January 2013 Market Reports
Monthly Indicator Report
The idea of doing data analysis is about as exciting to some as renewing a driver's license. Sometimes watching monthly figures can feel like watching grass grow. Try to ignore the confusion of high school statistics class – those regressions and cotangents can't hurt you anymore. The number crunching is done for you, so let the trend be your friend. And for the first time since 2006, the numbers are largely positive. Let's look at the cheat sheet.
New Listings in the Western Upstate region decreased 11.9 percent to 570. Pending Sales were down 37.5 percent to 150. Inventory levels shrank 6.5 percent to 3,501 units.
Prices softened somewhat. The Median Sales Price decreased 6.3 percent to $115,900. Days on Market was down 32.2 percent to 131 days. Absorption rates improved as Months Supply of Inventory was down 6.9 percent to 14.6 months.
It's important to watch the economy, since job growth directly fuels home purchases and since the housing industry generates jobs. The economy has added about 6.1 million jobs over the past 35 months, a sluggish but encouraging trend. Interest rates are slowly moving higher in some regions, though the affordability picture remains extremely attractive. To view this report, click here.
Housing Supply Overview
The first month of 2013 looks very similar to 2012, as most metrics continue to indicate market recovery. For the 12-month period spanning February 2012 through January 2013, Pending Sales in the Western Upstate region were up 0.4 percent overall. The price range with the largest gain in sales was the $100,001 to $150,000 range, where they increased 7.5 percent.
The overall Median Sales Price was up 1.6 percent to $127,000. The property type with the largest price gain was the Condo segment, where prices increased 21.4 percent to $95,000. The price range that tended to sell the quickest was the $100,000 and Below range at 145 days; the price range that tended to sell the slowest was the $350,001 and Above range at 211 days.
Market-wide, inventory levels were down 6.5 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 6.5 percent. That amounts to 14.3 months supply for Single-Family homes and 18.3 months supply for Condos. To view this report, click here.
To view the individual city reports as well as any archived marketing reports, click here.
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