The inventory in the Greenville NC Real Estate Market continues to shrink at alarming rates. Sellers are being provided with unique opportunities and bank appraisals are having a tougher time keeping up as prices and offers continue to rise. Will these trends continue? Find out today in our Greenville NC Real Estate Market Update for August 2020!
Buyers Continue To Gobble Up Homes
Currently, in Pitt County, we only have 229 homes available for sale at all price points.
Last month, 278 homes were added into the inventory while 240 properties closed! That’s a big dive!
As you can see, the number of active listings has continued to decrease as buyers become more and more active, gobbling up properties left and right!
You’ve gotta love those interest rates!
According to LendingTree.com, 30 Year Fixed Rate Mortgages are hitting an unbelievable 2.79%!
I digress. Based on the listing data above, if we were to stop adding properties onto the market, we would only have one months’ worth of inventory on hand.
To have a stable market here in Pitt County, we need about 6 months.
Right now we’re also seeing an average Days On Market (DOM) hovering around 30 for Pitt County while the median Days On Market is only four!
This is also reflected in the Days On Market for Greenville and Winterville, whose median is three!
In all honesty, I consider these numbers to be high since most homes are going under contract within a day or two.
The reason these figures are hovering around three and four has to do with the delivery of money. Most agents only consider the contract to be sealed when the Earnest Money & Due Diligence fees are delivered.
Most offers on properties have likely been negotiated and accepted within hours of being listed.
However, in the MLS the pending doesn’t typically get marked until the money has been delivered.
The Market Is Hot In Greenville & Winterville
Now let’s look at the larger cities in Pitt County…
In the Greenville NC Real Estate Market, 137 properties sold last month while in Winterville 68 sold. 158 homes are currently pending in Greenville and there are currently 81 in Winterville.
In August, there were 152 homes that were added to the inventory in the Greenville and 79 added in Winterville.
Since we know that homes are selling so fast, it is safe to say that if a home is in decent condition, priced right, and shown properly, it should go pending within those first few days.
If it’s not pending within 5-7 days, it may be overpriced.
Currently, as of this writing, we have 105 active homes in the Greenville NC Real Estate Market, 56 in Winterville, and only 229 throughout Pitt County.
Most of our activity is taking place at the price points of $350,000 and below.
This accounts for 90% of all market activity!
If you’re listing your home on the MLS and want it to sell fast, it needs to be at the $250,000 mark or below, since this is where 70% of the market activity is taking place.
Our current consideration is that homes above $350,000 are in a buyer’s market.
Sellers could take advantage of the great rates by refinancing in the current state or consider other unique opportunities when it comes to these price areas.
Contact us today if you have been considering buying or selling in Eastern NC. Let us do a more comprehensive market analysis for you.