Housing Supply Overview
Inventory, affordability and mortgage rates. These are going to be the stories of 2015. Will there be enough inventory? Will rates remain low? Will homes be affordable in the the types and price ranges desired? A nation awaits. For the 12-month period spanning April 2014 through March 2015, Pending Sales in the Western Upstate region were up 9.6 percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 17.1 percent.
The overall Median Sales Price was up 3.6 percent to $139,900. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 4.7 percent to $143,500. The price range that tended to sell the quickest was the $100,001 to $150,000 range at 96 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 1.3 percent. The property type that lost the least inventory was the Single Family segment, where it decreased 1.2 percent. That amounts to 10.2 months supply for Single-Family homes and 10.5 months supply for Condos.
All expectations in 2015 are for a healthy and energetic selling season. National stories have been highlighting an increase in new construction sales and pending sales, but national stories are not always readily applied to the local scene. All the same, if ever there was a year to list or purchase a home, wider economic factors seem to indicate that this is the one.
New Listings were down 0.7 percent to 795. Pending Sales decreased 33.3 percent to 234. Inventory shrank 1.3 percent to 3,274 units.
Prices moved higher as Median Sales Price was up 14.1 percent to $146,000. Days on Market increased 5.3 percent to 120 days. Months Supply of Inventory was down 9.6 percent to 10.3 months, indicating that demand increased relative to supply.
On average, more people are employed and making more money than they were at this time last year. The jobs picture, as a whole, looks promising. Employment drives home-buying activity, so it is ever critical to watch labor statistics as a key indicator for the residential real estate market. Coupled with the mostly positive jobs picture, it is widely expected that mortgage rates will remain as they are for at least the first two quarters of the year.
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