Market Conditions in Columbia SC
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The real estate market is lighting up for the spring season! With the weather changing and the New Year in full swing, buyers are out and about looking for a new home for themselves and their families. With that said, we wanted to keep you up to date on some of the numbers that we’ve been seeing in the last couple of months.
Homes for January and February 2017 are hovering between 71 and 93 days on the market. West Columbia and Cayce are having the lowest days on market, likely because of tax advantages that both cities are offering. Taxes “across the river” tend to be lower, on average, than in the City of Columbia. The Northeast part of town is experiencing a higher days on market, likely because of an increase in inventory.
Sales prices continue to climb in the New Year and in the post election swing. Each of the different parts of the Midlands are experiencing different average price points, from a $132,000 average in the Southeast part of town, all the way up to a $286,000 average in the downtown market. The good news is that homes are selling, on average, for between 96-98% of the average listing price.
We’ll continue to keep an eye on the market, and let you know of any major changes that we’re experiencing here in town. As always, for a personal market analysis, reach out to one of our sales agents.
The first full month of fall got off to a little slower start than September but don’t be discouraged, this is normal in the cycle of real estate. Between the weather becoming colder and school starting back, it’s human nature to hunker down for the winter. What we are left with are the buyers and sellers who are serious about moving, which leads to both sides being more flexible and a better transaction overall.
As for the numbers, we are seeing an increase in both sales and sales price year over year. So sale-by-sale Greater Columbia is coming out of the “recession” and showing strong stable growth.
SINGLE FAMILY RESIDENTIAL SALES IN GREATER COLUMBIA TOTALED 802 IN AUGUST 2014.
Annually, this is an increase of
compared to 743 total sales in October 2013.
Monthly, this is a decrease of
compared to 909 total sales in September 2014.
Annually, prices have increased by
compared to 743 from October 2013.
Monthly, median prices have decreased
compared to September 2014.
If you are thinking of buying, selling or just want to chat about current market trends, feel free to contact us.
**The data in this report was compiled by the Consolidated Multiple Listing Service (CMLS) and while deemed reliable, is in no way guaranteed.