How’s The Market

The question I get asked on a daily basis …. “How’s The Greenville Real Estate  Market”?

The Greenville South Carolina Real Estate Market, as in most other metro cities around the country, changes constantly.  Greenville is the largest city in the upstate of South Carolina.  It is surrounded by many small communities and towns.

While the general media speaks of real estate across the country, it rarely is detailed on specific markets.  That is why it is so important to stay abreast to the area you are concerned with.

In this section I will keep you abreast to the market trends in the Greenville South Carolina real estate market and the surrounding areas.

If you are searching for a home in
Greenville South Carolina give me a call – I can help
Jim Girard (864) 862-1400

         All data from the Greater Greenville Association of REALTORS® Multiple Listing Service.

Are Things Changing – Is The Market Looking Better
Greenville, South Carolina
March 2013

Pending Sales

Pending Sales

I am quite excited to report that things in the Greenville, South Carolina real estate market appears to have taken a turn for the better, much better.   We have patiently watched since 2007 for the turn around.  I started to notice things change as last year progressed.  Now in 2013 the numbers continue to improve showing, more than ever, that the Greenville South Carolina’s housing market continues to remain strong and becoming stronger.

One of the indicators that I like to pay attention to is how many homes are in a pending status, waiting to close.  While we are no where near the numbers we had prior to the bubble bursting, we are greatly improved over the past few years.

Pending sales are a strong indication of how the market is moving in the right direction.  We can see that the past 12 months has shown a great improvements almost every month.

Presently pending sales are up 9.8%.  A great sign things are improving.

Closed

Closed Sales

The second indicator I like to pay attention to is how many homes actually close.  We can see that the last quarter of last year and the beginning of this year has had a huge swing in sales. Again – very positive.

This is one of the strong attributes about the Greenville market.   We watched years ago how other markets experienced huge increases in sales as well as increases in prices.  Greenville has always maintained a slow steady pace in both.

While other markets may show impressive swings in market trends, Greenville’s slow steady pace has in the long run has always shown to be a more stable way to build.  When the other markets hit the crash hard, Greenville took a negative swing but nothing like was experienced in other places.  A strong foundation will always withstand a strong storm.

The good news is that the Greenville real estate market is definetly taking a swing in a good direction.  Other indicators show us that the median price range has risen to $149,076 which is 5.7% up swing from the previous 12 months and the average days on the market is at 100 – down 11%.

So, homes values are improving, inventory is going down, closings are improving – all good signs that the market is changing.  What does that mean for you?

If you are searching for a home now is the best time to be shopping.  Prices will continue to increase which will soon make housing_graphthose great deals go to the way side.

If you need to get your home sold, now is the best time to have it on the market.  With inventory levels dropping, prices increasing and buyers jumping onto the market the opportunity is better now then it has been in years to secure a strong, qualified buyer for your home.

Give me a call and let’s talk.

Updated Market Conditions – Market Click Updated Report

This month’s market click covers some great topics about the job market in Greenville, SC and lower interest rates.

Companies like AVX and Tencore announced expansions that will add over 350 jobs to the Greenville Area.   Jobs are the fix to bringing an economy around, and Greenville has been exptemely fortunate to have a steady flow of new jobs.

Also covered in this months Market Click is a discussion about staging your home for sale, negotiating multiple offers and dealing with the heat in your home.

As always the Market Click online magazine is full of information information.

February 2012 – Greenville Real Estate

It may be a Leap Year, but February is more of a Connect Month for reporting residential
real estate data in 2012. That’s because it’s a buffer between the traditionally slow
winter months and what is potentially going to be an interesting and encouraging spring
selling season. But let’s not look past brief but brassy February so quickly. After all, it
grew a whole day taller this year. Let’s give the oft-overlooked month its due and take a
deeper look.New Listings in the Greater Greenville region decreased 6.2 percent to 1,116.
Pending
Sales were down 29.2 percent to 378. Inventory levels shrank 14.5 percent to 6,077
units.Home prices gazed skyward.
 
The Median Sales Price increased 11.5 percent to $134,900. Days on Market was down 1.9 percent to 117 days. Absorption rates
improved as Months Supply of Inventory was down 12.4 percent to 11.0 months.
Consumer confidence is as high as it has been in a year, and the Federal Reserve
reported growth in all of its 12 banking districts in 2012 through the first half of February,
including more hiring and home sales.

There are still some challenges to work through,
but pessimism is no longer in vogue. Laments over things like unemployment and high
gas prices are being replaced with chatter about job prospects and sensible home
shopping. The economy and housing market are by no means recovered, but it’s okay to
think positive.

