By Ashley Barker
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
Feb. 2014 median sales price
Jan. 2014 median sales price
Feb. 2013 median sales price
Reach Ashley Barker at 843-849-3144 or @AshleyNBarker.