First let me say, starting with this analysis, I have decided to give more information than I have in the past but still keep the information relative to the home seller and buyer.
Annual Comparison: This month was another month of declines from last year but looks like the downward sales trend may be starting to slow up. Twenty eight less homes were sold this February than February 2008 but we are seeing more buyers and more showings.
Home Sales Comparison Between February 2008 and February 2009
Price Range in $ Number of Sold in 02/08 Number of Sold in 02/09 Difference
0-69,999 18 15 -3
70,000-99,999 9 4 -5
100,000-199,999 44 26 -18
200,000-299,999 7 8 1
300,000+ 3 0 -3
Totals 81 53 -28
January to February Comparison: Comparing January to February shows signs of some improvement in home sales. Both the $100,000 and $200,000 price ranges had significant increases in sales in February while most other ranges only had small decreases in sales.
Home Sales Comparison Between January 2009 and February 2009
Price Range in $ Number of Sold in 01/09 Number of Sold in 02/09 Difference
0-69,999 18 15 -3
70,000-99,999 8 4 -4
100,000-199,999 20 26 6
200,000-299,999 1 8 7
300,000+ 2 0 -2
Totals 49 53 4
Most Active Price Ranges: The most active price ranges were in the lower $100,000 range. Many of these homes are a reflection of the price decreases that have been occurring over the past several months and make up most of the sales that have been occurring over the past month. The exception being the large number of investor homes that were sold during the month as reflected in the 0-$30,000 range. Trends show that investors are buying at increased rates because of the availability of low priced homes that in many cases will be fixed up and turned into rental properties.
Most Active Price Ranges in February 2009
Price Range in $ Number of Sold in 02/09
0-30,000 8
100,000-120,000 10
120,000-140,000 8
200,000-250,000 5
250,000-300,000 3
Listings vs Solds: Even though we are seeing more activity and a slight rise in sales, we are still seeing significantly more homes being placed on the market than are being sold. This continues the trend of a large inventory and a buyer's market which could continue the trend of price reductions for a time longer.
Listing vs Sold in February 2009
Price Range in $ Homes Listed Homes Sold Difference
0-69,999 25 15 -10
70,000-99,999 23 4 -19
100,000-199,999 68 26 -42
200,000-299,999 17 8 -9
300,000+ 11 0 -11
Totals 144 53 -91
Summary: We are seeing positive signs early this year with sales picking up in a market that is in the buyers favor. Even with more activity we are still far below what would be expected in a buyers market and we still are not seeing buyers looking at homes even though it seems to be picking up. Spring is commonly recognized as the start of the buying season and if February is any indication of what to expect then the spring should take off to a great start.
Sales information used in this analysis was derived from data of the Sumter Board of Realtors.
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