July 2019 Greenville Market Update
The general U.S. economic expansion continued into the start of its 11th year in July 2019. The average rate of growth in this expansion has not been as robust as the 1990’s expansion, at 2.3 per year versus 3.6 previously. During this 10 year expansion, the unemployment rate has dropped from 10% in 2009 to 3.7% in 2019. The economy is expected to continue to function well for the rest of 2019, but a mild recession is becoming more of a threat.
Here are the numbers from the Greenville area for July.
New Listings - 1842 (up 12.8% from 7/18)
Rending Sales - 635 (down 48.0 % from 7/18)
Closed Sales - 1314 (up 2.3% from 7/18)
Days On Market - 47 (0% from 7/18)
Median Sales Price - $224,000 (up 3.6%% from 7/18)
Percent of Asking Price Received 98.4% (0% from 7/18)
Months Supply of Inventory - 4.6 (up 35.3 % 7/18)
The number of new listings rose 12.8% to 1842 homes. Pending sales decreased 48% to 635 homes. Home prices have gone up 3.6% The number of days on the market to sell has stayed the same at 47. The number of closed sales this July compared to last July has gone up 2.3% months supply of inventory has gone up to 4.6 months. For more information on key indicators of a healthy housing market, click here.
Obviously, the supply of homes has increased relative to demand. The market is still considered a seller’s market because the month's supply of housing is still under 5 months. It will be interesting to see how the market performs during the month of August.
If you are thinking of selling your home, it is important in the market to price it correctly. The real estate experts at Jeff Cook Real Estate have the knowledge and experience to position your home well in this market. If you want to purchase a home, Jeff Cook can find you the best option. Visit us at 864value.com today!
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