May 2020 Market Reports

Housing Supply Overview

Sellers are taking a more cautious approach to entering the housing market, even as buyers are returning in force due to near-record low interest rates. As the country continues to reopen, seller activity is likely to continue to improve however, continued concerns around COVID-19 may keep some reluctant sellers on the sidelines for now. For the 12-month period spanning June 2019 through May 2020, Pending Sales in the Western Upstate region were down 1.0 percent overall. The price range with the largest gain in sales was the $200,001 to $300,000 range, where they increased 13.9 percent.

The overall Median Sales Price was up 6.0 percent to $185,500. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 6.1 percent to $190,000. The price range that tended to sell the quickest was the $100,000 and Below range at 74 days; the price range that tended to sell the slowest was the $300,001 and Above range at 114 days.

Market-wide, inventory levels were down 4.4 percent. The property type
that gained the most inventory was the Condos segment, where it
increased 10.1 percent. That amounts to 3.7 months supply for SingleFamily homes and 5.6 months supply for Condos.

Click here for more.