S.C. residential sales up 5% over 2012

By Liz Segrist
lsegrist@scbiznews.com
Published Sept. 26, 2013

S.C. residential properties sold at an estimated annualized pace of roughly 96,000 in August, up 5% from the prior year, according to RealtyTrac.

Nationwide, properties sold at an estimated annualized pace of 5.6 million in August, up 12% from August 2012, according to RealtyTrac’s August 2013 U.S. residential and foreclosure sales report.

The median sales price for S.C. homes was roughly $136,000 in August, up 7% from a year ago. Nationally, the median was $175,000, up 6% from a year ago, marking the 17th consecutive month of increase.

The median price of a distressed residential property — in foreclosure or bank-owned — was $116,000 in August, down 3% from a year ago. Median distressed prices have now declined on an annual basis for six consecutive months.

“Seven years after the housing bubble burst, U.S. home prices are clearly on the rise again, up 23% from the bottom in March 2012, although still 26 below the peak of the housing price bubble in August 2006,” said Daren Blomquist, vice president at RealtyTrac, in a statement.

For August, 45% of all residential sales nationwide were all-cash purchases, up 30% from August 2012.

Institutional investors, or those who purchased 10 or more properties in the past 12 months, accounted for 10% of all sales in August, up from 9% in August 2012. Sales of bank-owned homes also accounted for 10% of sales in August, also up from 9%.

Short sales accounted for 15% of all U.S. residential sales in August, up from 8% in August 2012.

“This recovery in home prices and sales volume continues to be driven in large part by cash buyers and institutional investors, as evidenced by the increasing share of sales represented by those two categories in August,” Blomquist said in a statement.

Median sales prices

Anderson County saw the largest increase — up 25% from this time last year — in median sales price. The table below lists the median sales price in August for all sales, non-distressed sales and distressed sales for select S.C. counties in the Upstate, Midlands and Lowcountry.

 
County
Anderson
Berkeley
Calhoun
Charleston
Dorchester
Greenville
Lexington
Orangeburg
Richland
Spartanburg

Median price (all sales)
$81,300
$137,000
$0
$260,000
$145,000
$145,000
$116,450
$62,250
$109,900
$99,000

12-mo.
% Chg.
25%
-5%
-100%
11%
0%
4%
4%
4%
-4%
13%

Median price (non-distressed)
$90,000
$153,000
$0
$280,000
$155,000
$154,500
$127,000
$65,750
$129,150
$107,700

12-mo.
% Chg.
20%
-2%
-100%
8%
3%
5%
3%
10%
3%
16%

Median price (distressed)
$52,000
$75,000
$0
$140,305
$93,000
$98,000
$78,000
$55,700
$77,840
$61,201

12-mo.
% Chg.
24%
-20%
-100%
20%
-11%
24%
21%
57%
32%
-1%

Source: RealtyTrac’s August 2013 U.S. residential and foreclosure sales report

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