December MLS Statistics
Year to Date MLS Statistics
GGAR Expanded Statistics
The number of transactions jumped 5.6% year over year for the month of November and 2.9% year to date. Inventory was up 12.8 % to 4401 Active Listings. We expect inventory to improve in 2018 and new construction will be back in vogue. I expect buyers to have a few more options than they've had the last couple of years and I expect the migration of baby boomers to the Upstate to increase even more.
The number of transactions went down for the second month in a row when compared to last year. This month's number of transactions was down .5 % year over year. Last month's inventory of new listings was up for the third month out of the last four so we may see buyers becoming a little more careful and patient. It's still very much a seller's market but we may have seen the peak on their side of the transaction.
The number of transactions went down for the first time since 2011 when comparing the month to the previous year. I don't expect the number to reflect a trend but you never know until you're looking back. This month's number of transactions was down 2.9% year over year. Last month's increase in inventory was indeed an anomaly or timing issue as inventory was down this month from the same month a year ago by 10%.
Inventory grew 10% for the month of August compared to last year and that mirrored the 8% year over year growth in inventory from last month. I hope this is a trend and not an anomaly as the real estate market normalizes and we begin to see the movement towards the buyer. The number of transactions was up 8% in August compared to August 2016 and is still in record territory but the months of supply rose from 4.1 to 4.8 months.
Inventory grew 8% for the month of July compared to last year. I'm not sure if that is a result of timing or whether it is a reversal of trend but I'm hoping it's the latter. The number of transactions was only up 2% from last July but it's still an all-time record high for June.
The number of transactions in June (1337) was up by 1.4 % and year to date up just 2.1 % which is a noticeable flattening of the rate of increase. The shortage of inventory is holding the market back and I hope we will begin to see a little cooling off period. I saw an article this week which documented that investors own 23% of all single family homes in the US. What a terrible statistic.
The September numbers continued to be consistent with what has been happening all year. The number of transactions increased 6.5% month over month and year-to-date was almost exactly the same. The shortage of inventory is causing multiple offers and sometimes sales price above listing price. New housing starts last month were at the highest level in four years and some of the inventory shortage should ease sometime next year. (Hopefully)
The August numbers are very similar to the July numbers which reflected a slowing of this year's rate of increase in the number of transactions. It will still be a record year in both the number of transactions and the median price. I hope we will see a small increase in the inventory during the fourth quarter but I won't be surprised if demand continues to outpace supply.
1. Cumulative MLS Statistics
2. August MLS Statistics
3. Year to Date MLS Statistics
4. GGAR Expanded Statistics
5. GGAR Market Click E-Zine
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The July numbers show a small slowing of this year's rate of increase in the number of transactions. It's what I expected (and predicted) as some of the pent up demand and increased activity from low interest rates begins to normalize. I expect we'll see more of the same for the rest of the year.