Monthly Indicator Report
It was largely a year of recovery for housing across our nation. Markets resolved to shed their excess weight, appeal to both existing homeowners and renters alike, and learn to play nicer with banks. Hey, three for three isn’t too bad. But there’s more work to be done. Here’s how the final month of 2012 finished up.
New Listings in the Western Upstate region decreased 10.2 percent to 317. Pending Sales were down 28.2 percent to 122. Inventory levels shrank 6.4 percent to 3,566 units.
Prices rallied higher. The Median Sales Price increased 12.2 percent to $131,000. Days on Market was down 8.3 percent to 163 days. Absorption rates improved as Months Supply of Inventory was down 9.1 percent to 14.7 months.
Economic growth is on an upward trend and several prominent housing indices continue to showcase market turnaround. Momentum is on our side, though it won’t necessarily be fast, consistent or universal. But after five or six challenging years, it’s a welcomed change of pace. Plenty of opportunity lies ahead. Here’s to a healthy and prosperous year!
Housing Supply Overview
Most markets are on better footing now than a year ago. We saw many signs of market recovery throughout 2012. Assuming interest rates and job growth cooperate, 2013 should be another positive year for housing. For the 12-month period spanning January 2012 through December 2012, Pending Sales in the Western Upstate region were up 3.0 percent overall. The price range with the largest gain in sales was the $100,001 to $150,000 range, where they increased 8.2 percent.
The overall Median Sales Price was up 3.0 percent to $126,750. The property type with the largest price gain was the Condo segment, where prices increased 22.6 percent to $97,000. The price range that tended to sell the quickest was the $100,000 and Below range at 150 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 6.4 percent. The property type that lost the least inventory was the Condo segment, where it decreased 5.9 percent. That amounts to 14.5 months supply for Single-Family homes and 16.9 months supply for Condos.