ly Indicators A RESEARCH TOOL PROVIDED BY THE GREENWOOD ASSOCIATION OF REALTORS 2013 Quick Facts The S&P/Case-Shiller Home Price Index recently showed that home prices in 20 major metropolitan areas had increased at the strongest pace since the bubble years. At long last, major national indices are telling the story that local MLS data users have known for months or even years. Yes, the housing market is recovering. The recovery varies by geography and market segment, but things are certainly better than they have been and are showing no signs of letting up. + 5.2% Change in Closed Sales - 30.3% Change in Median Sales Price - 6.4% Change in Inventory New Listings in the Greenwood region increased 0.9 percent to 110. Pending Sales were up 87.9 percent to 109. Inventory levels shrank 6.4 percent to 698 units. Prices fell a bit. The Median Sales Price decreased 30.3 percent to $88,000. Days on Market was down 9.2 percent to 152 days. Absorption rates improved as s Supply of Inventory was down 23.3 percent to 11.9 months. The prickliest thorns in our collective side are still lack of inventory and subdued listing activity. In some neighborhoods, consumers have 50 or 60 percent fewer options from which to choose than they did a few years ago. That's causing bidding wars in popular areas. Despite the competitive landscape for buyers, housing remains one of the brightest lights in an otherwise subdued economic recovery. Market Overview New Listings Pending Sales Closed Sales Days On Market Until Sale Median Sales Price Average Sales Price Percent of List Price Received Housing Affordability Index Inventory of Homes for Sale s Supply of Inventory 2 3 4 5 6 7 8 9 10 11 12 Click on desired metric to jump to that page. All data from the Greenwood Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Powered by 10K Research and Marketing. 1
Market Overview Key market metrics for the current month and year-to-date figures. Key Metrics Historical Sparklines 4-2012 4-2013 YTD 2012 YTD 2013 New Listings 109 110 + 0.9% 420 494 + 17.6% Pending Sales 58 109 + 87.9% 196 282 + 43.9% Closed Sales 58 61 + 5.2% 196 208 + 6.1% Days on Market Until Sale 168 152-9.2% 169 167-0.9% Median Sales Price $126,250 $88,000-30.3% $100,000 $104,400 + 4.4% Average Sales Price $137,985 $128,869-6.6% $116,562 $132,367 + 13.6% Percent of List Price Received 91.0% 91.9% + 1.0% 90.7% 92.2% + 1.7% Housing Affordability Index 177 240 + 35.2% 211 213 + 1.2% Inventory of Homes for Sale 746 698-6.4% -- -- -- s Supply of Homes for Sale 15.5 11.9-23.3% -- -- -- All data from the Greenwood Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 2
New Listings A count of the properties that have been newly listed on the market in a given month. 141 486 494 109 110 420-22.7% +0.9% -13.6% +17.6% May 105 137 +30.5% June 119 121 +1.7% July 109 114 +4.6% August 105 128 +21.9% September 87 83-4.6% October 87 110 +26.4% November 77 84 +9.1% December 72 57-20.8% January 99 126 +27.3% February 110 121 +10.0% March 102 137 +34.3% 109 110 +0.9% 12- Avg 98 111 +12.4% Historical New Listing Activity 170 150 130 110 90 70 50 30 All data from the Greenwood Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 3
Pending Sales A count of the properties on which contracts have been accepted in a given month. 109 282 196 58 153 39 +48.7% +87.9% +28.1% +43.9% May 57 48-15.8% June 63 44-30.2% July 58 57-1.7% August 50 66 +32.0% September 34 52 +52.9% October 52 54 +3.8% November 45 46 +2.2% December 22 55 +150.0% January 34 50 +47.1% February 37 50 +35.1% March 67 73 +9.0% 58 109 +87.9% 12- Avg 48 59 +22.0% Historical Pending Sales Activity 140 120 100 80 60 40 20 0 All data from the Greenwood Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 4
Closed Sales A count of the actual sales that have closed in a given month. 58 61 196 208 153 39 +48.7% +5.2% +28.1% +6.1% May 56 47-16.1% June 62 43-30.6% July 58 55-5.2% August 50 66 +32.0% September 34 52 +52.9% October 52 53 +1.9% November 43 44 +2.3% December 22 55 +150.0% January 34 44 +29.4% February 37 46 +24.3% March 67 57-14.9% 58 61 +5.2% 12- Avg 48 52 +19.3% Historical Closed Sales Activity 140 120 100 80 60 40 20 All data from the Greenwood Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 5
Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted in a given month. 168 169 167 152 159 141 +18.9% -9.2% +5.9% -0.9% May 210 193-7.9% June 123 129 +4.9% July 165 204 +23.3% August 211 160-24.1% September 162 148-8.2% October 168 158-6.0% November 182 155-14.8% December 204 174-14.5% January 158 193 +22.0% February 200 149-25.6% March 156 177 +13.1% 168 152-9.2% 12- Avg 173 166-3.7% Historical Days on Market Until Sale 240 220 200 180 160 140 120 100 All data from the Greenwood Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 6
Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month. $125,000 $126,250 $103,000 $100,000 $104,400 $88,000 +1.0% -30.3% -2.9% +4.4% May $100,946 $122,000 +20.9% June $120,700 $115,250-4.5% July $114,350 $123,000 +7.6% August $143,750 $134,000-6.8% September $86,000 $99,500 +15.7% October $107,500 $114,900 +6.9% November $85,000 $113,750 +33.8% December $145,500 $115,250-20.8% January $84,250 $104,950 +24.6% February $86,000 $95,000 +10.5% March $91,000 $139,900 +53.7% $126,250 $88,000-30.3% 12- Med $111,700 $114,900 +2.9% Historical Median Sales Price $160,000 $150,000 $140,000 $130,000 $120,000 $110,000 $100,000 $90,000 $80,000 $70,000 All data from the Greenwood Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 7
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $132,367 $127,011 $137,985 $131,577 $128,869 $116,562 + 4.9% -6.6% -8.2% + 13.6% May $123,051 $143,185 +16.4% June $145,436 $141,311-2.8% July $133,777 $141,146 +5.5% August $172,845 $146,036-15.5% September $126,603 $117,147-7.5% October $125,505 $135,460 +7.9% November $132,745 $144,497 +8.9% December $175,116 $143,761-17.9% January $103,550 $140,976 +36.1% February $104,710 $108,983 +4.1% March $110,805 $148,167 +33.7% $137,985 $128,869-6.6% 12- Avg $131,992 $136,887 +3.7% Historical Average Sales Price $190,000 $180,000 $170,000 $160,000 $150,000 $140,000 $130,000 $120,000 $110,000 $100,000 $90,000 All data from the Greenwood Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 8
Percent of List Price Received Percentage found when dividing a property s sales price by its last list price, then taking the average for all properties sold in a given month, not accounting for seller concessions. 94.3% 91.0% 91.9% 92.7% 90.7% 92.2% -3.6% +1.0% -2.2% +1.7% May 91.4% 95.4% +4.4% June 91.9% 92.1% +0.2% July 92.0% 91.6% -0.4% August 93.5% 95.1% +1.8% September 87.1% 92.8% +6.6% October 92.5% 94.1% +1.8% November 90.5% 91.7% +1.3% December 92.6% 94.1% +1.6% January 88.7% 90.8% +2.4% February 90.8% 92.9% +2.3% March 91.3% 93.1% +2.1% 91.0% 91.9% +1.0% 12- Avg 91.3% 93.0% +1.9% Historical Percent of List Price Received 98% 96% 94% 92% 90% 88% 86% All data from the Greenwood Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 9
Housing Affordability Index This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. 240 211 213 195 168 177 +5.5% +35.2% +8.2% +1.2% May 200 184-8.1% June 177 193 +9.1% July 184 186 +1.1% August 158 174 +10.0% September 234 220-6.1% October 198 197-0.5% November 236 199-15.4% December 159 199 +25.4% January 235 214-8.9% February 233 225-3.5% March 222 169-23.9% 177 240 +35.2% 12- Avg 201 200 +1.2% Historical Housing Affordability Index 270 245 220 195 170 145 120 All data from the Greenwood Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 10
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 865 746 698-13.8% -6.4% May 856 779-9.0% June 847 801-5.4% July 820 805-1.8% August 812 807-0.6% September 791 780-1.4% October 769 766-0.4% November 750 745-0.7% December 733 684-6.7% January 737 700-5.0% February 756 716-5.3% March 751 744-0.9% 746 698-6.4% 12- Avg 781 752-3.6% Historical Inventory of Homes for Sale 950 850 750 650 550 450 350 250 All data from the Greenwood Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 11
s Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months. 19.4 15.5 11.9-20.2% -23.3% May 19.2 16.5-14.4% June 19.2 17.5-8.7% July 18.1 17.6-2.5% August 18.0 17.2-4.5% September 18.0 16.1-10.5% October 17.0 15.7-7.6% November 16.2 15.3-5.6% December 16.5 13.3-19.4% January 16.4 13.2-19.4% February 16.8 13.3-21.0% March 16.2 13.7-15.3% 15.5 11.9-23.3% 12- Avg 17.3 15.1-12.5% Historical s Supply of Inventory 20 18 16 14 12 10 8 6 4 2 All data from the Greenwood Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 12