November 2011 – Greenville Real Estate

Home prices are one of the most popular barometers of market vitality, yet they only tell
part of the story. Soft prices may accompany improvements in other indicators such as
purchase demand, absorption rates, seller concessions or market times. Regional,
market-wide prices fall short by not recognizing the mix of homes that close each
month, be it weighted toward single-family, lender-mediated or new construction. In
addition, price movements often lag changes elsewhere in the marketplace.  Let’s see
what the preferred market yardstick has measured for November 2011.

New Listings in the Greater Greenville real estate  region decreased 12.2 percent to 853. Pending
Sales were down 35.5 percent to 269. Inventory levels shrank 15.6 percent to 6,408
units, a common trend across the country.

Prices were fairly stable. The Median Sales Price decreased 0.1 percent to $139,900.
Days on Market increased 2.4 percent to 113 days. Absorption rates improved as
Months Supply of Inventory was down 12.1 percent to 11.6 months.

Not only do forces beyond supply and demand affect home prices, but other factors
outside of housing serve as inputs into the equation. New job growth and consumer
confidence drive household formations which in turn fuels purchase demand and
pressures prices. Similarly, when real incomes rise, families can afford more house and
move-up buyers become increasingly motivated. To that end, the jobless rate fell from
9.0 percent to 8.6 percent in November – the lowest in 2.5 years

With 2012 just around the corner, many local markets have enjoyed strong sales volumes
combined with falling inventory levels so far this year.  For the 12-month period spanning
December 2010 – November 2011, Closed Sales in the Greenville Real Estate region were down
3.6 percent overall.  The price range with the largest gain in sales was the $75,000 and below
range, where they increased 5.1 percent

The overall Median Sales Price remained flat at $140,000.  The property type wit the smallest
price decline was the Single-Family segment, where prices decreased 1.1 percent to $141,000.
The price range that tended to sell the quickest was the $75,000 and below range at 104 days;
the price range that tended to sell the slowest was the $200.001 and above range at 123 days.

Market wide, inventory levels were down 15.6 percent.  The property type that lost the lease
inventory was the Single-Family segment, where it decreased 15.2 percent.  That amounts to
11.3 months supply for Single Family homes and 14.9 months supply for Condos.

October 2011 – Greenville

There’s the numbers, then there’s the story behind them. For months, declining
inventory has been the national tale to tell. This suggests a changing narrative
with different voices. A buyer might tell you that record low mortgage rates and
affordable prices made home ownership more attractive than renting. A seller
may say that less competition allowed them to receive more of their asking
price The moral of the story? Real estate is local both in terms of geography and
personal circumstance .

What’s driving home purchases nowadays?  Record low mortgage rates, affordable
prices and favorable negotiating leverage collectively go  a long way.  For the
12-month period spanning November 2010 through October 2011, Closed Sales
in the Greater Greenville real estate region were down 6.9 percent overall.  The price
range with the largest gain in sales was the $75,000 and below range, where
they increased 2.5 percent.

The overall Median Sales Price was up 0.1 percent to $140,000. The
property type with the largest price gain was the Single-Family segment,
where prices increased 0.2 percent to $140,900. The price range that
tended to sell the quickest was the $75,000 and Below range at 102 days;
the price range that tended to sell the slowest was the $200,001 and
Above range at 123 days.

Market-wide, inventory levels were down 14.7 percent. The property type
that lost the least inventory was the Single-Family segment, where it
decreased 14.4 percent. That amounts to 11.8 months supply for Single Family
homes and 15.0 months supply for Condo

September 2011 – Greenville

People talk about the national housing market like it’s some static thing, like a
toaster. The thing is, there is no national housing market. Just like there is no
national weather forecast. That doesn’t mean national averages don’t have their
place, but you don’t grab a raincoat and an umbrella in Miami based on the
weather in Seattle. Like the weather, all real estate is local. As we embark on the
fourth and final quarter of 2011 let’s take a look at our local forecast.

New Listings in the Greater Greenville real estate region decreased 21.5 percent to 936.
Pending Sales were down 48.7 percent to 280. Inventory levels shrank 15.1
percent to 6,789 units, a positive supply-side trend that should bring additional
stability.

Prices firmed up nicely. The Median Sales Price increased 2.7 percent to
$144,500. Days on Market increased 10.9 percent to 112 days. Absorption rates
improved as Months Supply of Inventory was down 7.7 percent to 12.2 months.
A dash of uplifting economic news was overshadowed by debt clouds from the
ongoing turmoil in Greece and the threat of bank contagion.

Manufacturing activity, construction spending and overall job growth all picked up in
September, temporarily calming fears of the dreaded double-dip storm. As for
the lending climate, the Fed’s recent “Operation Twist” helped push mortgage
rates to record lows – under 4.0 percent for the first time ever. Despite the
cheap money, “Jobs, Jobs, Jobs!” should still be the battle cry.

