ly Indicators A RESEARCH TOOL PROVIDED BY THE WESTERN UPSTATE 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. + 26.3% Change in Closed Sales + 8.3% Change in Median Sales Price - 3.6% Change in Inventory New Listings in the Western Upstate region increased 8.6 percent to 707. Pending Sales were down 16.8 percent to 218. Inventory levels shrank 3.6 percent to 3,832 units. Prices turned higher. The Median Sales Price increased 8.3 percent to $130,000. Days on Market was down 22.0 percent to 113 days. Absorption rates improved as s Supply of Inventory was down 7.7 percent to 15.5 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 Western Upstate 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 651 707 + 8.6% 2,526 2,664 + 5.5% Pending Sales 262 218-16.8% 1,032 1,005-2.6% Closed Sales 224 283 + 26.3% 854 947 + 10.9% Days on Market Until Sale 145 113-22.0% 163 117-27.9% Median Sales Price $120,000 $130,000 + 8.3% $124,500 $126,000 + 1.2% Average Sales Price $155,923 $174,750 + 12.1% $157,725 $162,705 + 3.2% Percent of List Price Received 94.3% 94.4% + 0.1% 93.2% 93.5% + 0.3% Housing Affordability Index 194 191-1.6% 189 196 + 3.6% Inventory of Homes for Sale 3,977 3,832-3.6% -- -- -- s Supply of Homes for Sale 16.8 15.5-7.7% -- -- -- All data from the Western Upstate 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. 707 2,712 2,664 638 651 2,526 +2.0% +8.6% -6.9% +5.5% May 645 581-9.9% June 629 589-6.4% July 527 524-0.6% August 602 575-4.5% September 535 484-9.5% October 472 526 +11.4% November 448 428-4.5% December 352 324-8.0% January 640 577-9.8% February 581 643 +10.7% March 654 737 +12.7% 651 707 +8.6% 12- Avg 561 558-0.6% Historical New Listing Activity 1,050 900 750 600 450 300 150 All data from the Western Upstate 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. 276 262 1,014 1,032 1,005 218-5.1% -16.8% +1.8% -2.6% May 274 289 +5.5% June 223 262 +17.5% July 248 273 +10.1% August 276 285 +3.3% September 212 237 +11.8% October 201 224 +11.4% November 199 205 +3.0% December 169 179 +5.9% January 241 248 +2.9% February 247 260 +5.3% March 282 279-1.1% 262 218-16.8% 12- Avg 236 247 +4.4% Historical Pending Sales Activity 500 450 400 350 300 250 200 150 100 All data from the Western Upstate 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. 272 283 947 905 854 224-17.6% +26.3% -5.6% +10.9% May 249 289 +16.1% June 295 283-4.1% July 221 283 +28.1% August 270 309 +14.4% September 248 249 +0.4% October 239 264 +10.5% November 181 208 +14.9% December 195 204 +4.6% January 168 180 +7.1% February 228 193-15.4% March 234 291 +24.4% 224 283 +26.3% 12- Avg 229 253 +10.6% Historical Closed Sales Activity 600 500 400 300 200 100 0 All data from the Western Upstate 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. 165 168 163 145 113 117-12.4% -22.0% -2.8% -27.9% May 169 148-12.4% June 166 166 +0.2% July 173 159-7.8% August 160 156-2.6% September 178 171-3.8% October 175 161-8.2% November 169 179 +5.9% December 177 160-9.9% January 192 126-34.2% February 167 123-26.6% March 155 113-27.2% 145 113-22.0% 12- Avg 168 148-12.0% Historical Days on Market Until Sale 200 190 180 170 160 150 140 130 120 110 All data from the Western Upstate 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. $130,000 $124,500 $126,000 $120,000 $113,000 $110,000 +6.2% +8.3% +13.2% +1.2% May $124,500 $129,900 +4.3% June $147,000 $131,000-10.9% July $130,000 $131,000 +0.8% August $131,000 $122,250-6.7% September $137,500 $130,700-4.9% October $119,000 $127,500 +7.1% November $129,950 $133,500 +2.7% December $116,389 $131,500 +13.0% January $123,700 $117,000-5.4% February $125,000 $121,500-2.8% March $123,000 $125,900 +2.4% $120,000 $130,000 +8.3% 12- Med $128,000 $128,100 +0.1% Historical Median Sales Price $170,000 $160,000 $150,000 $140,000 $130,000 $120,000 $110,000 $100,000 All data from the Western Upstate 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. $174,750 $157,725 $162,705 $151,601 $153,805 $155,923 + 1.4% + 12.1% + 4.0% + 3.2% May $169,723 $181,409 +6.9% June $195,565 $186,236-4.8% July $170,529 $177,400 +4.0% August $158,167 $160,957 +1.8% September $161,620 $167,821 +3.8% October $160,404 $170,376 +6.2% November $178,532 $172,182-3.6% December $182,687 $157,244-13.9% January $145,405 $155,256 +6.8% February $163,376 $167,153 +2.3% March $162,275 $152,680-5.9% $155,923 $174,750 +12.1% 12- Avg $167,804 $169,269 +0.9% Historical Average Sales Price $210,000 $200,000 $190,000 $180,000 $170,000 $160,000 $150,000 $140,000 $130,000 All data from the Western Upstate 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. 93.4% 94.3% 94.4% 92.2% 93.2% 93.5% +1.0% +0.1% +1.1% +0.3% May 92.7% 93.2% +0.5% June 92.5% 93.1% +0.7% July 91.7% 93.4% +1.9% August 91.4% 92.6% +1.3% September 92.5% 93.9% +1.4% October 93.2% 93.7% +0.5% November 92.6% 93.5% +1.0% December 91.7% 92.4% +0.8% January 91.4% 92.8% +1.5% February 93.0% 92.3% -0.8% March 93.8% 93.8% +0.0% 94.3% 94.4% +0.1% 12- Avg 92.6% 93.3% +0.8% Historical Percent of List Price Received 100% 98% 96% 94% 92% 90% 88% All data from the Western Upstate 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. 186 194 191 190 189 196 +4.2% -1.6% -0.7% +3.6% May 176 185 +5.4% June 156 185 +18.6% July 171 187 +9.2% August 174 196 +12.5% September 170 190 +11.5% October 188 192 +2.0% November 178 186 +4.9% December 193 190-1.7% January 188 208 +11.1% February 188 199 +5.9% March 188 193 +2.6% 194 191-1.6% 12- Avg 180 192 +6.7% Historical Housing Affordability Index 250 200 150 100 50 0 All data from the Western Upstate 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. 4,329 3,977 3,832-8.1% -3.6% May 4,367 3,968-9.1% June 4,462 3,975-10.9% July 4,380 3,855-12.0% August 4,248 3,798-10.6% September 4,158 3,738-10.1% October 4,055 3,668-9.5% November 3,996 3,602-9.9% December 3,833 3,494-8.8% January 3,756 3,392-9.7% February 3,770 3,538-6.2% March 3,892 3,730-4.2% 3,977 3,832-3.6% 12- Avg 4,075 3,716-8.7% Historical Inventory of Homes for Sale 5,300 4,800 4,300 3,800 3,300 2,800 2,300 1,800 1,300 800 All data from the Western Upstate 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. 19.0 16.8 15.5-11.5% -7.7% May 18.6 16.7-10.3% June 19.0 16.5-13.2% July 18.7 15.9-15.3% August 17.9 15.6-13.1% September 17.7 15.2-14.1% October 17.2 14.8-13.8% November 16.9 14.5-14.3% December 16.3 14.0-14.0% January 15.7 13.6-13.6% February 15.8 14.1-10.7% March 16.4 14.9-9.1% 16.8 15.5-7.7% 12- Avg 17.3 15.1-12.5% Historical s Supply of Inventory 21 18 15 12 9 6 3 0 All data from the Western Upstate Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 12