Monthly Indicator Report
November was largely another encouraging month for residential real estate. Our attention has shifted from multiyear high prices and sales volumes to seller activity, inventory levels and building permits. And let’s not forget the calendar effect. As families gather together, fewer house hunters are scheduling showings and writing offers. Watch for month-to-month activity to moderate while year-over-year comparisons remain strong.
New listings in the Western Upstate region decreased 3.7 percent to 412. Pending Sales were down 30.7 percent to 142. Inventory levels grew 0.1 percent to 3,611 units.
Prices got a lift. The Median Sales Price increased 5.0 percent to $139,900. Days on Market was down 43.5 percent to 101 days. Absorption rates improved as Months Supply of Inventory was down 10.3 percent to 13.1 months.
Recent economic and jobs data have surprised to the upside by exceeding expectations. This likely keeps the new Federal Reserve leadership on track for March 2014 tapering. Non-farm payrolls grew by 204,000 jobs in October, outperforming Wall Street expectations. In another bullish sign, August payrolls were revised upward to a 238,000 job gain – positive momentum that should support housing recovery. Just in time for the holidays.
Housing Supply Overview
There was a lot to be thankful for this November. Home buyers were thankful for still-low mortgage rates, affordable prices and a recovering economy. Home sellers were thankful for rising prices, quick market times, multiple offers and low supply levels. For the 12-month period spanning December 2012 through November 2013, Pending Sales in the Western Upstate region were up 11.7 percent overall. The price range with the largest gain in sales was the $200,001 to $350,000 range, where they increased 29.2 percent.
The overall Median Sales Price was up 7.1 percent to $135,000. The property type with the largest price gain was the Single-Family segment, where prices increased 6.0 percent to $137,000. The price range that tended to sell the quickest was the $100,001 to $150,000 range at 104 days; the price range that tended to sell the slowest was the $350,001 and Above range at 157 days.
Market-wide, inventory levels were up 0.1 percent. The property type that gained the most inventory was the Single-Family segment, where it increased 2.8 percent. That amounts to 13.0 months supply for Single-Family homes and 14.3 months supply for Condos.
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If you are looking to buy or sell a home in the Anderson or Greenville SC real estate areas, visit our website at www.SheilaNewtonTeam.com for tons of great information.
Sheila Newton Team
Berkshire Hathaway HomeServices -
C. Dan Joyner, Realtors