Happy Holidays! It’s December so it is time to look back over November and see a more in-depth look at where we are in the Greenville NC Real Estate Market as well as the surrounding areas. While everything is subject to change, we do our best to provide you the most up to date information on the Greenville NC Real Estate Market so you can make informed decisions when you’re buying or selling your home.
Since we are so close to the end of the year, we will have a unique opportunity to compare November, year over year as we have done with previous months, and also we will have a chance to look at the 2020 Year to Date data to give us an overall year report up to now.
In November, we saw 157 new homes hit the entire Pitt County Market. In October that figure was 271, in fact, this year the figure has not been below 200 till the holidays hit…
I would go ahead to predict that December numbers will be similar.
Thus, let us start by looking at List Price for the entire Pitt County area and then prices in Greenville, NC, and Winterville, NC.
In Pitt County, the Average List price for November 2020 came in at $310,000, last year in 2019 that price point was $231,000.
I believe this has to do with more expensive homes beginning to come back onto the market…
It doesn’t mean the sales price is there quite yet…
In the Greenville NC Real Estate Market, the Average List Price was $353,000 this year while last year it was $245,000.
Winterville, similar story, this year since we saw an Average List Price of $283,000 and only $224,000 last year.
These figures seem a bit inaccurate for the overall market, so the best data in my mind is to look at the year to date (YTD) averages.
From January 1st till December 1st, the Average List Price for Pitt County was $218,000.
In Greenville it was $218,000 and in Winterville it was $224,000.
That is a 100K difference in YTD over just last month…
Therefore, I feel the overall yearly values give you more of an accurate picture of the local real estate economy.
Next, let us look at the Absorption Rates on the Market.
[For those who may not know, Absorption Rate tells us how, if no new properties are listed, how many days the current inventory would last before there were no more properties to sell]
We have continually spoken all year about the low levels of inventory and with fewer homes hitting the market this data has barely changed.
In Pitt County as a whole, we have only 1.2 months’ (36 days) worth of inventory.
In Greenville, we have 1 month (30 days) of inventory and in Winterville, we’re looking at about the same.
Last year the inventory levels were about double what they were this past month…
Year to date we averaged about 1.5-1.6 months’ worth of inventory…
That means that there’s only about 45 days’ worth of inventory when in a stable market you truly want at least 6 months’ worth of homes to choose from.
With no inventory, Sales Prices and Days on Market are driven upward until you have a contraction…
As we look at the Sales Price for November, we see overall it truly stayed on a projected climb.
Last month the average sale price in Pitt County was $201,000 while in the Greenville NC Real Estate Market it was slightly under at $192,000.
In contrast, Winterville’s average sale price was $222,000…
Last year in Pitt County we were averaging in the $175-180K, the year before that $160K.
Therefore, in 3 years, Pitt County has seen an average price point climb of $40,000…
Year to date for 2020, Pitt County average is $202,000, Greenville’s average is $198,000, while Winterville continues to develop and with newer homes still sits higher at $217,000.
I can go on about relative Sales Price and the local factors affecting this drive, and still, we have more material to cover.
Days on Market are another factor that is being driven up by our lack of inventory…
Pitt County has seen a true median Days on Market of only 4 days, while this time last year you had a good solid two weeks to see a property before it was sold.
Now you have a matter of hours before someone has started to begin the Offer Process…
However, this is a recent change…
Year to date across the market we see that the median Days on Market have been 7…
With the continual change in less inventory, the need to act has increased.
From January to March, we had a 7-9-day turnaround time…
We also had 150 more homes at any given time…
Therefore, these figures do not surprise me given the data.