Market Trends
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Greenville, SC Real Estate Statistics for July 2011
Here are the July 2011 statistics for all single family homes and condo/townhomes sold in the Greenville Area MLS. The amount of homes sold in July of 2011 is actually up from July of 2010 by 102 homes but the average days on market are up as well. Keep in mind that last year by the end of July, 4,142 homes had sold. This year only 3,712 homes had sold in the Greenville area by the end of July.
Number of sold: 617 Average Days on Market: 113 Average Price of Sold Listing: $185,443
George Clements - Greenville, SC Realtor
Greenville, SC Real Estate Statistics for May 2011
Here are the May 2011 statistics for all single family homes and condo/townhomes sold in the Greenville Area MLS. The numbers are up a little again from March but are down by 141 homes sold compared to May 2010. Also, the average days on market are still in the 120's and the average sold price is down around $6,000 compared to May of 2010. Number of sold: 575 Average Days on Market: 120 Average Price of Sold Listing: $165,129 George Clements - Greenville, SC Realtor
Greenville, SC Real Estate Statistics for March 2011
Here are the March 2011 statistics for all single family homes and condo/townhomes sold in the Greenville Area MLS. The numbers are up quite a bit from February. This is a mixed report as the amount sold homes and average price have gone up, the average days on market have also gone up.
Number of sold: 537 Average Days on Market: 127 Average Price of Sold Listing: $165,789 George Clements - Greenville, SC Realtor
Home Equity in Greenville, SC
The National Association of Realtors just released a home equity study showing stats for the Greenville area. The graph below shows how much the average home owner in Greenville, South Carolina has in equity based on when they purchased their home:
George Clements - Greenville, SC Realtor
Greenville, SC Real Estate Statistics for February 2011
Here are the February 2011 statistics for all single family homes and condo/townhomes sold in the Greenville Area MLS:
Number of sold: 399 Average Days on Market: 122 Average Price of Sold Listing: $157,283 George Clements - Greenville, SC Realtor
Greenville, SC Real Estate Statistics for January 2011
Here are the January 2011 statistics for all single family homes and condo/townhomes sold in the Greenville Area MLS:
Number of sold: 339 Average Days on Market: 112 Average Price of Sold Listing: $173,838 George Clements - Greenville, SC Realtor
November 2010 Stats
Here are the November 2010 statistics for all single family homes and condo/townhomes sold in the Greenville Area MLS:
Number of sold: 416 Average Days on Market: 110 Average Price of Sold Listing: $167,802 George Clements - Greenville, SC Realtor
Real Estate Made Real Easy With Electronic Signatures
One of the goals I have for my clients is to make real estate transactions as easy as possible. I have recently added electronic signature services that are making transaction even easier.
In the past, when a document needed to be signed, one of three things had to happen:
a. Meet with the client in person for signatures.
b. Email the document and have the client scan and email the signed copy back.
c. Fax the document and have the client fax the signed copy back.
All three of these methods can be very inconvenient for the client depending on their circumstances. Here are just a few of the problems that can arise when something needs to be signed:
a. The client could be out of town.
b. The client might not have access to a scanner or fax machine.
c. The client's schedule just does not work to come meet for signatures.
With the new electronic signature service, clients just need the ability to get on line. Any document, from contracts to repair requests, can be sent to the clients email and electronically signed.
The electronic signature system has already saved a lot of time for my clients. One was traveling out of town and able to sign a repair request when he arrived at his hotel. One had inconvenient work hours and was able to sign when he got off of work. The best part in each instance has been that it only took a minute or two to sign and was extremely easy for the user. The signer authentication methods used by the service make it totally secure to use. Of course, if a client is not comfortable with signing electronically, I am more than happy to do it the old fashioned way.
Avoiding Costly Repairs
There are almost always some repairs involved when the time comes to buy or sell. According to the sales contract, there are certain things that a seller must fix if the home is not being sold "as is." Problems with the structure, HVAC, plumbing, electric, and leaks in the roof are all examples of things that must be fixed. There are many factors that determine if a repair is required or not and I can help guide you through determining which repairs are necessary. In the mean time, here are a few tips from the National Association of Realtors that will keep that repair bill down when it does come time to sell.
Change your HVAC filters monthly. Very easy but must be done. Clogged filters decrease HVAC efficiency and can cause breakdowns.
Drain your water heater at least once a year. Sediment will drain out along with the water from the water tank. Removing sediment can prolong the heater’s useful life.
Check your circuits. Test the performance of the circuit breakers in your electrical circuit box twice a year by flipping them off and back on. If you have a circuit that keeps shutting off with normal daily electrical use, call an electrician. A faulty circuit breaker could indicate a short in the wiring inside your walls.
Watch out for drips. Check under sinks periodically to look for leaks or water stains that might indicate leaks. Catching a small problem early can prevent water damage. Use a plunger to clean out sinks and tubs whenever water doesn’t drain normally.
Be aware of life spans. Water heaters, furnaces, roofs, and other key components of your home should be replaced before they fail, based on their average useful lives. Here’s a general ballpark of the life span for key components:
o Exterior house paint: 5-10 years
o Furnace: 15-50 years
o Roof: 13-20 years
o Water heater: 7-15 years
o Wood deck staining: 4-7 years
Keep the wet out. Water is a major enemy of your house. Check each season for signs of water damage to your home. Flashing, the metal pieces used to seal the areas between roofs and chimneys, are especially vulnerable to damage by wind or age. Loose flashing can let water seep under a roof or inside walls, which in turn can cause major damage.
Source: Realtor.org
Comparing Price Ranges
I recently did a search on Greenville, Greer, Simpsonville, Taylors, and Travelers Rest and found that 119 homes sold between $200,000 and $300,000 in May and June of 2009. 4 of the 119 were an auction or unusual situation leaving 115 that were normal transactions. Out of the 115 normal transactions, all but 3 came down quite a bit on their price. The 3 homes that did not come down in price were all new construction and most likely had features added that made the price go up. Out of the 115 homes, the average difference from list to sales price was -$19,582. Something to keep in mind, the $19,582 average price that the 115 homes came down was taken off of the current listing when it sold. It does not include the original price that they might have started at if there was a previous expired listing. That means the total average price drop is probably much higher than $19,582.
At the same time, we seem to be seeing a surge in first time home buyer sales. The first time home buyers are starting to realize that they have to close on their home by November 30th to get the $8,000 tax cut. This has created quite a bit of movement especially in homes under $130,000 that are priced and staged right. I recently listed a home in the $120,000's that showed 15 times and had an offer by the end of the first week. The home looked great on line and the web traffic was extremely high. Homes in the $200,000's plus that are getting the same exposure are doing well to get 15 showings after months of being on the market.
We can take a few things from all of this. First, the market is not that bad if you are selling in the first time home buyer range. If you are buying in that same range, don't expect to find any great deals. There are a few great deals out there but expect them to go fast and have multiple offers. Second, if you are selling in the $200,000's plus you have to be aggressive and really stand out from the competition with pricing and staging. The good news is that the activity that we are seeing with the lower priced homes has potential to create a ripple affect. The people who are selling the lower priced homes could move up in price range after they sell and and this could increase activity in those upper price ranges.
