Housing Supply Overview
As we journey into the traditional selling season, there is great evidence of bustle. Lenders and REALTORS® are working vigorously to keep up with the demand of eager buyers lining up three deep. Meanwhile, the desire for more inventory continues. For the 12-month period spanning May 2014 through April 2015, Pending Sales in the Western Upstate region were up 11.3 percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 22.7 percent. The overall Median Sales Price was up 3.7 percent to $140,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 4.9 percent to $144,177. The price range that tended to sell the quickest was the $100,001 to $150,000 range at 95 days; the price range that tended to sell the slowest was the $300,001 and Above range at 137 days. Market-wide, inventory levels were down 4.3 percent. The property type that lost the least inventory was the Condos segment, where it decreased 1.2 percent. That amounts to 10.2 months supply for Single-Family homes and 10.9 months supply for Condos.
As we turn the page to the second quarter of 2015, a proliferation of new listings is expected in most markets across the U.S. Spring is traditionally the commonplace time of the year that we see some of the most desirable gems polished for eager buyers. Though some Google searches and Twitter posts will blatantly offer pessimism about the state of the housing market, on-the-street evidence does not support bad tidings. New Listings were down 8.9 percent to 696. Pending Sales decreased 30.1 percent to 244. Inventory shrank 4.3 percent to 3,330 units. Prices moved higher as Median Sales Price was up 6.2 percent to $138,500. Days on Market decreased 4.2 percent to 115 days. Months Supply of Inventory was down 14.2 percent to 10.3 months, indicating that demand increased relative to supply. The national homeownership percentage is the lowest since 1993, when Jurassic Park was the highest-grossing movie. Rental prices continue to astonish with accelerated price growth, which may cause some to think twice before locking in a 12-month lease. Lending practices and mortgage rates will also have a decided effect on the number of buyers who will become homeowners this year. With the release of Jurassic World this month, we are reminded of cyclical conversations in both real estate and moviemaking. For more info: click here.