The first month of 2009 is now in the books and while the majority of the real estate activity is not great, there are a few bright spots in the Greenville real estate market. The information below is provided by the Greater Greenville Association of Realtors.
- There are currently 5,777 active single family listings in our MLS with 1,212 of these being new/never lived in homes. The overall number of actives is fairly consistent with previous months but the number of new homes is off the 1,400 or so average that we have been experiencing.
- The average list price for our active listings is $274,900.
- There were 264 homes sold and closed in the month of January. These homes sold for an average price of $167,040 and sold for 96% of list price. Average days on market was 89 days.
- This compares to January 2008 when 502 homes sold. Those homes sold for an average price of $184,599 and sold for 97% of list price. Average days on market was 94 days.
The good news is that the days on market remain consistent and the average list to sell price remains strong. The Greenville market has for the most part retained value and we have not seen prices falling rapidly like many parts of the United States.
When does the market start coming back here and elsewhere? After all, our sales are impacted greatly by the fact that buyers looking to relocate here from other parts of the country are having a difficult time selling there current homes which is delaying their purchasing here. My expectation is that we will start seeing some recovery late in the second quarter continuing into the fourth quarter with more normal levels returning in early 2010. Much will be dependent on the U.S. economy and conditions around the world that have a direct effect on our economy.
Greenville is fortunate in that we have a diverse business base here and our local government leaders are continuing to be active in recruiting more companies to relocate here. Because the diversity of business represented here, we are not impacted greatly by any one business that may be suffering.