Pee Dee real estate becoming seller's market - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Pee Dee real estate becoming seller's market

FLORENCE COUNTY, SC (WMBF) - The Pee Dee housing market is healthy and growing, especially when it comes to home prices, which have gone up 36 percent in the region, according to the Pee Dee Realtor Association.

The Florence area, the median sales price of homes has increased about 4% in the past year, said Janet Elvington, a real estate broker associate for Coldwell Banker McMillan and Associates.

The Pee Dee Realtor Association said Darlington's median sales price has doubled. It was $60,000 in February 2014. As of last month, it's $127,500. The Darlington area does sell fewer homes than other parts of the Pee Dee that saw smaller increases in prices, like Florence.

Inventory is low and Florence is seeing 50% fewer sales compared to last year, Elvington said. That's what's driving up prices along with more people choosing homes in the $300-400,000 price range.

"We've been extremely busy," she said. "Membership is growing. If we could get more inventory, we would be able to sell a lot more. It's just right now the inventory's low."

Homes are still sitting on the market about a month longer than real estate agents prefer to see. Elvington said it's a combination of pricing it right and presenting it well.

"Make it sparkle," she said. "You want it to be in the best condition and at the best price. Not while it's on the market. Get it ready first."

She said it's a sellers market now that prices are rising again, however, buyers can still benefit from choosing to own a home now.

"Florence apartment rentals are about $800 to $900 a month," Elvington said. "You can get a house payment, a $125,000 house payment, for a normal buyer would run you maybe $600 to $700 a month."

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