GGAR Housing Market Summary Report - January 2011

Posted by Robert Alexander on Saturday, March 12th, 2011 at 11:53am.

Pending Sales in the Greater Greenville SC region decreased 38.2% since January 2010 to 323 agreements signed.  New Listing activity decreased 32.2%, which means sellers placed 1,052 new homes on the market.  At this rate, sellers should expect their properties to sell after approximately 111 days.

Prices Climbed upward.  Median Sales Price increased 3.8 percent over last January to $134,950.  Negotiations moved towards buyers as Percent of List Price Received at Sale decreased to 93.8 percent.  Months Supply of Inventory increased 5.8% to 12.6 months.

Interest rates are expected to remain around 5.0% and prices are expected to rise gradually in many markets.  Although the labor department reported that the seasonally-adjusted unemployment rate dropped to 9.0% in January, expect joblessness to remain an issue. 

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Housing Supply Overview

The local housing market can look very different depending on what price range you are looking at.  For instance, in the strongest price range for home sales - $200,001 and Above - sales were up 6.6% over the last 12 months.  But in the $100,001 to $150,000 range, where sales were weakest, the numbers have declined by 16.0% during the same time period.

Inventory overall has decreased by 1.2%, and condo inventory had the most effect on that, down 12.9%.  The number of single-family homes was actually up a slight 0.1%, which represented 5 properties.  That amounted to 12.0 months of single-family supply and 14.1 months of condo supply.

The price range that had the longest Days on Market Until Sale was the $200,001 and Above range, where the average market time was 128 days.  The range that had the shortest market time was $75,000 and Below, where it's taken a comparatively shorter 89 days for a home to sell, on average.

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Data provided by the Greater Greenville Association of Realtors® (GGAR)

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