Monthly Indicators 2019 It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to say how the entire year will play out, but economic fundamentals remain positive. New Listings were down 15.6 percent to 509. Pending Sales decreased 31.1 percent to 293. Inventory grew 7.8 percent to 1,860 units. Quick Facts + 4.3% + 6.5% + 10.3% One-Year Change in Closed Sales One-Year Change in Median Sales Price One-Year Change in Months Supply A research tool provided by the Western Upstate Association of REALTORS. Percent changes are calculated using rounded figures. Prices moved higher as Median Sales Price was up 6.5 percent to $172,500. Days on Market increased 21.7 percent to 112 days. Months Supply of Inventory was up 10.3 percent to 4.3 months, indicating that supply increased relative to demand. The National Association of REALTORS recently reported that national existinghome sales were down slightly during January 2019 and that pending sales were up in year-over-year comparisons. It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather-related events have hampered some of the necessary machinations of making home sales during 2019, yet buyers have shown determination toward achieving their homeownership goals. 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 Months Supply of Inventory 2 3 4 5 6 7 8 9 10 11 12 Current as of March 10, 2019. All data from the Western Upstate Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2019 ShowingTime. 1
Market Overview Key market metrics for the current month and year-to-date figures. Key Metrics Historical Sparkbars 02-2017 02-2018 02-2019 02-2018 02-2019 YTD 2018 YTD 2019 New Listings 603 509-15.6% 1,240 1,135-8.5% Pending Sales 425 293-31.1% 839 731-12.9% Closed Sales 371 387 + 4.3% 702 656-6.6% Days on Market 92 112 + 21.7% 86 114 + 32.6% Median Sales Price $162,000 $172,500 + 6.5% $163,000 $172,500 + 5.8% Average Sales Price $231,173 $214,847-7.1% $231,437 $222,278-4.0% Pct. of List Price Received 95.2% 96.6% + 1.5% 95.4% 96.0% + 0.6% Housing Affordability Index 146 137-6.2% 145 137-5.5% Inventory of Homes for Sale 1,726 1,860 + 7.8% -- -- -- Months Supply of Inventory 3.9 4.3 + 10.3% -- -- -- Current as of March 10, 2019. All data from the Western Upstate Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2019 ShowingTime. 2
New Listings A count of the properties that have been newly listed on the market in a given month. 659 1,317 603 1,240 1,135 509-0.9% - 8.5% - 15.6% + 7.2% - 5.8% -8.5% New Listings Prior Year March 2018 769 757 +1.6% April 2018 717 717 0.0% May 2018 784 790-0.8% June 2018 667 729-8.5% July 2018 689 686 +0.4% August 2018 710 679 +4.6% September 2018 635 547 +16.1% October 2018 610 539 +13.2% November 2018 516 473 +9.1% December 2018 314 345-9.0% January 2019 626 637-1.7% 2019 509 603-15.6% 12-Month Avg 629 625 +0.6% Historical New Listings by Month 900 800 700 600 500 400 300 Current as of March 10, 2019. All data from the Western Upstate Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2019 ShowingTime. 3
Pending Sales A count of the properties on which offers have been accepted in a given month. 450 839 839 425 731 293 + 16.3% - 5.6% - 31.1% + 16.2% 0.0% - 12.9% Pending Sales Prior Year March 2018 542 521 +4.0% April 2018 515 514 +0.2% May 2018 530 532-0.4% June 2018 494 496-0.4% July 2018 508 460 +10.4% August 2018 464 438 +5.9% September 2018 394 406-3.0% October 2018 425 421 +1.0% November 2018 365 357 +2.2% December 2018 258 292-11.6% January 2019 438 414 +5.8% 2019 293 425-31.1% 12-Month Avg 436 440-0.9% Historical Pending Sales by Month 600 500 400 300 200 Current as of March 10, 2019. All data from the Western Upstate Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2019 ShowingTime. 4
