Housing Supply Overview
Bring on the balmy summer breezes and the second round of the summer selling season, but let’s see how the first half of the year fared first. For the 12-month period spanning July 2014 through June 2015, Pending Sales in the Western Upstate region were up 10.4 percent overall. The price range with the largest gain in sales was the $150,001 to $200,000 range, where they increased 20.8 percent.
The overall Median Sales Price was up 5.6 percent to $142,500. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 4.7 percent to $145,000. The price range that tended to sell the quickest was the $100,001 to $150,000 range at 93 days; the price range that tended to sell the slowest was the $300,001 and Above range at 139 days.
Market-wide, inventory levels were down 4.8 percent. The property type that lost the least inventory was the Condos segment, where it decreased 0.8 percent. That amounts to 10.2 months supply for Single-Family homes and 10.8 months supply for Condos.
The curtain closes and the first half of 2015 is a finished act. Monthly market analysis helps nudge the real estate story forward for a final bow. The orchestra (consumers) and conductor (the REALTOR®) are thanked. Metropolitan operas, er, markets across the country continue to improve and further perform at peaks not seen in years. Bad memories from that one lousy show known as the Great Recession are pushed even further into the past.
New Listings were up 1.2 percent to 699. Pending Sales decreased 37.7 percent to 226. Inventory shrank 4.8 percent to 3,381 units.
Prices moved higher as Median Sales Price was up 0.8 percent to $156,250. Days on Market decreased 2.1 percent to 95 days. Months Supply of Inventory was down 13.6 percent to 10.2 months, indicating that demand increased relative to supply.
Having six months of 2015 data in the books is great, but it is still just intermission at this halfway point of the year. Forecasting market trends can be as dicey as the weather, but with interest rates managing to remain low into the summer months, the outlook is promising, even if rates go up later in the year. Metrics like inventory and percent of list price received at sale are two of the better understudies to watch this year.
To view these, and previous, market reports, click here.