Monthly Indicator Report
The S&P/Case-Shiller Home Price Index recently showed that home prices in 20 major metropolitan areas had increased at the strongest pace since the bubble years. At long last, major national indices are telling the story that local MLS data users have known for months or even years. Yes, the housing market is recovering. The recovery varies by geography and market segment, but things are certainly better than they have been and are showing no signs of letting up.
New Listings in the Western Upstate region increased 8.6 percent to 707. Pending Sales were down 16.8 percent to 218. Inventory levels shrank 3.6 percent to 3,832 units.
Prices turned higher. The Median Sales Price increased 8.3 percent to $130,000. Days on Market was down 22.0 percent to 113 days. Absorption rates improved as Months Supply of Inventory was down 7.7 percent to 15.5 months.
The prickliest thorns in our collective side are still lack of inventory and subdued listing activity. In some neighborhoods, consumers have 50 or 60 percent fewer options from which to choose than they did a few years ago. That’s causing bidding wars in popular areas. Despite the competitive landscape for buyers, housing remains one of the brightest lights in an otherwise subdued economic recovery.
Housing Supply Overview
The spring market is here in full swing. Buyers are showing good turnout but too many sellers remain sidelined. That’s creating a more competitive landscape for buyers. For the 12-month period spanning May 2012 through April 2013, Pending Sales in the Western Upstate region were up 4.4 percent overall. The price range with the largest gain in sales was the $100,001 to $150,000 range, where they increased 13.7 percent.
The overall Median Sales Price was up 0.1 percent to $128,100. The property type with the smallest price decline was the Single-Family segment, where prices decreased 0.7 percent to $130,000. The price range that tended to sell the quickest was the $100,000 and Below range at 135 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 3.6 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 3.5 percent. That amounts to 15.2 months supply for Single-Family homes and 19.8 months supply for Condos.
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