Closed Sales A count of the actual sales that closed in a given month. 371 387 702 656 558 297 + 4.9% + 24.9% + 4.3% + 4.5% + 25.8% - 6.6% Closed Sales Prior Year March 2018 442 472-6.4% April 2018 472 446 +5.8% May 2018 536 517 +3.7% June 2018 519 590-12.0% July 2018 500 481 +4.0% August 2018 542 525 +3.2% September 2018 428 428 0.0% October 2018 411 412-0.2% November 2018 390 411-5.1% December 2018 414 402 +3.0% January 2019 269 331-18.7% 2019 387 371 +4.3% 12-Month Avg 443 449-1.4% Historical Closed Sales by Month 700 600 500 400 300 200 Current as of March 10, 2019. All data from the Western Upstate Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2019 ShowingTime. 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. 112 114 92 85 86 79 Historical Days on Market Until Sale by Month - 8.6% + 8.2% + 21.7% - 16.0% + 8.9% + 32.6% Days on Market Prior Year March 2018 122 70 +74.3% April 2018 104 71 +46.5% May 2018 107 67 +59.7% June 2018 107 62 +72.6% July 2018 104 61 +70.5% August 2018 105 66 +59.1% September 2018 101 60 +68.3% October 2018 106 70 +51.4% November 2018 107 74 +44.6% December 2018 105 77 +36.4% January 2019 117 80 +46.3% 2019 112 92 +21.7% 12-Month Avg* 108 70 +54.3% * Average Days on Market of all properties from March 2018 through 2019. This is not the average of the individual figures above. 130 120 110 100 90 80 70 60 Current as of March 10, 2019. All data from the Western Upstate Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2019 ShowingTime. 6
Median Sales Price Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month. $172,500 $172,500 $162,000 $151,500 $157,750 $163,000 Historical Median Sales Price by Month + 9.6% + 6.9% + 6.5% + 14.8% + 3.3% + 5.8% Median Sales Price Prior Year March 2018 $164,900 $165,750-0.5% April 2018 $171,000 $149,900 +14.1% May 2018 $175,885 $164,000 +7.2% June 2018 $189,900 $165,000 +15.1% July 2018 $171,000 $173,450-1.4% August 2018 $172,900 $173,000-0.1% September 2018 $174,900 $162,500 +7.6% October 2018 $173,490 $174,900-0.8% November 2018 $164,000 $173,000-5.2% December 2018 $175,850 $165,000 +6.6% January 2019 $171,950 $167,450 +2.7% 2019 $172,500 $162,000 +6.5% 12-Month Med* $174,000 $166,000 +4.8% * Median Sales Price of all properties from March 2018 through 2019. This is not the median of the individual figures above. $200,000 $190,000 $180,000 $170,000 $160,000 $150,000 $140,000 $130,000 Current as of March 10, 2019. All data from the Western Upstate Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2019 ShowingTime. 7
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $231,173 $231,437 $222,278 $214,847 $193,485 $180,347 Historical Average Sales Price by Month + 5.1% + 28.2% - 7.1% + 13.4% + 19.6% -4.0% Avg. Sales Price Prior Year March 2018 $216,703 $216,951-0.1% April 2018 $223,817 $203,344 +10.1% May 2018 $228,770 $212,213 +7.8% June 2018 $251,305 $223,831 +12.3% July 2018 $235,650 $221,720 +6.3% August 2018 $227,123 $231,996-2.1% September 2018 $221,286 $203,162 +8.9% October 2018 $230,103 $214,617 +7.2% November 2018 $207,741 $223,014-6.8% December 2018 $229,365 $214,735 +6.8% January 2019 $232,982 $231,734 +0.5% 2019 $214,847 $231,173-7.1% 12-Month Avg* $226,641 $219,041 +3.5% * Avg. Sales Price of all properties from March 2018 through 2019. This is not the average of the individual figures above. $260,000 $240,000 $220,000 $200,000 $180,000 $160,000 Current as of March 10, 2019. All data from the Western Upstate Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2019 ShowingTime. 8