August 2011 – Greenville

Despite some choppy waters in August, there have been noteworthy shifts on
both sides of the closing table. Buyer activity is moving back in line with
historical trends while sellers are making fewer concessions in order to sell their
homes. Falling supply and improving absorption rates in many regions also
suggest that market balance is realigning towards neutral. Locally, a few
indicators posted positive movement over August 2010, but do the rest of the
numbers provide reason for optimism?

New Listings in the Greater Greenville  real estate region decreased 21.2 percent to 1,082.
Pending Sales were down 27.7 percent to 397. Inventory levels shrank 14.8
percent to 6,954 units, a positive supply-side improvement.

Prices were fairly stable. The Median Sales Price increased 0.1 percent to
$140,000. Days on Market increased 12.5 percent to 109 days. Absorption rates
improved as Months Supply of Inventory was down 3.6 percent to 12.7 months.

The economy bobbed along just this side of positive in August. Consumer
confidence, which often affects housing demand, showed some slack even as
personal income and spending both increased modestly. Low interest rates,
declining supply and stabilizing prices are beacons of hope in the harbor, but
the recovery still needs wind in its sails.

June 2011 – Greenville

You may have noticed some “noise” lately about where the market is heading. Some
accounts are optimistic while others, well, aren’t. The good news is that local data
provides a more reliable tone than national sound bites can offer. When it comes to
hearing the market’s true message, it may not necessarily be from the expected
indicators, it may not be heard evenly across all segments and it may arrive in disjointed
bursts.  Let’s listen.

The rate of inventory absorption in the Greater Greenville real estate  region slowed as Months
Supply of Inventory was up 8.9 percent to 13.9 months. New Listings decreased 16.5
percent to 1,212. Pending Sales were down 16.8 percent to 441. Inventory levels shrank
9.5 percent to 7,402 units, but even choosy buyers can still find top-notch homes.
Prices were more or less stable. The Median Sales Price held steady at $150,000. Days
on Market increased 14.1 percent to 109 days. Affordability also improved.
On the national front, the interest rate dropped to 4.79 percent on a 30-year fixed
conventional and 4.44 percent for FHA. The unemployment rate inched up to 9.2 percent
though initial unemployment claims continued to fall. Wages and payroll jobs are also
improving slowly. Debt ceiling negotiations and other background noises persist, while
prolonged job growth is still the missing verse in the recovery song

May 2011 – Greenville

The road to recovery can look similar to a locomotive coming around a bend. Some cars have already made it around the curve while others haven’t yet reached it. The same can be said of various market segments. For the 12-month period spanning June 2010 through May 2011, Closed Sales in the Greater Greenville real estate region were down 15.1 percent from the same period a year prior. However, the largest gain occurred in the $75,000 and below range, where they increased 3.2 percent to 1,408 units.

The overall Median Sales Price was up 1.5 percent to $139,500. However, the property type with the largest price gain was the Single-Family segment, where prices increased 0.7 percent to $140,000. The price range that tended to sell the quickest was the $75,000 and below range at 93 days; the price range that tended to sell the slowest was the $200,001 and above range at 130 days

New Listings in the Greenville real estate  region decreased 11.0 percent to 1,247.  Pending Sales were down 10.6 percent to 414.  Inventory levels shrank 6.6 percent to 7,474 units, but there are still plenty of great choices out there.  Prices were more or less stable.  Days on Market increased 24.4 percent to 119 days
New Listings in the Greenville Real Estate region decreased 11.0 percent to 1,247. Pending Sales were down 10.6 percent to 414. Inventory levels shrank 6.6 percent to 7,474 units, but there are still plenty of great choices out there.Prices were more or less stable. The Median Sales Price declined 1.9 percent to $139,900. Days on Market increased 24.4 percent to 119 days

April 2011 – Greenville

At the end of April the Median Sales Price in the Greenville real estate market was just over $128,000.  The good news is that this is a considerable increase over April of last year.  A Good sign that things are turning around in the Greenville real estate  market.

The media has quieted down which is usually good for us.  When the discussion is always doom and gloom it unfortunately effects all markets.  Greenville real estate  has remained fairly consistent from year to year and as we see with the median sales price increasing the market is looking stronger.

Greenville median sales prices

This chart definitely confirms what REALTORS tell you all the time and that is Spring through Summer is the best time to have your home on the market.  More buyers are available during that time than any other time of the year.

Number of sold homes in Greenville

If you are looking to sell you home I have written some great blogs on preparing your home for sale during the spring.  I invite you to check them out.

Tips on Selling During the Spring
More Tips on Selling During the Spring