Greenville SC Real Estate Market Report – November 2011
There was a significant upswing in closed sales for the month of November in the Greater Greenville SC Real Estate Market. The Upstate saw an 8.6% increase in sales over the previous year and that increase has added a guarded sense of optimism to the market.
As I noted last month, the trend in the reduction of inventory continued into November. The number of homes for sale decreased by 15.6% over last November and is at its lowest level of the year and our supply of homes is down to 11.6 months after being at a high of 14 months back in May.
For the last few months we’ve seen a steady decrease in the amount of inventory, although we are seeing some improvement in the market, we haven’t seen a corresponding uptick. Part of the reason continues to be the stringent requirements of lenders.
One other trend to watch going forward is the days on the market. We’re seeing an increase in the time it takes to sell a home in the Greenville market go from 104 days to 115 days over the past year.
Overall the Greater Greenville market continues to see improvement. With the lowest unemployment rate in the state and the what seems to be continuous announcement of new jobs coming to the area, I’m cautiously optimistic for 2012.