Percent of List Price Received Percentage found when dividing a property s sales price by its most recent list price, then taking the average for all properties sold in a given month, not accounting for seller concessions. 96.8% 95.2% 96.6% 96.4% 95.4% 96.0% Historical Percent of List Price Received by Month + 2.0% - 1.7% + 1.5% + 1.5% - 1.0% + 0.6% Pct. of List Price Received Prior Year March 2018 96.7% 96.4% +0.3% April 2018 96.4% 96.5% -0.1% May 2018 96.4% 96.6% -0.2% June 2018 97.1% 96.5% +0.6% July 2018 97.1% 96.6% +0.5% August 2018 96.9% 96.5% +0.4% September 2018 97.3% 96.0% +1.4% October 2018 97.4% 95.5% +2.0% November 2018 96.2% 96.1% +0.1% December 2018 96.5% 96.4% +0.1% January 2019 95.1% 95.7% -0.6% 2019 96.6% 95.2% +1.5% 12-Month Avg* 96.7% 96.2% +0.5% * Average Pct. of List Price Received for all properties from March 2018 through 2019. This is not the average of the individual figures above. 98.0% 97.0% 96.0% 95.0% 94.0% 93.0% 92.0% Current as of March 10, 2019. All data from the Western Upstate Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2019 ShowingTime. 9
Housing Affordability Index This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. 150 145 156 137 146 137-14.3% - 6.4% - 6.2% - 18.0% - 3.3% -5.5% Affordability Index Prior Year March 2018 144 143 +0.7% April 2018 139 158-12.0% May 2018 135 144-6.3% June 2018 125 144-13.2% July 2018 139 137 +1.5% August 2018 137 137 0.0% September 2018 135 146-7.5% October 2018 137 135 +1.5% November 2018 144 137 +5.1% December 2018 135 144-6.3% January 2019 138 141-2.1% 2019 137 146-6.2% 12-Month Avg 137 143-3.9% Historical Housing Affordability Index by Month 190 180 170 160 150 140 130 120 Current as of March 10, 2019. All data from the Western Upstate Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2019 ShowingTime. 10
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 2,062 1,860 1,726-17.6% + 7.8% - 17.6% - 16.3% Historical Inventory of Homes for Sale by Month + 7.8% Homes for Sale Prior Year March 2018 1,790 2,054-12.9% April 2018 1,832 2,092-12.4% May 2018 1,911 2,146-11.0% June 2018 1,914 2,161-11.4% July 2018 1,905 2,176-12.5% August 2018 1,956 2,171-9.9% September 2018 1,989 2,047-2.8% October 2018 1,965 1,951 +0.7% November 2018 1,905 1,866 +2.1% December 2018 1,773 1,697 +4.5% January 2019 1,787 1,731 +3.2% 2019 1,860 1,726 +7.8% 12-Month Avg* 1,882 1,729 +8.9% * Homes for Sale for all properties from March 2018 through 2019. This is not the average of the individual figures above. 3,250 3,000 2,750 2,500 2,250 2,000 1,750 1,500 Current as of March 10, 2019. All data from the Western Upstate Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2019 ShowingTime. 11
Months 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. 4.8 4.3 3.9-27.3% - 18.8% + 10.3% Historical Months Supply of Inventory by Month Months Supply Prior Year March 2018 4.1 4.8-14.6% April 2018 4.1 4.9-16.3% May 2018 4.3 5.0-14.0% June 2018 4.3 5.0-14.0% July 2018 4.3 5.0-14.0% August 2018 4.4 5.1-13.7% September 2018 4.5 4.7-4.3% October 2018 4.4 4.5-2.2% November 2018 4.3 4.3 0.0% December 2018 4.0 3.9 +2.6% January 2019 4.0 3.9 +2.6% 2019 4.3 3.9 +10.3% 12-Month Avg* 4.2 4.6-8.7% * Months Supply for all properties from March 2018 through 2019. This is not the average of the individual figures above. 8.0 7.0 6.0 5.0 4.0 3.0 01-2016 01-2017 01-2018 01-2019 Current as of March 10, 2019. All data from the Western Upstate Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2019 ShowingTime. 12