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Greensboro NC Housing Update Q1 2013

We continue to see strong signs of recovery in our local Greensboro NC real estate market with volume up 20.5% over the same period last year and 5.6% above volume from the fourth quarter of 2012.

Interestingly, there appears to be a shortage of inventory at certain price points with approximately 7.9 months of inventory on the market at the current sale pace.  The actual number of homes for sale was 15.1% below what it was just a year ago forcing greater balance between buyers and sellers and having a positive effect on average sales price across the Greensboro market.

The quality-adjusted price of the average home sold in the first quarter was higher by 12.5% from the previous quarter coming in at $152,627 (up 2.3% from where it was a year ago signaling a welcome trend for home sellers)

Average time on the market for existing homes sold was 103.9 days, down 1.7% from the fourth quarter.   Another factor we look at is the average spread between list and sales prices to show the amount of discounting taken by the typical homeowner.  During the first quarter of 2013 that ratio was 94.7%.  Time on the market has fallen 9.3% over the past year.

To summarize, we are seeing a greater sense of equilibrium between buyers and sellers in the Greensboro market as the time it takes to sell is decreasing, sales prices are on the rise and sellers are having to take a small discount on their list price in order to sell their homes.

As short sales and foreclosure volumes fall, we expect to see an even greater sense of balance in the market.  For more information on how the state of the current market may impact your ability to buy or sell, please give us a call at 336 346 1411.

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