July 2017 Market Report

July 2017 Market Report

Local news outlets across the nation have been delving into the cause for lower sales totals in their markets during a period of economic growth, and it generally boils down to a lack of housing supply, especially in certain price ranges, to meet buyer demand.

For the 12-month period spanning August 2016 through July 2017, Pending Sales in the Western Upstate region were up 0.4 percent overall.

The price range with the largest gain in sales was the $300,001 and Above range, where they increased 12.0 percent. The overall Median Sales Price was up 7.4 percent to $160,000. The property type with the largest price gain was the Condos segment, where prices increased 8.7 percent to $117,250.

The price range that tended to sell the quickest was the $100,001 to $150,000 range at 56 days; the price range that tended to sell the slowest was the $300,001 and Above range at 110 days.

Market-wide, inventory levels were down 0.8 percent. The property type that gained the most inventory was the Condos segment, where it increased 8.9 percent. That amounts to 6.3 months supply for single-family homes and 6.2 months supply for Condos.

Data was taken from the Western Upstate Sales File.