Housing Supply Overview
Although every community is different, a general analysis of all housing markets across the country reveals that housing inventory is slowly moving toward balance with year-ago levels. This is the first indication in years that we may be approaching an inventory bottom. For the 12-month period spanning November 2017 through October 2018, Pending Sales in the Western Upstate region were down 1.1 percent overall. The price range with the largest gain in sales was the $150,001 to $200,000 range, where they increased 11.0 percent.
The overall Median Sales Price was up 5.0 percent to $172,200. The property type with the largest price gain was the Condos segment, where prices increased 6.7 percent to $127,500. The price range that tended to sell the quickest was the $100,001 to $150,000 range at 82 days; the price range that tended to sell the slowest was the $300,001 and Above range at 132 days.
Market-wide, inventory levels were up 12.2 percent. The property type that gained the most inventory was the Condos segment, where it increased 41.0 percent. That amounts to 5.0 months supply for Single-Family homes and 5.2 months supply for Condos.
If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of 2018. Prices are still rising in most areas, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices.
New Listings were up 13.9 percent to 613. Pending Sales decreased 36.8 percent to 266. Inventory grew 12.2 percent to 2,187 units.
Prices were still soft as Median Sales Price was down 0.7 percent to $173,745. Days on Market increased 47.1 percent to 103 days. Months Supply of Inventory was up 13.3 percent to 5.1 months, indicating that supply increased relative to demand.
Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.
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