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Market Conditions in Spartanburg - Homes Sales Improve
The number of homes sold shows improvement over the last year but not back to the level of 2008 sales.  For the period of March 1 through May 31, of this year, unit sales are up from 615 in 2009 to 740 units.  Although this is an improvement it is not at the 798 level of 2008.
Homes that sold for more than $300,000 also showed improvement from 34 units in 2009 to 41 units.  This is still well under the 59 homes sold in 2008.
June sales should also show much improvement as Tax Incentives have motivated a lot of buyers to purchase prior to April 30th and close prior to June 30th.  But with these incentives no longer available to buyers you should expect the buyer pool to drop dramatically which could result in homes sales (by units) lower than 2008.  We will give you an update next month.
Higher priced homes have bigger piece of pie!
New construction of homes over $300,000 is virtually at a halt.  Of the 365 homes available only 47 are new construction.  New construction homes in this price range are down about 50% from 2006-2007 levels.
This is the good news for those ... more

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