Happy New Year! Here is to 2021 and may this year be better than your last and prosper in all things you set your mind to. Now before we jump into the Greenville NC real estate market outlook of 2021, let us look back over December and look back over the Year-To-Date totals of 2020 when it came to the Pitt County Market as a whole. In order to see what’s really going on in the Greenville NC real estate market it’s always best to take a look at the larger picture. So let’s jump in!
As we mentioned in last month’s article and market data, we thought we would see a continual decline of newly listed properties. Well, my thoughts held true; the overall number of listings did continue to decline across the market. In Pitt County, the number fell to only 223 actives as of December 20th. The number of homes sold was 188 as of the 20th of the month and newly listed properties for December were 153 across Pitt County.
What has held steady surprisingly to me is the active median list price. If you look at the chart it truly has held steadfast at an average of $260K.
Well, thanks to new constructions and the decline of homes being listed, plus the older inventory that hasn’t really moved much in the Greenville NC real estate market. The median price of active homes hasn’t moved in the past months. Mostly due to the homes that are in market-ready condition that are being listed are sold so quickly that the inventory buyers are fighting for are the newly listed homes, and not so much the older inventory. This also is noted true by watching the black line and brown line of sold and new inventory and how they actively follow each other. So, there is your proof of this theory.
While the active median hasn’t moved, the sold median price point was that of $194K and newly added listings were only that of $180K. I expect all those to be gone within days if they are not already under contract to close!
Absorption rate has declined down to just 30 days.
As mentioned previously, if all listings stopped today this is the rate of the inventory we must sell before we are entirely out. We are at a single month’s worth of inventory when a stable market is considered to have 6 months’ worth.
With the absorption rate being so incredibly low and overall inventory levels, price demands are at an all-time high. Sold to List ratio for Pitt County has hit an overall 99.9%. Most homes in the Greenville NC real estate market right now are getting over list price offers. However, you still have some that are not in market condition or need a bit of TLC. Therefore, the overall data is only 99.9%. I figure this number will potentially increase.
Now the Average Days on the Market have continually dropped, and we are now at 21 days. However again, this is deceiving since it considers the properties that have continually sat on the market.
Therefore, the median number gives you more of an accurate range of how fast homes are truly moving in this market. The median day on market is only 4.
Now, with it being the end of the year we can get a clear overall look of how different 2020 was over that of 2019. The Average list price for the 2020 Year to Date came in at $217,000. Over that of 2019, we had prices of only $197,000. So, a $20,000 increase in property assumed values. Average sold prices also give us this figure with 2020 being at $202,000 and 2019 only at $184,000.
How fast properties sold also demonstrated the median days on market in 2020 averaged out to be 7, while in 2019 it was 14. So, in 2019 it took two weeks to sell a home while in 2020 it only took a week. Considering how strong December is, I think we will see 2021 bring in some incredible new figures! Here is to your New Year and to the Pitt County Real Estate Market being the best year yet!