Residential property sales on the rise across S.C.

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

Source: RealtyTrac

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

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