Median sales price for S.C. homes down $10,000 from year ago

By Ashley Barker 
abarker@scbiznews.com
Published Dec. 24, 2013

Residential properties sold in South Carolina at an estimated annualized pace of 91,260 in November, up 5% from the previous year, according to data released by RealtyTrac.

Nationwide, single-family homes, condominiums and townhomes sold at an estimated annualized pace of 5.1 million in November, up 10% from November 2012, according to RealtyTrac’s November 2013 U.S. residential and foreclosure sales report.

The median sales price for S.C. homes was $120,000 in November, down $10,000 from a year ago. Nationally, the median sales price was $169,000, up 7% from November 2012. That was the 19th consecutive month median home prices have increased on an annualized basis.

The national median sales price of a distressed residential property, which is in foreclosure or is bank-owned, was $110,500 in November, 39% below the median price of $181,500 for a non-distressed residential property, the report said.

For November, 50.3% of residential sales in South Carolina were all-cash purchases, up from 21.6% a year ago. South Carolina was the fourth-highest state for percentage of cash sales, behind Florida with 62.7%, Georgia with 51.3% and Nevada with 51%. Nationwide, all-cash purchases accounted for 42% of residential sales.

Institutional investors who purchased 10 or more properties in the past 12 months accounted for 7.7% of all S.C. sales in November, up from 5.3% last year. Sales of real-estate owned properties accounted for 6.4%.

“The housing market recovery continued to be driven by investors and other cash purchasers in November,” said Daren Blomquist, vice president at RealtyTrac, in a statement. “Lenders are taking advantage of this environment to unload more of their bank-owned inventory and in-foreclosure inventory at the foreclosure auction.”

Reach Ashley Barker at 843-849-3144 or @AshleyNBarker.

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