Monthly Indicators 2018 Home prices were consistently up again in most markets in 2018 but at reduced levels compared to recent years. High demand for few homes for sale fueled price increases, but evidence is mounting that inventory will finally improve in 2019. This may apply some downward pressure on prices for beleaguered home buyers. A fourth interest rate hike by the Federal Reserve in 2018 spooked the stock market to close out the year. The Fed has indicated that the number of rate increases in 2019 will be halved, which may be of little comfort to an already compressed consumer. New Listings were down 8.7 percent to 315. Pending Sales decreased 43.8 percent to 164. Inventory grew 12.7 percent to 1,913 units. Prices moved higher as Median Sales Price was up 7.1 percent to $176,700. Days on Market increased 37.7 percent to 106 days. Months Supply of Inventory was up 12.8 percent to 4.4 months, indicating that supply increased relative to demand. Unemployment rates remained remarkably low again in 2018, and wages continued to improve for many U.S. households. It is generally good for all parties involved in real estate transactions when wages grow, but the percentage of increase, on average, has not kept pace with home price increases. This created an affordability crux in the second half of 2018. Housing affordability will remain an important storyline in 2019. Quick Facts + 1.7% + 7.1% + 12.8% One-Year Change in Closed Sales One-Year Change in Median Sales Price 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 One-Year Change in Months Supply A research tool provided by the Western Upstate Association of REALTORS. Percent changes are calculated using rounded figures. 2 3 4 5 6 7 8 9 10 11 12 Current as of January 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 12-2016 12-2017 12-2018 12-2017 12-2018 YTD 2017 YTD 2018 New Listings 345 315-8.7% 7,580 7,657 + 1.0% Pending Sales 292 164-43.8% 5,276 5,210-1.3% Closed Sales 402 409 + 1.7% 5,242 5,341 + 1.9% Days on Market 77 106 + 37.7% 69 104 + 50.7% Median Sales Price $165,000 $176,700 + 7.1% $165,000 $172,500 + 4.5% Average Sales Price $214,735 $230,402 + 7.3% $214,559 $228,534 + 6.5% Pct. of List Price Received 96.4% 96.5% + 0.1% 96.3% 96.6% + 0.3% Housing Affordability Index 144 134-6.9% 144 137-4.9% Inventory of Homes for Sale 1,697 1,913 + 12.7% -- -- -- Months Supply of Inventory 3.9 4.4 + 12.8% -- -- -- Current as of January 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. 361 345 7,538 7,580 7,657 315-8.1% - 4.4% - 8.7% + 3.0% + 0.6% + 1.0% New Listings Prior Year January 2018 637 658-3.2% February 2018 603 659-8.5% March 2018 769 758 +1.5% April 2018 717 717 0.0% May 2018 785 790-0.6% June 2018 667 729-8.5% July 2018 689 686 +0.4% August 2018 707 679 +4.1% September 2018 635 547 +16.1% October 2018 614 539 +13.9% November 2018 519 473 +9.7% 2018 315 345-8.7% 12-Month Avg 638 632 +1.0% Historical New Listings by Month 900 800 700 600 500 400 300 Current as of January 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. 5,276 292 4,992 5,210 242 164-4.0% + 20.7% - 43.8% + 10.8% + 5.7% -1.3% Pending Sales Prior Year January 2018 414 389 +6.4% February 2018 427 450-5.1% March 2018 541 521 +3.8% April 2018 515 514 +0.2% May 2018 530 532-0.4% June 2018 495 496-0.2% July 2018 508 460 +10.4% August 2018 463 438 +5.7% September 2018 394 406-3.0% October 2018 419 421-0.5% November 2018 340 357-4.8% 2018 164 292-43.8% 12-Month Avg 434 440-1.3% Historical Pending Sales by Month 600 500 400 300 200 100 Current as of January 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. 394 402 409 5,242 5,341 4,980 + 11.3% + 2.0% + 1.7% + 12.0% + 5.3% + 1.9% Closed Sales Prior Year January 2018 331 261 +26.8% February 2018 371 297 +24.9% March 2018 441 472-6.6% 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 539 525 +2.7% September 2018 426 428-0.5% October 2018 408 412-1.0% November 2018 389 411-5.4% 2018 409 402 +1.7% 12-Month Avg 445 437 +1.9% Historical Closed Sales by Month 700 600 500 400 300 200 Current as of January 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. 