Median sales price of homes in S.C. remains $125,000

By Ashley Barker
abarker@scbiznews.com
Published April 28, 2014

U.S. residential properties sold at an estimated annual pace of 5.3 million in March, which is 8% higher than last year’s pace, according to RealtyTrac data.

The median sales price of both distressed and nondistressed U.S. residential properties —including single-family homes, condominiums and townhomes — was up 10% from last year to $164,500 in March, RealtyTrac’s Residential & Foreclosure Sales Report said. The 10% surge was the largest annual percentage increase during the past two years.

Daren Blomquist, vice president at RealtyTrac, said the housing market is showing signs of coming out of hibernation in March after a sluggish fall and winter.

“Median home prices increased on a monthly basis following six consecutive months where they were flat or declining and increased on an annual basis by the biggest percentage since hitting bottom in March 2012,” Blomquist said in a statement.

Short and distressed sales accounted for 16.4% of the country’s total sales during March. Real estate owned sales garnered 9.6% of the total, followed by 5.6% from short sales and 1.2% from foreclosure auction sales, RealtyTrac said.

“The distressed share of sales increased from the fourth quarter to the first quarter nationwide and in 38 states, which — along with many nondistressed homeowners regaining enough equity to list their homes for sale — is helping to ease low inventory conditions in some markets,” Blomquist said.

In South Carolina, residential properties sold at an estimated annual pace of 89,578 last month, which is 1% higher than March 2013. The median sales price of homes in the Palmetto State stayed roughly the same as it was in February at $125,000, which is 14% more expensive than a year ago.

Around 11% of all sales in the state were short sales or distressed sales. Real estate owned sales accounted for 5.9% of sales, while 3.8% were short sales, and 1.3% were foreclosure auction sales, RealtyTrac said.

Median residential home prices for select S.C. metropolitan areas


Metro area

Housing units

March 2014 median price

Feb. 2014 median price

March 2013 median price

Year-over-year change

Columbia

331,145

$94,055

$94,000

$94,000

0%

Greenville-Mauldin-Easley


277,327


$113,000


$119,150


$101,841


11%

Charleston-North Charleston



298,616



$175,000



$175,000



$157,750



11%

Source: RealtyTrac

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

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