Wow, another month has gone by in the real estate market. Overall, we hear news that the markets are improving throughout many parts of the county and that is great news for many people especially sellers. And yes, I do mean real estate markets. Every state, county, town and subdivision is different so each is a market!
Buyers, now is the time to make the commitment and get off the fence. Uhm, aren't you getting sore from sitting on it for so long anyway? There is only 5 1/2 months left in the $8000 first time home buyers tax credit programs. Yeah, five months might seem like a long time, but remember plan for at least 30 days minimum to get your home closed and that is after locating one. As for the interest rate fluctuations, they are still great!!!! They may not be as low as they were a couple of months ago, but they are still historically low!
My market report this month is in transition. Please bear with me as I have added some charts and information. I am still working on the formats and working out the details but I wanted to get this information into a post so come back next month and I will hopefully have more bugs worked out in the formats.
As part of the new information, I have added the Monthly Median Sale Price and also Monthly Average $/Square Foot. These charts proved to be interesting. If you look at the data, you can see a direct relationship between the median sale price and $/square foot in January. The median sale price and average $/square foot dipped in January. We saw smaller, less expensive homes being sold and driving down both numbers. As we watch these charts over the next couple of months, I think we will see they continue to follow the same movements.
Days on Market is very important for sellers in planning moves. The Days on Market has increased over the past couple of years and continues fluctuate month to month. I do not see the days on market decreasing anytime in the near future for Sumter. It will be a gradual change as the number of listings decrease and the number of buyers increases.
In May there were a total of 153 new listings up from 151 in April. The new listings contributed to an overall increase in the number of active listing of 1363 at the end of May. This information was just added and will be continued on a monthly basis.
The number of units sold in May was 69 down from 72 in April and equal to the 69 units sold in March. June and July are traditionally the strongest selling months in Sumter County so we should expect to see these numbers increase the next two months.
I have added new charts this month and eliminated some other charts, but I hope you find the additions helpful. I am still working on tweaking the new charts and information so please bear with me on the changes. Hope to see you next month!
Kim Peasley-Parker
Realtor®/Shareholder
AgentOwned Realty Co.
Sumter, SC
Cell 803-840-7519
Serving all of Sumter County including Shaw Air Force Base
Comments(2)