The Greenville area was not immune to Covid this spring as it took hold in March. Home sales declined significantly in April and May but have come back strong in June 2020. The Greenville area just hit a new median home price high of $235,000 for the month of June.
The market continues to remain healthy at this point. Homes under $300,000 still typically sell very fast. The overall Days on Market for June was just 54 days…that’s the time it takes to have the property go under contract and go pending where the inspection contingency has been removed. Homes priced over $300,000 were seeing it take 73 days in June.
Closed sales jumped 13.7% compared to last June to a new high of 1591. Some of that in all likelihood was recaptured from sales that did not happen in April or May.
There’s plenty of new construction inventory coming on line in the Greenville and surrounding area. We’d still like to see more existing housing come up for sale but that is still an uphill battle with homeowners. I am seeing signs that maybe we are at the inventory trough and we’ll start to see better inventory levels in the coming months and years. The problem is, I’ve expected to see this now for two years in-a-row and have been proven wrong each year 🙁
Months supply of housing for sale is another metric to gauge a marketplace. We are just starting to see an uptick here.
