Our Guilford County real estate market is continuing to improve. The metrics, derived from the Triad MLS, are showing steady improvement this year as we move toward a healthy, appreciating market. Signs that things are moving along include:
- Size of current listing inventory. In August there were 2569 active listings in the Triad MLS. This is down about 20% from August 2014 levels, so more houses are selling.
- Median List Price. Last month, our median was $199,000, $20,000 more than in August 2014. That’s an 11% increase and does reflect appreciating prices in the county. However, we are dealing with median listing price here (half of all listings above $199,000 and half below) so a few very expensive new listings skewed the median a bit. Our real price appreciation has been in the 3% -5% range.
- Days on Market. Today it’s taking about 78 days for a listing to sell. That’s down 5% from last year’s number, 82 days. This metric is a measure of demand, and it is increasing. For several years many home buyers sat on the sidelines waiting for the right moment to make a move. In 2015, they seem to be deciding that the time is NOW.
- Units Sold. In August, we sold and closed 480 homes. that’s up 16% from August 2014 when we sold 413. Looking at these four metrics, it is clear that houses in Guilford County are selling at a faster clip, for more money in less time than they were a year ago. Translation: it’s a great time to sell! AND, with interest rates still hovering around 4%, a great time to buy.
There is one measure that shows a decline from last year, and it is Median Sale Price. In August 2014, the median sale price was $171,000. Last month it was $168,500, a drop of 1.5%. Once again, we are dealing with median sale price and just as a few very expensive listings may have skewed the median list price number, so an abundance of lower priced sales could have skewed this number. Consider the fact that in July 2015, the median sale price was $179,000 and I think you can see this is a number that can fluctuate a lot in a month.
GreatNest and The Vincent Group is a full service real estate company charging a low set fee instead of a percentage commission. We serve buyers and sellers in Greensboro, High Point, Winston-Salem , Summerfield, Oak Ridge, Jamestown and surrounding areas. You can reach us at (336) 790-5210 or by emailing Steve Vincent. Visit our website: greatnest.com.