Greater Greenville Association of Realtors has released the local market MLS statistics for March 2017 along with national commentary.
In Greenville, there was +17.5% change in supply compared to the same month last year.
The statistics show:
- New Listings were up 3.5 percent to 1,760.
- Pending Sales decreased 51.7 percent to 599, the eighth consecutive month of year-over-year declines.
- Inventory grew 12.6 percent to 4,526 units.
- Prices moved higher as Median Sales Price was up 5.3 percent to $180,000.
- Days on Market decreased 24.4 percent to 59 days.
- Months Supply of Inventory was up 17.5 percent to 4.7 months, indicating supply increased relative to demand.
The U.S. economy has improved for several quarters in a row, which has helped wage growth and retail consumption increase in year-over-year comparisons. Couple that with an unemployment rate that has been holding steady or dropping both nationally and in many localities, and consumer confidence is on the rise.
Housing Supply Overview
The overall Median Sales Price was up 7.0 percent to $182,000. Market-wide, inventory levels were up 12.6 percent. That amounts to 4.8 months supply for SingleFamily homes and 3.2 months supply for Condos.
Low supply and steadily rising rates and prices have been the story so far after the first quarter of the year zipped by. The storylines are not expected to change as we work our way into the busiest months of the real estate sales cycle.
Closed Sales and Days on Market
The comparison of Closed Sales to the same time last year gives the positive news that over all properties and all price ranges, there has been a 7.3 percent increase in closed sales.
The average Days on Market has decreased by 17.8 percent since the same time last year. This means properties are selling faster. For example, single family homes priced between $150,001 – $200,000 were selling, on average, in 59 days in March 2016, whereas in March 2017, single family homes in the said price-range sold in, on average, 48 days. In February 2017, we saw 60 Days on Market for this price point.
On a local level, GGAR notes:
For the 12-month period spanning April 2016 through March 2017, Closed Sales in the Greater Greenville region were up 7.3 percent overall. The price range with the largest gain in sales was the $200,001 to $300,000 range, where they increased 22.0 percent.
For our local market area, GGAR provides a 6-month comparison chart:
We can see that each month there has been an increase of properties sold compared to the same month in 2016.
And here is the 13-month Trent by Units chart:
The final word to GGAR, on a National Level:
We can comfortably consider the first quarter to have been a good start for residential real estate in 2017. There was certainly plenty to worry over when the year began. Aside from new national leadership in Washington, DC, and the policy shifts that can occur during such transitions, there was also the matter of continuous low housing supply, steadily rising mortgage rates and ever-increasing home prices. Nevertheless, sales have held their own in year-over-year comparisons and should improve during the busiest months of the real estate sales cycle.
As the economy improves, home sales tend to go up. It isn’t much more complex than that right now. Rising mortgage rates could slow growth eventually, but rate increases should be thought of as little more than a byproduct of a stronger economy and stronger demand.
If you are wondering about selling or buying and want to discuss if now is the time or whether to wait, call us or email us and we’ll be happy to look at your options.