106 104 84 85 77 69 Historical Days on Market Until Sale by Month - 8.7% - 8.3% + 37.7% - 16.7% - 18.8% + 50.7% Days on Market Prior Year January 2018 80 73 +9.6% February 2018 92 85 +8.2% 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 104 66 +57.6% September 2018 101 60 +68.3% October 2018 105 70 +50.0% November 2018 107 74 +44.6% 2018 106 77 +37.7% 12-Month Avg* 104 69 +50.7% * Average Days on Market of all properties from January 2018 through 2018. This is not the average of the individual figures above. 130 120 110 100 90 80 70 60 Current as of January 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. $176,700 $172,500 $165,000 $165,000 $148,000 $152,000 Historical Median Sales Price by Month + 4.2% + 11.5% + 7.1% + 1.4% + 8.6% + 4.5% Median Sales Price Prior Year January 2018 $167,450 $163,000 +2.7% February 2018 $162,000 $151,500 +6.9% March 2018 $164,950 $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 $172,800 $173,000-0.1% September 2018 $174,945 $162,500 +7.7% October 2018 $172,945 $174,900-1.1% November 2018 $164,250 $173,000-5.1% 2018 $176,700 $165,000 +7.1% 12-Month Med* $172,500 $165,000 +4.5% * Median Sales Price of all properties from January 2018 through 2018. 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 January 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. $230,402 $228,534 $214,735 $214,559 $194,656 $192,777 Historical Average Sales Price by Month + 12.6% + 10.3% + 7.3% - 0.4% + 11.3% + 6.5% Avg. Sales Price Prior Year January 2018 $231,734 $208,450 +11.2% February 2018 $231,173 $180,347 +28.2% March 2018 $216,919 $216,951-0.0% 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 $226,713 $231,996-2.3% September 2018 $221,761 $203,162 +9.2% October 2018 $230,494 $214,617 +7.4% November 2018 $208,080 $223,014-6.7% 2018 $230,402 $214,735 +7.3% 12-Month Avg* $228,068 $212,865 +7.1% * Avg. Sales Price of all properties from January 2018 through 2018. 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 January 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. 95.3% 96.4% 96.5% 95.6% 96.3% 96.6% Historical Percent of List Price Received by Month + 0.4% + 1.2% + 0.1% + 0.6% + 0.7% + 0.3% Pct. of List Price Received Prior Year January 2018 95.7% 95.8% -0.1% February 2018 95.2% 96.8% -1.7% March 2018 96.6% 96.4% +0.2% 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 97.3% 95.5% +1.9% November 2018 96.2% 96.1% +0.1% 2018 96.5% 96.4% +0.1% 12-Month Avg* 96.6% 96.3% +0.3% * Average Pct. of List Price Received for all properties from January 2018 through 2018. 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 January 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. 160 156 144 144 134 137-7.5% - 10.0% - 6.9% - 4.9% - 7.7% -4.9% Affordability Index Prior Year January 2018 141 145-2.8% February 2018 146 156-6.4% 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% 2018 134 144-6.9% 12-Month Avg 138 144-4.1% Historical Housing Affordability Index by Month 190 180 170 160 150 140 130 120 Current as of January 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. 2,029 1,913 1,697-18.3% + 12.7% - 18.3% - 16.4% Historical Inventory of Homes for Sale by Month + 12.7% Homes for Sale Prior Year January 2018 1,731 2,067-16.3% February 2018 1,726 2,062-16.3% March 2018 1,791 2,055-12.8% April 2018 1,833 2,093-12.4% May 2018 1,913 2,147-10.9% June 2018 1,916 2,161-11.3% July 2018 1,907 2,176-12.4% August 2018 1,959 2,171-9.8% September 2018 1,995 2,047-2.5% October 2018 1,985 1,951 +1.7% November 2018 1,951 1,866 +4.6% 2018 1,913 1,697 +12.7% 12-Month Avg* 1,885 1,782 +5.8% * Homes for Sale for all properties from January 2018 through 2018. 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 January 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. 4.9 4.4 3.9-25.8% - 20.4% + 12.8% Historical Months Supply of Inventory by Month Months Supply Prior Year January 2018 3.9 4.9-20.4% February 2018 3.9 4.8-18.8% March 2018 4.1 4.8-14.6% April 2018 4.2 4.9-14.3% 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 4.4 4.3 +2.3% 2018 4.4 3.9 +12.8% 12-Month Avg* 4.3 4.7-8.5% * Months Supply for all properties from January 2018 through 2018. 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 Current as of January 10, 2019. All data from the Western Upstate Association of REALTORS Multiple Listing Service. Provided by South Carolina REALTORS. Report 2019 ShowingTime. 12