Interest rates set new record lows again in October, and are helping to maintain buyer purchasing power in the face of rising home prices driven by multiple offers across many segments of the market. While seller activity in some segments has improved, available inventory remains tight in many areas. For the 12-month period spanning November 2019 through October 2020, Pending Sales in the Western Upstate region were up 4.4 percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 30.3 percent.
The overall Median Sales Price was up 13.3 percent to $204,000. The property type with the largest price gain was the Condos segment, where prices increased 14.8 percent to $155,000. The price range that tended to sell the quickest was the $150,001 to $200,000 range at 69 days; the price range that tended to sell the slowest was the $300,001 and Above range at 105 days.
Market-wide, inventory levels were down 31.3 percent. The property type that lost the least inventory was the Condos segment, where it decreased 28.2 percent. That amounts to 2.5 months supply for Single-Family homes and 3.4 months supply for Condos.
Click here for more.