The Presidential Election is upon us!
So, before we find out who will be leading our country for the next 4 years, let us look back on how the market finished up for October.
In Pitt County all values are up over last year since inventory is down, this should be no surprise.
The average list price is up to $309K from $235k this time last year…
That is an average $74,000 difference in a year! What is driving such a big difference, most likely now due to the higher-priced homes, are starting to move again, therefore sellers are placing them back on the market.
The median list prices though tells us a better story…
As mentioned above, the Median list price is at $259,900…
Last year this time it was $210K. Therefore, asking on average $50,000 more overall in the entire county.
Sellers can be asking for more; however, it all comes down to what the buyers too are willing to pay.
While higher priced homes may be getting re-listed. The average sold price is still only $210,500 which is $26K up from $184K last year.
This is on par for what we have seen. Most homes have increased by $10K and up to $30K in some rare locations.
So, take that as an average, you should be expecting 15-20K over last year if your neighborhood has continued to be in demand.
Plus, if you have followed the statistics right and priced it accordingly, sellers should expect an offer by day 6 if not sooner!
The market is telling you if it has been on the market longer than a week, you may be overpriced due to condition or location.
Now that we have summarized Pitt County let us look at Greenville and Winterville markets.
First let us dive into Greenville, NC and look at what has been happening for the month of October.
The first thing that I see is the inventory levels are half of what they were this time last year.
Again, this is driving up all the list prices and sold prices. Greenville’s average list went up to $348K over last year’s 241K.
Median list is only $262K up from 193K.
Now, again it all comes to sold values.
In Greenville, on average the sold price was $210K up from $184K last year.
Days on market, you can expect a home to go under contract within 4 days in the Greenville area.
Now in Winterville, NC market the statistics are following a similar pattern.
Winterville inventory levels are at less than a month’s worth. And just like Greenville, it is half of the same amount of inventory as that of last year this same time.
In Winterville, the Average list prices are driven more by newer construction with $275K price points up from 232K this time last year.
Average sales are up $223K from 190K over last year. You can also expect an offer on a decent priced home within 5 days of going onto the market.
Now, lets look at the breakdown price points across Pitt County, NC.
As earlier articles have mentioned our activity levels have been active below the $300K price range this year.
You can even tell how much of a difference this time last year we have had an increased sale in the 250-299K category of 42 homes this year over only 19 last year.
If we take our entire sales of 239 homes in October, we see that 85% of the market activity is taking place below the $299,000 price category.
Now, between the price category of 300-350K this accounts for 5% of the market.
While, 350-399K and 400K – 449K we see both categories at 4%.
This is good to note, that general activity has increased along all these price categories over the same time last year!
Anything above $450K is still only at a bare minimum of 2% of the market’s activity.