Homes for sale / Total Sold / Percentage of Listings Sold:
June 2006 - 15193 / 2290 / 15.07%
June 2007 - 16562 / 1965 / 11.86%
June 2008 - 16816 / 1487 / 8.84%
From the Average Days on Market Report:
Days on Market before going under contract / Months Supply of Inventory:
June 2006 - 83 / 6.7, June 2007 - 94 / 7.9, June 2008 - 103 / 9.5
The Average Days on Market report also gives us the count on Expired Listings. Most listing agreements are for six months. In June 2006 we had 904 listings expire. Last month we saw 1723 listings expire. In layman’s terms, that means that we have twice as many frustrated, confused and possibly desperate home sellers than we did two years ago.
If you’re one of those frustrated sellers, I feel your pain. The only advice I can offer is make sure your home is “move-in ready”, professionally marketed, priced competitively, and hang in there.
*These numbers were obtained from reports posted on the Triad MLS. Data is believed to be accurate, but is not warranted.
The Census Bureau released the numbers for July, 2006-July, 2007 yesterday. Greensboro didn’t make the highlight list, but we did grow by 2.4% or 5811 people.
If you’re one of those 5811 people and I haven’t met you yet, welcome. Would you like to buy a house?
This article in the Central Valley Business Times documents the destruction of the typical American family’s wealth.
“If real house prices fall 10 percent, the median household in the 45 to 54 group will see a 34.6 percent loss in wealth compared with the median in 2004 while families in the 18 to 34 cohort will lose of 67.6 percent.”
If real house prices fall 20 percent the numbers get much worse. Currently, real house prices are falling almost 2% per month.
The article is summarizing this report, “The Impact of the Housing Crash on Family Wealth” by Dean Baker and David Rosnik.
Realtytrac reports that 1 in 501 homes received a foreclosure filing last month. At the bottom of the report are the State by State numbers. On the bright side, NC had 35,000 fewer filings than California.
Our MLS will post Dr. Jud’s 2nd quarter totals in a few days. I will share them with you as soon as they’re available. In the meantime, here are some rough totals for number of homes sold so far this year.
June ‘07 June ‘08 First 1/2 ‘07 First 1/2 ‘08
Gso: 439 363 2262 1777
Guilf. Co. 758 575 3781 2893
There are currently 4773 homes listed in Guilford County, 2689 of those are in Greensboro.
In our luxury market, there are currently 433 Guilford County homes (254 in GSO) listed for more than $500,000. Last month 25 homes sold in that price range (10 in GSO).
*These numbers were obtained using various search features of the Triad MLS. Data is believed to be accurate, but is not warranted.
Found this school report card while searching for something else.
Click on Free Report for info such as contact numbers, teacher/student ratio, programs offered, etc. I was pleased to see that in the “Educational Climate” category, all of the schools in the Greensboro Area scored Average, Above Average, or High.
1.22% doesn’t sound like a very big number, until you take into consideration that Fannie and Freddie back up more than 80% of all mortgages. Last year at this time only .4% of their guaranteed loans were three or more months past due or in foreclosure.
Another scary thought…these totals don’t include all the mortgages with recently relaxed terms.
“Fannie Mae owns or guarantees nearly $3 trillion of mortgage-related investments and is responsible for about half the securities being issued to fund home mortgages.” Washington Post
I shared this with you a few months ago, but now that it costs about $80 to fill up the Ford Exploder, I thought I’d revisit it.
The “it” is a pretty neat feature called “Walk Score” .
Type in your address and the site computes your home’s “Walk Score”, based on how close it is to stores, libraries, coffee shops, etc. It also gives you the closest of all these criteria and the mileage.
The closer your home is to all these places, the higher the “Walk Score”. Click on the drop down arrows for lists of the eight closest of each category to your house. Click on the satellite button for an aerial view.
When you forward the link to all your friends (which you will, because it’s so cool), tell them you saw it on the Greensboro Real Estate Blog.
Here’s a tally of how many homes are currently for sale in Greensboro by price range. Note the $500,000+ categories. In 2007 there were 125 homes sold that were listed for more than $500,000. Right now there are 250 homes listed on our MLS in that price range, roughly two years worth of inventory (unadjusted).
Speaking of expensive houses, I’ve been getting a lot of blog visitors looking for the NY Times article about Greensboro Real Estate. So, here it is. I haven’t mentioned it because I’m bitter about not being consulted for it. And because of the free advertising they give Greensboro’s largest RE agency.
I’m healing.
Price Range
Number of homes listed in MLS
Total in this price range sold in 2007
< $50,000
70
132
$50,000-$99,999
559
875
$100,000-$199,999
1242
2130
$200,000-$299,999
429
611
$300,000-$399,999
208
321
$400,000-$499,999
103
130
$500,000-$599,999
68
46
$600,000-$699,999
56
29
$700,000-$799,999
40
17
$800,000-$899,999
28
9
$900,000-$999,999
19
11
$1,000,000-$1,099,999
2
0
$1,100,000-$1,199,999
1
5
$1,200,000-$1,299,999
8
3
$1,300,000-$1,399,999
7
1
$1,400,000-$1,499,999
4
0
$1,500,000-$1,599,999
6
1
$1,600,000-$1,999,999
3
1
>$2,000,000
8
2
*These numbers were obtained using various search features of the Triad MLS. Data is believed to be accurate, but is not warranted.
The Washington Post has published a pretty interesting series, Anatomy of a Meltdown, documenting the housing bust. Graphs, pictures, a pretty good read.
Lots of info, but I’m still not sure who to blame, terrorists, Greenspan or the entire state of Florida.
Back by popular demand, my monthly summary of local home sales. For a refresher, click here for April’s numbers.
Home sales for Greensboro, Guilford County and the Piedmont Triad May 2008 versus May 2007
May 2008: Greensboro - 340, Guilford County - 536, Triad - 1295
May 2007: Greensboro - 452, Guilford County - 740, Triad - 1654
The MLS monthly totals are for each Realtors Association. Below are the total homes sold by the Greensboro, High Point and Winston-Salem Associations.
GRRA May 2008 - 602, May 2007 - 724
HPRAR May 2008 - 155, May 2007 - 205
WSRAR May 2008 - 543, May 2007 - 725
Disclaimer: The numbers that I’m using were obtained by using various search features of our MLS combined with the monthly report they publish. These totals include townhouses and condos, and per the Triad MLS, “information contained herein is believed to be true, but is not warranted.”
Our MLS is providing some new reports. Someone spent some time on these, this is a lot of information to sift through.
