30 Mar March 2019 Market Update
For home buyers, 2019 is off to a great start. We have seen an increase in inventory, with 14% more listings in Spartanburg and almost 7% more listings in Greenville.
New living options are increasing in both Greenville and Spartanburg. This month Caine is launching the sales of Washington on Main condominiums in downtown Greenville and the first new construction neighborhood in downtown Spartanburg, Silver Hill.
Along with benefiting from more options, buyers have also enjoyed better than expected interest rates. In fact, this week the Federal Reserve indicated that interest rates will remain at historic lows throughout 2019.
While the market continues to improve for buyers, our sellers are still in a fantastic position. Demand continues to outpace supply and the average number of days on market remains strong at 63 days in Greenville and 103 days in Spartanburg.
According to the National Association of Realtors
Further, though price growth has slowed in both markets, sellers are still receiving over 97% of list price and average sales prices have increased by 5.7% in Greenville and 5.8% in Spartanburg over the past 12 months.
Economists continue to debate the timing of the next recession, but most experts predict a soft landing for the real estate industry. *If you look at previous recessions, housing still appreciated in 3 of the last 5 downturns. *Further, if you normalized pricing over the past 20 years, today’s prices are in line with where you would expect from a historical perspective.
The additional inventory and the slowing of appreciation are putting our market back in a normalized state. As the weather is warming up and drying out, we expect this Spring market to be profitable for all who are hoping to buy or sell.
Our Caine agents are always happy to help you make your next move. Click here to learn more about working with a trained real estate professional.
*According to the National Association of Realtors
