GGAR Market Statistics – October 2011

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 homeownership 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.

New Listings in the Greater Greenville region decreased 4.7 percent to 1,043. Pending Sales were down 29.5 percent to 316. Inventory levels shrank 14.7 percent to 6,596 units, a trend that could indicate a changing landscape. Prices were fairly stable. The Median Sales Price decreased 0.2 percent to $142,020. Days on Market increased 7.8 percent to 107 days. Absorption rates improved as Months Supply of Inventory was down 7.9 percent to 12.0 months.

 

Recent reports from the broader economy have dispelled the story of a double- dip recession. An early reading of gross domestic product (GDP) showed 2.5 percent growth. Meanwhile, national job growth, a major driver of housing demand and price support, has recently strengthened. An increasingly impatient White House has rolled out phase two of the Home Affordable Refinance Program (HARP) for Fannie- and Freddie-backed mortgages. This should help a number of consumers as they write the next chapter.

 

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