Contact Information
Aiken Board of Realtors and MLS
1069 Silver Bluff Road
Aiken, SC 29803
Office: 803-648-1891
(F): 803-642-6044

 

Market Statistics – May 2017

 

May 2017

Prior Year

Current Year

+/-

Average Sales Price

$171,010

$190,801

+11.6%

Median Sales Price

150,000

162,700

+8.5%

Inventory of Homes for Sale

1,390

1,255

-9.7%

Days on Market

167

153

-8.4%

Closed Sales

222

207

-6.8%

 
Home prices across the U.S. are reaching all-time highs, prompting worry over another boom-and-bust scenario like we experienced roughly ten years ago. Yet, as we glance across the state of residential real estate, what is clear compared to the last extended run of price increases is that lending standards are now much stronger than they were before. Incomes must be verified, a reasonable amount of money must be paid toward the home prior to purchase and a more stringent loan approval process is in place to prevent a repeat performance of the Great Recession.

New Listings were up 6.1 percent to 295. Pending Sales increased 16.7 percent to 237. Inventory shrank 9.7 percent to 1,255 units. Prices moved higher as Median Sales Price was up 8.5 percent to $162,700. Days on Market decreased 8.4 percent to 153 days. Months Supply of Inventory was down 16.3 percent to 6.7 months, indicating that demand increased relative to supply.

In addition to a stronger base upon which to conduct real estate transactions, the overall economy is in better shape than it was a decade ago. More jobs are available, unemployment is relatively low and workers have more faith in their wages and the potential for wage increases. Although we continue to battle an inventory shortage in much of the country, optimism remains high for a successful summer for buying and selling homes.

Featured Agents
Agent Photo 1773
Dick Salsitz
803-507-3877
dick@aikenliving.net
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