Greenville NC Real Estate Market Update | May 2020

The Winds Of Change Aren’t Blowing

It’s the beginning of May which means we get to take a look back over April’s Greenville NC Real Estate Market Summary and Statistics to determine in which direction our market may be heading. Overall numbers still suggest a strong seller’s market since inventory levels have remained fairly low. In Pitt County, inventory sits currently at 362 available/active homes, Greenville has 170 and Winterville is sitting at 96 active. Inventory levels, therefore, have not had a significant change due to the Covid-19, and we are running into a smooth Spring Seller’s Market. It is a fantastic time to list your property!

Covid-19’s Effect On Our Market

Now, we mentioned last month that showings had declined significantly in the Greenville NC Real Estate Market due to many fears surrounding Covid-19, and the reluctance to enter non-vacant properties for showings. This reluctance was shown to us on both sides, sellers are afraid to list and buyers are afraid to preview multiple homes. This month we, therefore, saw an increase with Days on Market across Pitt County at 57 days on average. That is up [17 days] from an average of 40 days last month. The median days on the market jumped to 16, which was only 7 days last month. Therefore, most homes are now taking 2-5 weeks to go under contract. Virtual Tours have been on the rise, and buyers are taking a slightly longer time in their decision making in some cases.

Are Prices Juiced By New Construction?

The median sale price is higher this year up to 183,000 from 169,000 this time last year. The year to date sale price is also up to $175,000 from 157,000. That is an almost $20K increase from the same time last year. I feel strongly that new construction is pushing these figures, with individuals choosing to refinance and remodel instead of moving.

Banking Woes Abound

Covid-19 has caused some disruption in the real estate process, mainly in getting to the closing table. In Pitt County, we can study those properties that are under contract to get a feel for this. Currently in Greenville we have 200 homes under contract and in Winterville the figure is 109. That means more homes are under contract than are actually listed for sale at this time. The inventory level is 2 months’ worth, just 60 days allocated inventory. That is still a very strong seller’s market, and with Covid19, these levels had slightly increased due to the fact it is taking lenders/banks 45-60 days to close under good conditions. Some are taking up to 90 days, given delays, credit rechecks, underwriting, and the closures of businesses and jobs.

In Conclusion

Again, the best practice, for the time being, is to continue to watch the Greenville, NC real estate market and see how this all plays out. In the meantime, I plan to keep you up to date. So keep following our blogs and we’ll keep you informed as to what is taking place in Eastern, North Carolina. Contact us today if you want to know what your individual home is worth.

Best Regards,
Kathryn Glenn