NAR just released their latest report on home sales for the entire US…
Let’s look at it and compare it to what is happening in Upstate South Carolina. First up the national numbers:
- US home sales rose in July 2012 in every region except the West
- NAR said that the national median price has increased for five consecutive months (YoY)
- Total US existing-home sales increased 2.3% in July 2012 from June 2012
- Total US existing-home sales increased 10.4% in July 2012 above July 2011
- The US median existing home price was up 9.4% from a year ago
- In the South, existing home sales increased 2.3% in July 2012 from the previous month
- In the South, existing home sales increased 8.6% in July 2012 from the July 2011
- The median price in the South was up 6.6% from a year ago
Sounds great! Now let’s look locally at what really matters if you are buying or selling a home in Upstate South Carolina from the July 2012 Market Indicators:
- Home sales in WUAR MLS for July 2012 were up 20.8% compared to July 2011
- The median home price in the WUAR MLS for July 2012 was up 3.8% compared to July 2011
However, that is for the entire MLS and all price ranges. If we dig into the data for sold homes or look at specific areas and types of homes we start to see some major differences.
- Homes above $350,001 are taking an average of 212 days to sell
- Homes under $100,000 are taking an average of 148 days to sell
- There is 32.9 months of inventory for homes $350,001 and above
- There is only 9.8 months of inventory for homes under $100,000
And these statistics are for the entire MLS. If we start looking even closer, we see that in certain areas & price ranges, competition among buyers can be fierce. Or buyers are in very short supply. So many variables…
You could easily pay too much…
Or if you are selling, your home may sit for months or never sell.
It takes local in depth knowledge to ensure you are making informed decisions when buying or selling real estate.
Not national reports…