May 2013 Market Reports are Out!
Monthly Indicator Report
We’re halfway through the year and it seems our collective attention has shifted from monitoring price and sales gains to eagerly anticipating more new listing activity on the part of sellers. This shift is the result of an imbalance between strong demand for homes and constrained supply. In some markets, purchase agreements are being written up directly after a showing. Your experience and local market conditions may differ, but the market as a whole has summertime heat.
New Listings in the Western Upstate region increased 13.3 percent to 657. Pending Sales were down 18.0 percent to 237. Inventory levels shrank 2.3 percent to 3,879 units.
Prices turned higher. The Median Sales Price increased 8.7 percent to $141,250. Days on Market was down 26.5 percent to 109 days. Absorption rates improved as Months Supply of Inventory was down 7.8 percent to 15.4 months.
Interest rate risk is back in the headlines after Fed chief Ben Bernanke’s latest testimony on Capitol Hill. The Federal Reserve Bank is considering decreasing its $85 billion a month bond asset purchases, which have been holding interest rates at or near historic lows. This is mostly the result of an improving jobs market, which is a good thing for real estate.
Housing Supply Overview
Summer is right around the corner. In addition to corn on the cob, grilled steaks and your favorite outdoor activity, be watching for increased seller activity in response to constrained inventory levels and rising prices. For the 12-month period spanning June 2012 through May 2013, Pending Sales in the Western Upstate region were up 6.0 percent overall. The price range with the largest gain in sales was the $100,001 to $150,000 range, where they increased 18.8 percent.
The overall Median Sales Price was up 0.8 percent to $129,500. The property type with the largest price gain was the Single-Family segment, where prices increased 0.8 percent to $132,000. The price range that tended to sell the quickest was the $100,000 and Below range at 132 days; the price range that tended to sell the slowest was the $350,001 and Above range at 192 days.
Market-wide, inventory levels were down 2.3 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 2.0 percent. That amounts to 15.0 months supply for Single-Family homes and 20.2 months supply for Condos.
To view these market reports, click here.
Comments(3)