FLORENCE, S.C. — The Pee Dee real estate market is a seller’s market now, according to Nell G. Folkens, president of the Pee Dee Realtor Association.
Folkens and Pee Dee Realtor Association CEO Pamela Jacobs spoke about the state of the market on Monday morning.
“With low mortgage rates, low unemployment, and wage growth, home buyer activity is expected to remain healthy into 2020,” Folkens said.
Pending home sales have increased by 5.2% from 2018 to 2019.
Mortgage rates have decreased by 0.75% in 2019.
Folkens said the number of homes for sale were down and statewide home inventory had decreased by 3.9% compared to last year. She added that monthly inventory was down 7.7%.
In economics, when more buyers are demanding a good, in this case homes, than there are sellers, the price of the good increases. This entices more people to build homes and to sell theirs.
Folkens said the median home sold had increases in price by 7.5% from 2018 to 2019.
She added that although new construction was on the rise and that trend is expected to continue, many experts have noted that new construction starts aren’t enough to quench demand.
“It remains to be seen whether existing homeowners will be enticed to sell by higher home prices which could finally bring the overall housing market into greater balance,” Folkens said.
In December, 99 Florence homes with a Florence ZIP code were sold, according to information provided by the Pee Dee Realtor Association.
Florence addresses have three ZIP codes: 29501, 29505, and 29506. The 29506 code includes Quinby, where there are three homes for sale.
Those homes had a total value of $19.393 million, an average price of $195,885 and a median price of $188,000.
Average price reflects the total number of dollars the homes are listed for divided by the number of listings. Median price represents the home in the middle of the homes listed in order of value from smallest to largest.
The homes sold spent an average of 79 days on the market.
Darlington, Hartsville, and Dillon had more than five homes listed sold in December.
Darlington had nine homes listed sold valued at a total of $972,250. The homes had an average price of $108,028 and a median price of $103,000. On average, the homes had been on the market 39 days.
Hartsville had eight homes listed sold, valued at a total of $1.139 million. On average, the homes cost $142,375 and the median price is $144,500. The homes had been on the market an average of 88 days.
Dillon also had eight homes sold, valued at a total of $803,500. The homes had an average price of $100,438 and a median price of $83,250. On average, the homes had been on the market 78 days.
In other ZIP codes in the Pee Dee, there was one home sold in Effingham, three in Lake City, one in Olanta, three in Pamplico, two in Scranton, one in Timmonsville, four in Marion and Mullins, one in Nichols, two in Kingstree, one in Lake View, three in Bennettsville, one in Blenheim, one in Clio, one in McColl, and one in Wallace.
In total, there were 175 listings — the Pee Dee Realtor Association includes Chesterfield County and a portion of Horry — sold that were valued at $29.424 million. The homes had an average price of $168,135 and a median price of $151,000. They averaged 81 days on the market.
Of the homes sold 69 were sold with a conventional mortgage, 39 were sold with an FHA loan, 25 with a VA loan, 33 in cash, and nine with a USDA loan.
The number of listings sold increased by 26 from December 2018 to December 2019, meaning there were 149 listings as of Dec. 31, 2018.
The average price increased by $11,003 from $157,132 to $168,135 from Dec. 31, 2018, to Dec. 31, 2019.
Also, the average days on the market for a listing decreased by 11 from 92 to 81 over the one-year time frame.
In 2019, the Pee Dee Realtor Association recorded 2,452 listings sold, an increase of 159 from 2018. The average price increased by $3,894 to $158,606 and the average days on the market decreased by one from 90 to 89.
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