An Update on the Greensboro Market in 2016

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We’ve seen some great trends taking hold here in the Greensboro market, and we’re excited to talk to you about them. June 2016 continues a trend from the beginning of this year of increased home sales.

The 708 closed sales in Guilford County are 16.3% higher than what we saw in June 2015. This has brought our year to date total to 3,386 closed sales, which is 13.9% higher than 2015. We’re also seeing the trend of inventory decline continue. New listings are down 6.6% from this time last year.

With more houses selling and less coming on the market, our total active listing inventory has dropped. It currently sits at 2,970. That’s 21% lower than last June’s 3,761 listings.

Our inventory has dropped by 21%

Every market has micro markets, however. If you’re curious about selling and want a dedicated analysis of what's happening around you in your micro market, give us a call or send us an email. We look forward to hearing from you.

Strike While the Greensboro Market Is Hot

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The Greensboro real estate market in the first quarter of 2016 is off to an unprecedented start. Closed units are up almost 15% from 1,200 last year to nearly 1,400 this year. The number of homes closing this year looks like it will continue into the second quarter with 14% more units going under contract.

We’re also seeing fewer homes come onto the market; with only 2,193 new listings, that figure is down more than 10% compared to 2015.

Right now, the market is swiftly changing from a buyer's market to a seller's market. Sellers are seeing more showings and more multiple offer situations than I have seen in all of my 18 years in real estate! This has also caused the sales-to-list ratio to rise to 93.1%. As a seller, you need to consider getting your house on the market ASAP, because the right houses in the right condition that are priced correctly are in high demand. Your chances of getting top dollar for your house are the best we have seen in years.

This type of demand is why forecasters are predicting a full 1% rise in mortgage interest rates. A 1% rise in interest rates is like a 10% jump in sales price from an affordability standpoint in monthly payments.

As a buyer in the Greensboro real estate market, be prepared for a multiple offer situation. Act fast when you see a house come on the market that meets your criteria; go to see it the minute it comes on the market! You may not have much time to think about it before making an offer.

A solid pre-approval from a lender is a must-have. Be ready to increase due diligence fees and earnest money deposits, and make sure your inspector can go quickly to keep due diligence days as short as possible.

If you have any questions, now is the time to ask! Feel free to reach out with an email or phone call and I’d be happy to work with you.

Our Market Is Improving by Leaps and Bounds

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The latest market report for Greensboro is in, and today we’ll be looking at the latest numbers for our real estate market and comparing them with what we saw at this point last year. Let’s get to it.

The third quarter of 2015 saw 1,845 closed units in Greensboro, a 15.74% increase from the third quarter of 2014. More good news for sellers is that the average list-to-sale percentage rose from 91.2% in 2014 to 93.7% today.

The average days on market rose slightly, from 134 to 138 and the average sale price rose 2.53%, from $182,894 to $187,513.

The year-to-date numbers are also encouraging. The number of closed units is up 12.5% from this time last year, and units pending are up 17.3%. The year-to-date list-to-sale average is right around 93.5%.

If you have any questions for us, or if you’re thinking of buying or selling, give us a call or send us an email. We would love to help out in any way possible!

Are Conditions Improving in Greensboro?

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Hey everyone, today we are excited to discuss the current market conditions here in Greensboro. At the end of April, we sat down and took a look at the numbers, and compared them to the figures we saw at the end of April in 2014. Here is what we saw:

• There are about 1,800 homes currently on the market for sale, which is significantly down from last year.
• There were more closings than a year ago, with 216.
• Inventory is down to 5.3 months, and dropping.
• Interest rates are still near all-time lows below 4%.

Overall, we are seeing a great seller's market here in Greensboro. This means homes will be harder to find for buyers. However, those low interest rates will make any home you purchase more affordable in the long run.

If you are thinking of buying or selling a home in Greensboro, give us a call or send us an email. We look forward to speaking with you!