S.C. residential sales up 7% over 2012

By Liz Segrist
lsegrist@scbiznews.com
Published Dec. 2, 2013

S.C. residential properties sold at an estimated annualized pace of 100,000 in October, up 7% from this time last year, according to data from real estate tracking firm RealtyTrac.

U.S. residential properties, including single-family homes, condominiums and townhomes, sold at an estimated annualized pace of roughly 5.6 million in October, up 13% from a year ago, according to RealtyTrac’s foreclosure sales report.

Despite the nationwide increase, home sales continued to decrease on an annual basis for the third consecutive month in California, down 15% from a year ago. Annual home sales in Arizona declined 13% and were down 5% in Nevada.

“After a surge in short sales in late 2011 and early 2012, the favored disposition method for distressed properties is shifting back toward the more traditional foreclosure auction sales and bank-owned sales,” RealtyTrac Vice President Daren Blomquist said in a news release.

The national median sales price of all residential properties — including both distressed and nondistressed sales — was $170,000, up 6% from October 2012. This is the the 18th consecutive month median home prices have increased on an annualized basis.

The median sales price for all residential properties in South Carolina was $134,000 for October, up 9% from a year ago.

The national median price of a distressed residential property — in foreclosure or bank owned — was $110,000 in October, 41% below the median price of $185,000 for a nondistressed property.

“The combination of rapidly rising home prices — along with strong demand from institutional investors and other cash buyers able to buy at the public foreclosure auction or an as-is REO home — means short sales are becoming less favorable for lenders,” Blomquist said.

Median sales prices

Spartanburg County saw the largest increase — up 10% from this time last year — in median sales price for all homes sold in the state during October. The table below lists the median sales price in October for all sales, nondistressed sales and distressed sales for select S.C. counties in the Upstate, Midlands and Lowcountry.

County

All sales median price

12-mo. % change

Nondistressed median price

12-mo. % change

Distressed median price

12-mo. % change

Anderson

$76,750

–6%

$89,246

–1%

$50,000

–4%

Berkeley

$137,168

0%

$150,000

–1%

$81,700

–7%

Charleston

$245,000

9%

$272,975

9%

$130,100

8%

Dorchester

$148,283

2%

$153,444

–3%

$107,500

9%

Greenville

$137,075

6%

$152,000

9%

$84,500

13%

Lexington

$109,950

7%

$120,000

6%

$65,806

–11%

Orangeburg

$61,445

2%

$68,650

13%

$45,000

0%

Richland

$93,200

–8%

$114,900

–4%

$82,586

57%

Spartanburg

$91,000

10%

$97,000

2%

$65,000

18%

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

Previous coverage:

Foreclosures down 18% in S.C., state still in top 10

S.C. residential sales up 5% over 2012

S.C. foreclosure activity decreasing but remains high compared with rest of U.S.

S.C. foreclosure activity down nearly 28% year over year

S.C. among highest for number of abandoned foreclosures in the nation

Bank-owned foreclosure sales rise more than 30% across S.C.

April foreclosures hit 6-year low nationwide, increase in S.C.

Foreclosures drop 7.4% in S.C.

Foreclosures slowing in S.C.

S.C. foreclosure sales up 11% in 2012

Reach Liz Segrist at 843-849-3119 or @lizsegrist on Twitter.

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