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Greensboro NC Real Estate Market Update July 2012

Perspective!  One thing that is true about the Greensboro NC real estate market is that there are as many opinions about the state of our local market as there are statistics to analyze it.  Obviously, it doesn’t take a rocket scientist to figure out that we have some definite challenges in front of our full recovery but no matter which media outlet you choose to get your information from, there are signs that the real estate market is improving.

One question I am consistently asked is “How is the real estate market?”…and my answer is the always the same – “It depends on whether you are looking to buy or sell a home!”

The truth of the matter is that the answer depends on your perspective (there is that word again).  There are many ways to slice and dice our local market stats but in my opinion, there have been essentially two sweet spots:

  • Homes that are in move-in ready condition and priced to sell!
  • Distressed properties – short sales and foreclosures that are aggressively priced and represent a bargain

Speaking specifically about the Greensboro area of Guilford County, we averaged just shy of 220 homes sold per month which takes us back to levels sold in the late 1990′s. Fortunately, that number is up 3.5% over the first quarter of this year and 10% better than the same period last year,

In Greensboro, the price of the average home sold was $152,994, up 1.6% from the average recorded in the 2nd quarter of last year.

An increased supply of homes for sale coupled with a decreasing number of buyers has created a strong buyers market and competition among home sellers has been strong for the fewer buyers that have been in the market during the first half of the year.

Among other indicators of housing demand, the average time on the market for existing homes sold was 107 days, down 6.6% from the first quarter.

The sale-list price spread, which shows the ratio of selling to listing price, was higher at 94.2%, indicating a decrease in the level of discounting in the market. Over the past year, time on the market has dropped 9.2%, and the spread has risen, showing that the time to sell a home has decreased, and sellers are getting a higher percentage of their listing price.

So, if you are a seller – invest the time and money to get your home into pristine condition, address any deferred maintenance items and call an experienced real estate expert as now is not the time to be trying to go it alone.  You need the advice and marketing expertise of someone familiar with selling homes in your area.  If you are a buyer – you are in luck.  You happen to be in the drivers seat (for now) and you need to get off the sidelines and take advantage of these bargains.  Even if you are not in the credit or financial position to make a move right now, give your local Realtor a call for a free consultation so you can develop a specfic game plan to get yourself in position over the short run.

If you have any questions about the local Greensboro NC real estate market, please contact me.  For information on property values in the Triad market, get your free market report at www.greensbororealestatevalues.com

 

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