Housing Supply Overview
April was another strong month for home sales across most market segments. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. Strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer. For the 12-month period spanning May 2020 through April 2021, Pending Sales in the Western Upstate region were up 12.0 percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 58.3 percent.
The overall Median Sales Price was up 18.5 percent to $220,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 17.8 percent to $225,000. The price range that tended to sell the quickest was the $150,001 to $200,000 range at 62 days; the price range that tended to sell the slowest was the $300,001 and Above range at 89 days.
Market-wide, inventory levels were down 36.4 percent. The property type that lost the least inventory was the Condos segment, where it decreased 13.9 percent. That amounts to 1.7 months supply for Single-Family homes and 3.1 months supply for Condos.
Monthly Indicators
April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase.
New Listings were up 13.4 percent to 634. Pending Sales decreased 14.4 percent to 409.Inventory shrank 36.4 percent to 1,013 units.
Prices moved higher as Median Sales Price was up 13.7 percent to $225,000. Days on Market decreased 35.7 percent to 54 days. Months Supply of Inventory was down 42.4 percent to 1.9 months, indicating that demand increased relative to supply.
In the spirit of the great Wayne Gretzky, buyers, sellers, and their agents are all trying their best to skate to where the puck, or rather, the housing market, is going, not where it has been. While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.
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