Count me as skeptical on this one….apparently South Carolina is in pretty bad shape now that the eviction and foreclosure moratoriums have expired.
If there is a wave of foreclosure that hit, what did these folks do? If they bought the home in the past year, they clearly had the finances to purchase the home because they had to qualify for a mortgage. If they bought it two years ago and maybe lost their job due to Covid so they stopped paying…okay, I get that…but they have likely also seen their home values rise somewhere between 10-20% depending upon where they live in South Carolina. It seems to me they probably still have some equity left in the home whereby they can sell the home, payoff their mortgage and delinquent payments and move on without the foreclosure hitting. I guess we’ll have to see how this plays out.
The Greenville area continues to post strong homes sales number with October up nearly 12% compared to last October. In October 2019, 1127 units closed compared to 1,097 in 2018. The median sales price is up 5.6% from $206,500 in 2018 to $218,000 in 2019.
Other key data points for the Greenville area housing market are below in the various images. (Data is from the Greater Greenville Association of Realtors). Areas included in the general roll up of the data include: Greenville, Simpsonville, Five Forks, and Mauldin amongst many others.
What is interesting to see is that the overall inventory is starting to grow in the overall area – up 20% compared to a year ago. We’ll dig in further to see specifically if that inventory is growing in Greenville and Simpsonville.
