Greater Greenville Association of Realtors has released the local market MLS statistics for April 2017 along with national commentary.
In Greenville, there was +17.1% change in supply compared to the same month last year.
The statistics show:
- New Listings were down 8.1 percent to 1,575.
- Pending Sales decreased 60.9 percent to 511..
- Inventory grew 11.4 percent to 4,568 units.
- Prices moved higher as Median Sales Price was up 11.1 percent to $189,950.
- Days on Market decreased 13.2 percent to 59 days.
- Months Supply of Inventory was up 17.1 percent to 4.8 months, indicating supply increased relative to demand.
Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand.
Housing Supply Overview
The overall Median Sales Price was up 7.6 percent to $183,995. Market-wide, inventory levels were up 11.4 percent. That amounts to 4.9 months supply for Single-Family homes and 3.2 months supply for Condos.
Spring is in the air, and housing activity is heightening. There appear to be more buyers out on the prowl, given the fact that sales prices are still going up while the number of days a house is on the market continues to drop. This is a recipe for a seller’s market.
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 5.7 percent increase in closed sales.
The average Days on Market has decreased by 17.9 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 April 2016, whereas in April 2017, single family homes in the said price-range sold in, on average, 47 days. In March 2017, we saw 48 Days on Market for this price point.
On a local level, GGAR notes:
For the 12-month period spanning May 2016 through April 2017, Closed Sales in the Greater Greenville region were up 5.7 percent overall. The price range with the largest gain in sales was the $200,001 to $300,000 range, where they increased 21.8 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, but for the latest month – April 2017.
And here is the 13-month Trent by Units chart:
The final word to GGAR, on a National Level:
The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.
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.