We at Carolina Realty would like to wish all our clients, customers, and web users a Happy and Safe Fourth of July! Additionally, we would like to extend special gratitude and appreciation to all our veterans and those currently serving in the armed forces right now. Thank you for your support of our nation!
As we finish out the 2nd Quarter, we would like to stop and examine the overall numbers for the Greater Greenville Market this year. So with this post, we are going to take a quick look at what is happening here in the local Greenville Real Estate Market and then we are going to discuss current interest rates.
We are happy to announce that this year within the Greater Greenville Real Estate Market, things are moving with positive momentum in appreciation, average selling price, and days on the market when you compare this year to last year.
Here is a quick look at the numbers for the total units sold this year vs. last year.
- Solds Jan 1 - May 31, 2012 2730 (A positive increase of 12.4% over last year).
- Solds Jan 1 - May 31, 2011 2429
Now let's take a look at the average price this year vs. last year.
- Ave. Selling Price Jan 1 - May 31, 2012 $172,878 (An appreciation or increase of +4.4%)
- Ave. Selling Price Jan 1 - May 31 2011 $165,751
Now let's visit the Average Days on Market or DOM for this year vs. last year.
- Ave. Time on the Market Jan 1 - May 31, 2012 109 days on the market (A decrease of 9.2%, a good thing!)
- Ave. Time on the Market Jan 1 - May 31 2011 120
All of these statistics are good news; the market is improving. What is driving the improvement? We feel two things: 1) Interest rates are near all time historic lows. We recently closed a 30 yr fixed loan with a client at 3.65% on the interest rate. We've even heard 3.5% quoted on 30 yr. fixed mortgages! I would venture to say these are the lowest rates probably in decades and they are the result, in part, of the Fed's continuation of operation TWIST.
So if you are out there in the Greenville Marketplace thinking about buying or even selling, I don't know that you will find any better interest rates to help drive your decision. So it could be an opportune time to buy and even sell. How long will the improvements and low rates last? If I could answer that, I probably would not be writing this :-)
If there is anything we can help you with, please don't hesitate to phone or email us: 864-335-8936. Thank you and take care,