What exactly is the current situation in the Columbia or also known as the Midlands, South Carolina housing market? I researched the period of November 1 - November 30th to see where we stand as a marketplace. I have looked at the entire market, from Columbia to Irmo, Chapin and Lexington, Blythewood to Newberry County to Kershaw County to Aiken and Orangeburg.

In 2007, we have 6,712 properties listed for sale. For that same time frame, 678 sold and closed. 28.92% of those sold received a contract somewhere between 0-30 days on market. 27.77% sold in over 121 days on market and 15.83% remained on market for 61-90 days until ratifying their contracts.

In 2006, 930 properties sold and closed in November. The trend was similar during that time. 34.96% were marketed for 0-30 days before receiving a contract, 21.75% sold in over 121 days. The other top category were those properties marketed for 31-60 days (18.73%).  What these two sets of numbers from 2006 and 2007 tell me is that pricing a property correctly will sell it quickly.  If you overprice it, then you will have a long time on market and lose out on some great opportunities.  This trend to have a high number of 0-30 and 121+ days on market as the two top categories is not news - it’s just a quantification of what we’ve always known to be a truth in real estate.

What is out there for sale? Well, during November 1 - November 30, 2007, the median price was $177,000. To average that out, it would mean that all properties listed in November 2007 were priced at $241,680. That tells us that more expensive properties are being listed at this time. Perhaps some of our local business executives have found out that they are moving to a new locale after the first of the year?

In 2007, the top three categories of the price ranges of those properties listed are as follows:

1. $120,000 - $139,999 (821 properties)

2. $200,000 - $249,999 (748 properties)

3. $300,000 - $399,999 (694 properties)

Interesting to note that in 2006, the top three categories of properties listed were more expensive:

1. $300,000 - $399,999

2. $200,000 - $249,999

3. $400,000 - $499,999

So, let’s talk about what has sold. In 2007, the median price was $148,050 of what did sell in November. It is an encouraging number, since the median price was $144,000 for the same time frame in 2006. In 2007, the majority of those financed to make a purchase did so with conventional mortgages. Only 45 found FHA financing and 76 purchased their properties in cash. (The cash buyers must be fellow Dave Ramsey listeners!)

What did they buy? In both 2007 and 2006, the top category of the properties purchased were priced between $120,000 - $139,999. The second most popular price range to purchase in changed to a higher level in 2007, to $140,000 - $159,999 (it was $100,000 - 119,999 in 2006).  As we enter into the holiday season, it is common to see a slowing of the marketplace, but nowhere near the levels of what the media is overdramatizing and bombarding us with daily.  Our market is still moving along and improving, as the numbers show. 

Your “No Bull” Realtor,

Kathy Smith

Russell & Jeffcoat Realtors, Inc.

(888) 808-4Moo ext. 0

(803) 781-5729

http://www.kathy.smith.net/