homes being sold.

But we know that we have gone from a sellers' market to a buyers' market.  So, how does that impact prices in the Sumter market?

First, lets' review a term we hear consistently when taking about home prices.  Median home prices means that half the homes sold were lower in price and the other half of the homes sold were higher in price.  This is commonly used due to economists using the term to describe income as well.

The median sale price for a home in Sumter has increased from 2004 through 2007. 

This means that buyers in the Sumter market are not spending less than in prior years.  They are spending more for homes.  But what is their money buying them?

Prices per square foot vary from neighborhood to neighborhood and from home to home based upon the features of the home and the age of the home.  Sumter is not seeing a large appreciation this year, but we are not seeing home prices declining rapidly either.  As pricing goes, Sumter has returned to a more normal market than was experienced in the prior few years. 

Most Realtors® will agree that they do not expect to see home prices in Sumter decline.  The market in Sumter remains strong.  There are many homes on the market, making competition high for the buyers that are there purchasing.  But we still have buyers out looking and making offers on homes. 

With interest rates still at historical lows, a large selection of homes available and financing available to qualified buyers, now is as good a time as any in the past three years to purchase a home.  With the current buyers' market, it is probably an even better time to purchase a home.        

(c) 2007 Kim Peasley-Parker,  All Rights Reserved