November was a slower month for the Sumter Real Estate Market. This follows most Novembers in the past several years when the market slows in November and December due to the holidays. Buyers are still out looking, but the activity is not very steady.
The number of units sold in November was considerably lower than the units sold in October (59 vs.80). When looking at the units sold per month history, November is lower than October since 2004. December is a strange month in some years prior closings in December have increased over November closings, some years have stayed the same and on has decreased.
The number of listings in November was down from 161 in both September and October to 104 in November. November listings has been up, down or the same over October listings during the past 4 years so I don't see a real trend there. As for a prediction of the December listings, I would normally predict them to be lower than November, but in 2007 the number of listings in December actually increased over November listings.
Sumter County remains below the 2004 sales levels with the total number of units closed. The trends on the units sold chart indicate we are closely following the trends in late 2007 but at a lower number of units closed.
Sumter is still in a buyers market, with the number of new listings outpacing the units sold. What does this mean for the consumer? Not to sound like a broken record, but the interest rates are low and the home inventories are high. It is a great time to look for a home to purchase and take advantage of the market. Is there credit available? Yes, if you have income and a good credit score. Subprime mortgages are a thing of the past, but there are many other options available for the home buyers. I can help you to locate a mortgage lender who is familiar with all the programs available and determine the best financing for you and your family. Call me today for more information, 803-840-7519.
Copyright®, December 2008, Kim Peasley-Parker.
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