Happy Thanksgiving! Greenville Market Recap & Interest Rate Trends

Posted by Jonathan Kostyra on Wednesday, November 27th, 2013 at 4:52pm.


We wanted to take this opportunity to thank all our past clients and customers for their business this year and to wish each of you a very happy and fulfilling Thanksgiving! For those traveling, we wish you plenty of patience and safety:-)

 

2013 Greenville SC Real Estate Market Recap:

Below are year over year MLS statistics for the Greater Greenville SC Real Estate Sales. We are comparing 2012 sales to 2013 sales. Overall, there was good improvement in all categories with Volume of sales being up nearly 26% in 2013, Average Prices being up 3.5%, and the time on the market falling by 11.4%.

MLS Stats as of Nov 10th 2013          Units        Volume                Ave. Price   Med. Price   DOM

Solds January 1 - October 31, 2013     7788      $1,447,981,031    $185,925    $157,000     93

Solds January 1 - October 31, 2012     6192      $1,112,366,626    $179,646    $150,000     105

Percentage Change                           (+25.8%)    (+30.2)                   (+3.5%)       (+4.7%)  (-11.4%)

Downtown Greenville Homes and downtown condos have been a hot commodity while the surrounding suburbs have seen plenty of selling action as well. Overall, inventory is real low right now. If you are thinking of selling, now may be a good time to test the market. The majority of all our listings were sold by fall time and one of my latest listings had 4 offers in two days, driving the contract price over our listing price!

Interest Rate Trends:  The trend in interest rates this year since April/May has seen interest rates creeping higher. They bottomed out around 3.25% and from there rose to around 4.5%, and have fallen since then to around 4.25% to 4.5%. The bond markets have a keen ear to any news that the Fed may start tappering their bond buying program. Should the Fed start doing this, we can expect interest rates to rise. Additionally, global growth and inflation come into play with long term interest rates.

According to bankrate.com,  "This week (Nov. 27- Dec. 5), 12 percent of the panelists believe mortgage rates will rise over the next week or so; 25 percent think rates will fall; and 63 percent believe rates will remain relatively unchanged (plus or minus 2 basis points). (Source)

We feel fairly confident that the positive trends in the local real estate market will continue into next year. Let's hope so! Take care and all my best, Jonathan.

Weekly national mortgage survey

Results of Bankrate.com's Nov. 27, 2013, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:
30-year fixed15-year fixed5-year ARM
This week's rate:4.44%3.47%3.29%
Change from last week:+0.05+0.05+0.01
Monthly payment:$830.16$1,177.13$721.72
Change from last week:+$4.88+$4.05+$0.91