Operation MenuHome Sales Are Way Down in Sumter, SC
For those of you trying to sell a home in Sumter, SC at this time…good luck.
For those of you wanting to buy a home in Sumter, SC…there are plenty of homes to choose from.
The Sumter real estate market has entered a period that is similar to almost every other “local” real estate market in the US. It’s slow and getting worse.
I did an analysis of the Sumter Single Family Home real estate market. Below you will see a graph of the number of homes sold during November in Sumter County. You can see from 2004 to 2005, the actual number of home sales increased by about 35%. But home sales from 2005 to 2006 are showing a depressing decline of 47%. You can see how my facts and figures for the following graphs were determined by reading my “Sumter Home Sales Criteria” page.
Don’t think the above statistic is just an anomaly either. The next graph shows Sumter home sale in October where not so great either. October 2005 saw 173 homes sold in Sumter…a great year for Sumter real estate. But by October 2006, the actual number of homes sold dropped to just 94 units. That’s a 45% drop in single family home sales.
The Year over Year home sales in September 2006 is when Sumter started seeing the beginning of a real market slowdown. Yes, some people are saying the national Real Estate market is in the middle of an economic bubble burst. I don’t know if this is true…only you can decide as there really isn’t a good “bubble breaking” definition. Below you will see from September 2005 to September 2006, home sales in Sumter fell by 19%.
As most of you know, the US Third Army is coming to Shaw AFB in a few years. Will the 3rd Army save the Sumter Real Estate market? You may want to read the following real estate blog: Shaw AFB: Its Future Effects on the Sumter Real Estate Market http://sumterrealestate.spaces.live.com/blog/cns!4D25E44B90AD42DA!177.entry
It opened my eyes to what Sumter might expect.
If you have any comments or want to add your two cents worth on “Anything Sumter, SC” let me know. I’ll be glad to give you your say…and Sumter wants to hear you.