Real Estate: What’s Next?

The Greenville housing market continues to muddle its way through this recession (or post recession depending on how you look at it), but leaves us all wondering what’s next?  There is no doubt that the market seemed to bottom in 2009. However, after the expiration of the Great Stimulus of 2010 the local market has cooled dramatically.  Throwing numbers and stats out the window and talking strictly sentiment on the street, Realtors will tell you that the market feels like it is improving.  But slowly…so so slowly.  This is okay though.  The economy has sobered up, gone through a terrible hangover and is now getting back into shape.  As we all know, getting into shape takes time and effort.  The real estate market will continue to muddle on and improve without anyone really remembering when things got better.  Changing gears and getting more technical the latest MLS numbers support this conclusion.

  • Year to date, more homes have sold compared to this time last year. 5,100 vs. 5,015
  • The Average price has increased to $173,000.  Although this is still around a 2005 level, it is an improvement over 2009.
  • Homes are staying on the market an average of 103 days.  At the bottom, homes were on the market an average of 112 days and at the peak the average DOM was 86 to give you perspective.

So what’s selling?  The sweet spot remains in the below $200,000 price range.  In fact, homes over $500,000 are still taking a beating.  Of the 5,100 homes sold this year, only 122 have been over $500,000. 

The really good news about this market is the buying opportunity that still remains.  Prices are depressed and mortgage rates are the lowest in history.  The cold weather months are always a slow time for real estate sales (translation = excellent time to get a great deal!) and the winter of 2010/2011 may create one of the best buying opportunities that we will see for many years to come!

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