Talking about new home sales June 2012 and how long it is taking to sell a home in the US compared to Upstate SC…
New Home Sales Declined
I am sure many of you heard the distressing news that the number of new homes sold in June 2012 fell to the lowest level in the past 5 months. However, they may have failed to point out that this is 15.1% above the June 2011 level. When you hear news about the economy or real estate, always dig a little deeper. And determine if the information is going to be true for your area.
The slowdown in new home sales is NOT good but it is also not the end of the world. Especially if you consider that home builder stocks are surging. I am not saying everything is wonderful but things are better than they were one year ago. Especially since the median price for new homes sold in June 2012 is 3.2% below the June 2011 level.
Days on Market Declines
I just read that according to the latest Realtors Confidence Index the amount of time it is taking to sell a home has decreased. Sometimes you hear this called Days on Market. They are talking about the entire US but they said:
- Approximately 33% were on the market for less than a month when sold
- 58% were sold within 3 months
- 24% of homes were on the market 6 months or more when sold
Now since that is the entire US, lets look at the statistics for Upstate South Carolina from the June 2012 Housing Supply Outlook:
- It took an average of 166 days to sell a home in June 2012
- Homes $100,000 and below had an average time on market of 148 days
- Homes $350,001 and above had an average time on market of 205 days
Of course, this is for all areas of the WUAR MLS. Exactly what is possible for a specific home is a much more complicated question. Is the home priced right? Or did the seller insist on “trying” some insane price that will never happen? Is the home being marketed properly? Is the home in tip top shape? Easy to show? No condition issues? Etc etc etc…