First Quarter Reports   Leave a comment

Monthly Indicator Report

With spring here in all its bounty, it’s time to renew, refresh and revive our understanding of what’s fueling the ongoing market recovery. First, tightened inventory levels combined with strong demand are fueling price gains in many areas. Second, consumer demand is shifting from distressed properties to conventional homes. Third, record-low mortgage rates and rising rents are supporting housing recovery. Let’s check the local scene.

New Listings in the Southern Midlands region decreased 16.1 percent to 47. Pending Sales were up 59.3 percent to 43. Inventory levels shrank 5.1 percent to 481 units.

Prices tumbled a bit. The Median Sales Price decreased 44.3 percent to $58,450. Days on Market was down 24.7 percent to 169 days. Absorption rates improved as Months Supply of Inventory was down 19.2 percent to 18.2 months.

On the economic front, things inched forward. We saw a minor but important upward revision to Q4-2012 GDP growth that put us back in positive territory. In the political arena, key debates over the deficit, marriage, gun law, immigration reform and tax policy rage onward. The squeaky wheel gets the grease, and with this emerging housing recovery, there are no imminent housing-related bills. Perhaps that’s a good thing.


Housing Supply Overview

With a full quarter worth of data, the keen market watcher is tracking just how 2013 is stacking up. For the 12-month period spanning April 2012 through March 2013, Closed Sales in the Southern Midlands region were up 5.4 percent overall. The price range with the largest gain in sales was the $100,001 to $150,000 range, where they increased 18.4 percent.

The overall Median Sales Price was down 2.7 percent to $88,500. The property type with the smallest price decline was the Single-Family segment, where prices decreased 0.6 percent to $89,450. The price range that tended to sell the quickest was the $50,000 and Below range at 179 days; the price range that tended to sell the slowest was the $150,001 to $200,000 range at 335 days.

Market-wide, inventory levels were down 5.1 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 4.5 percent. That amounts to 18.2 months supply for Single-Family homes and 6.4 months supply for Condos.



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