Housing Supply Overview
As fall winds down and winter approaches, the real estate market continues to follow typical seasonality trends. After a year of recordsetting activity, homes are still selling quickly and at a steady pace, and strong demand and low inventory help ensure the market will remain competitive for some time to come. Although sales prices continue to rise and interest rates are trending higher as well, home sales activity remains strong as we enter the holiday season. For the 12-month period spanning December 2020 through November 2021, Pending Sales in the Western Upstate region were down 0.8 percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 19.5 percent.
The overall Median Sales Price was up 15.6 percent to $237,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 15.7 percent to $242,900. The price range that tended to sell the quickest was the $100,001 to $150,000 range at 51 days; the price range that tended to sell the slowest was the $300,001 and Above range at 60 days.
Market-wide, inventory levels were up 12.5 percent. The property type that gained the most inventory was the Single Family segment, where it increased 12.0 percent. That amounts to 2.0 months supply for Single-Family homes and 2.7 months supply for Condos.
The economy is improving, unemployment is falling, and the U.S. real estate market
remains strong as we head into the holiday season, a period when activity typically
slows as people take time to travel, celebrate, and spend time with loved ones.
Although the market is not as frenetic as was seen earlier this year, buyer demand is
high, bolstered by attractive mortgage rates and a low supply of inventory.
New Listings were up 16.6 percent to 618. Pending Sales decreased 30.7 percent to 332. Inventory grew 12.5 percent to 1,131 units.
Prices moved higher as Median Sales Price was up 14.8 percent to $252,000. Days on Market decreased 26.2 percent to 48 days. Months Supply of Inventory was up 10.5 percent to 2.1 months, indicating that supply increased relative to demand.
The most recent data from the National Association of REALTORS® reports the median single-family existing home sales price rose 16% in the third quarter of this year to $363,700, with all four regions of the country experiencing double-digit price growth. In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.