Greensboro Housing Report – 2nd Quarter 2013
The Greensboro housing market continued to register a strong recovery in the 2nd quarter. The number of existing, single-family homes sold in the Greensboro area of Guilford County totaled 822 after adjustment for seasonal variation.1 The number sold was up 6.7% compared to the level of sales recorded in the 1st quarter, and it was 26.8% above the number sold during the 2nd quarter one year ago.
At the end of the 2nd quarter, the inventory of homes on the Greensboro market was 1,796, or 1.8 times the number of homes sold in the 2nd quarter (using seasonally unadjusted numbers). The inventory/sales ratio is down substantially from what it was at the end of the 1st quarter. At the current sales pace, it will take 5.5 months to exhaust the inventory. The number of existing homes offered for sale was up 5.0% from what it was at the end of the 1st quarter, but it is down 11.7% from the level one year ago.
The quality-adjusted price of the average home sold in the 2nd quarter was higher by 2.0% from the previous quarter. The average quality-adjusted price of an existing home in Greensboro was $156,590. The average this quarter was up 4.4% from the average recorded in the 2nd quarter of last year.
Nationally, the pace of existing, single-family home sales rose 15.0% over the past 12 months.2 Average home prices are up 11.6% across the nation. The inventory of homes available for sale is down. Currently, it will take 5.2 months to sell at the existing pace of sales.
Among other indicators of housing demand, the average time on the market for existing homes sold was 93.5 days, down 7.6% from the average in the 1st quarter. The sale-list price spread, which shows the ratio of selling to listing price, was higher at 94.9%, indicating a decrease in the level of discounting in the market. Over the past year, time on the market has dropped 14.1%, and the spread has risen, showing that the time to sell a home has decreased, and sellers are getting a higher percentage of their listing price.
Report Compiled by: Jud & Associates for the Greensboro Regional REALTORS Association