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Greensboro Real Estate Market Update

3Q2014_Greensboro_Housing_StatsThe Greensboro real estate market continues to be a mixed bag with total number of homes sold increasing 2.7% over the second quarter of this year but down sharply by 7.9% from this time last year.  Coupled with an increasing inventory of homes, this is an  indication of some stagnation creeping into the market.

The number of homes offered for sale was flat from 2Q14 (up just 0.3%) but higher by 14% from the level one year ago.

One piece of good news was that the quality adjusted price of the average home sold was up over three percent over the previous quarter and up 6.5% over this time last year as well.  A fact that should make current homeowners smile.

During the third quarter, the largest number of homes sold across the county came from the north High Point zip of 27265 with more than 246 of the 1,177 homes sold across the county.  This is indicative of the availability of a larger number of  affordable homes in mid level price points

At the current sales pace, it will take 6.6 months to exhaust the current inventory of homes.  As you would imagine however, the time to sell ina home varies substantially by zip code and price point with higher priced homes seeing the softest market.  Homes $300k-$400k came in at 8+ months (indicating a buyers market) while homes from $150k to $250K were at approximately 6 months indicating a greater degree of equilibrium between buyers and sellers.

For a more detailed copy of the report, shoot us an email at [email protected] and we will forward you a complimentary copy.

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