SC January Home Sales Dip 2% Year-Over-Year

Columbia, SC (WLTX) -- The South Carolina Association of Realtors has released January's state-wide home sales statistics, and they show a slight drop in sales compared to last year.

Data provided to the SC Association of Realtors from the Multiple Listing Services of South Carolina shows state-wide residential property sales for January of 2014 to be down 2%, from 3,641 in 2013 to 3,567 in 2014.

Despite the two percent drop in sales volume, median prices of residential property sold, including single-family homes, condos, and villas, saw an uptick in value, with a 5.3% increase in average price. In January of 2013 the median selling price was $147,000, and January of 2014 that price moved up to an average of $154,743.

One positive sign for the residential real estate market in South Carolina: the average days on market is down more than 10% for January of this year, dropping from 130 days in 2013 to 116 days in 2014.

For Midlands areas, the real estate sales numbers comparing January of 2013 to January of 2014 varied quite a bit more than the state-wide averages.

For the Greater Columbia area the number of residential sales was down -7%. The Southern Midlands saw a +17.6% increase during the same time period, and the Sumter/Clarendon Counties area show a decline of -26.7%.

Median residential real estate prices declined for two of the three Midlands regions, with a -2.2% drop in the Greater Columbia area, -5.6% for the Southern Midlands, and the Sumter/Clarendon Counties region saw an increase in average price by +7.2%.

Days on the market before sale in the Greater Columbia area were down -4.8%, Southern Midlands saw a significant drop, by -31.2% less days on market, and the Sumter/Clarendon Counties region had a slight uptick by +1.2%

The over-all condition of the real estate market in South Carolina continues to fluctuate, but the two statistics bearing the most impact on residents, the number of homes on the market being down, and the median sale price being up, means a more improved real estate market in the state as a whole.

Follow me on Twitter at @Derry_London


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