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Greensboro NC Housing Market Report – April 2014

Housing Market Conditions in Greensboro NCThe housing market in the Greensboro area continued to slow in April with 342 homes exchanging hands during the month.  The number sold was down 2.8% compared to the level of sales recorded in March and a whopping 20.8% below the number sold during April one year ago!

The average price of homes sold was up slightly at 0.4% and has gone up 5.9% over the last year.  Time on the market has fallen and the spread between the list and sales prices of homes in Greensboro has risen indicating somewhat less price discounting in the market.

The inventory to sales ratio was 7.4, an indicator of the time it would take to clear current inventory of homes at our current pace of sales.  This ratio is up from 5.2 in April of 2013.  This ratio is substantially higher for more expensive homes.  The average number of days on the market was approximately 95 days.

Overall, softness has crept into the market at what is typically one of the strongest times in the real estate cycle.  While interest rates have continued to stay low, demand has begun to wane with stagnant employment and wages having a possible effect on the real estate market.

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