Market reports are out for November 2014 from the Western Upstate MLS. In summary, most markets reflected the typical holiday-season slow down. Over the past 12 months, sales were up 7.4% with the average number of days on market being 114. Average overall sales prices were down 3% when compared to November 2013, but overall median sales prices have increased 2.2% for the year as a whole.
The city of Anderson saw 141 new listings in November and 80 closed sales. The average sales price for properties located within the city limits was $113,000, and the average number of days on market was 95.
In November there were 68 new listings on Lake Hartwell with 27 closed sales and an average sales price of $165,000. Lake Hartwell homes were on the market an average of 126 days.
Nineteen homes on Lake Keowee sold in an average of 243 days with a median sales price of $375,000. In November there were 46 new listings.
What does 2015 look like for the real estate market? Experts are predicting that markets will continue to strengthen as interest rates remain low and inventory increases. Job growth and wage growth are both expected, which is always good news for the housing market. Prices are expected to continue to increase - which is good news for sellers - but they will do so at a tempered pace when compared to recent years, helping to preserve affordability for first-time buyers. It looks like 2015 will be a win-win for both buyers and sellers in the real estate market.
For more information on these market reports or for a market report for your area, please call me at 226-5473.