Residential property sales on the rise across S.C.

By Ashley Barker
abarker@scbiznews.com
Published March 27, 2014

Residential properties in the United States sold at an estimated annual pace of 5,083,241 in February. That’s up 7.2% from a year ago, according to a RealtyTrac report.

In South Carolina, single-family homes, condominiums and townhomes sold at an estimated annual pace of 89,088, which is a 0.6% increase from February 2013, RealtyTrac’s Residential & Foreclosure Sales Report said. The median sales price of properties was $125,000 in S.C. and $164,667 across the country.

In February, 3.0% of sales in the state were from institutional investors — entities that purchase at least 10 properties in a calendar year. All-cash sales accounted for 53.8% of all residential sales in S.C., and 1.6% of sales were from foreclosure auctions, the report said.

Daren Blomquist, vice president at RealtyTrac, said supply and demand have reached a standoff in the uneven real estate recovery.

“The supply of distressed properties — which buyers and investors have come to rely on over the past few years — is evaporating quickly in most markets, but that dwindling supply is not being adequately replenished by nondistressed homeowners listing their homes or by new homes being built,” Blomquist said in a statement. “Meanwhile, a key source of demand over the past two years — institutional investors purchasing single-family homes as rentals — is starting to decline, and it’s not yet clear if that diminishing demand will be filled by first-time homebuyers and move-up buyers.”

Median sales price for select S.C. counties

County
Charleston
Horry
Beaufort
York
Dorchester
Berkeley
Pickens
Aiken
Lexington
Florence
Anderson
Spartanburg
Sumter

Feb. 2014 median sales price
$233,200
$215,000
$195,000
$152,925
$143,750
$130,000
$100,000
$97,000
$96,000
$90,750
$80,000
$79,250
$60,500

Jan. 2014 median sales price
$242,000
$217,000
$208,000
$153,250
$147,000
$134,900
$109,250
$98,000
$101,000
$90,000
$77,090
$85,500
$64,820

Feb. 2013 median sales price
$227,076
$114,000
$197,000
$127,000
$127,000
$121,500
$94,750
$90,000
$95,000
$87,500
$61,400
$76,500
$65,000

Source: RealtyTrac

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

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