That really depends on your perspective…let me explain what I mean. According to the Greenville-Pitt Association of Realtors MLS statistics, there were 1794 single family homes sold from January 01-November 30, 2006 compared with 1753 single family homes sold during the same timeframe in 2005. Simple math reveals an increase of 41 homes sold in 2006 over 2005. Pretty good you think, huh?
 
Well, that depends on whether you’re buying or selling. During the same timeframes, 2586 single family homes came on the market in 2006, compared to 1910 in 2005. That’s an increase of 676 homes on the market in 2006. If you like percentages, that’s a whopping 35% increase over 2005. Compare that with the .02% increase in sales over 2005. Not looking too good if you need to sell, is it? Look at it another way…if no new listings came on the market, and we know that won’t happen, there’s enough inventory currently on the market to last at the current sales rate, until sometime in March of 2008. The analytical term for that is absorption rate…it’s low and not good news for sellers.
 
So, is the real estate market in the Greenville, NC area up, or is it down? Well, I think if you’re a Seller, your perspective would be it’s not too good. There’s too much competition and possibly a longer time on the market. But, if you’ve been thinking of buying it’s certainly looking up. There’s lots of inventory to select from with more coming on the market every day. Prices are somewhat stable with slight declines in some areas. Now, I call that a home buyer’s dream and certainly a time to give serious thought to buying that dream home!
 
Happy Holidays to all,
Pistol