For a while now, buyers and sellers in our Greenville market have been keeping a close eye on conditions. Many have been waiting for changes to come, and I believe this January was the beginning of this long-anticipated change in direction.
The number of active listings on our local market, for example, rose 9.1% year over year this January, going from 4,005 listings in January 2018 to 4,457 listings at that same time this year. This is the single biggest spike in inventory since I began reviewing market data in 2011.
With this influx of inventory, the number of properties that actually sold dropped significantly. Between this January and January 2018, the number of closings decreased by 18.18%. Much like the last data point I mentioned, this drop in demand is the most significant I’ve ever observed.
However, despite this drop in demand, there is a silver lining: The median home price for our Greenville market has risen 8.1% year over year.
That said, median price tends to be a “lagging indicator” of our market trends. In other words, it takes longer for this data point to reflect what’s happening in our market than other relevant statistics. If inventory continues to rise and demand continues to drop, the median price can expect to decrease, as well.
The bottom line is that if you’re thinking of buying or selling, now is the time to make your move. And when you do so, make sure that you’re partnering with an experienced real estate team. Not every Realtor is the same, and not every brokerage will be able to provide you with the experience (and the results) you deserve.
If you have any other questions, would like more information, or are interested in learning more about how my team and I can serve your real estate needs, feel free to give us a call or send us an email. We look forward to hearing from you soon.