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Welcome to The Market Report for December 2016. Here are a few numbers that we are tracking for you.
Number of Homes Sold
According to the Greater Greenville MLS, homes sold year to date are up 8% compared to the same time period in 2015. Through the end of November of 2015, 10,666 homes had sold year to date compared to 11,539 through the end of November in 2016. November was a particularly strong month with a 35% increase in home sales compared to November 2015. Although the number of homes sold continues to increase, the pending sales numbers indicate that the market is slowing down some. Only time will tell if this trend continues and the market would be slowing from an incredible pace.
Median Sales Price
According to the Greater Greenville MLS, the median (different from the average) sales price was up 12 % compared to this time in 2015. The median sales price rose from $168,000 to $188,000 over the last 12 months. Some neighborhoods and price ranges have seen significant price appreciation recently. However, the rise in the median sales price was primarily driven by more higher priced homes selling in 2016 compared to 2015. New construction could also be affecting the number. Most of the national home builders in Greenville are now building higher priced homes than in previous years.
30 Year Fixed Mortgage Rate
The 30 year fixed mortgage rate increased approximately 0.5% over the last 30 days to an average of 3.99%. That is a huge increase in a short period of time. However, interest rates were at about 4% at the beginning of the year. Rates decreased monthly for the first half of the year, then leveled off at about 3.5%, and remained there until a couple of weeks ago when the rates quickly increased back to 4%. Interest rate projections do not indicate a huge rise in rates over the next 12 months. It will be interesting to see if those projections change as we have a change in monetary policy in a new administration.
The Bottom Line
The Greenville real estate market is moving fast! There have been lots of home sales over the last 12 months and mortgage interest rates appear to be on the rise. Just by the sheer number of homes selling, it is a great time to put your house on the market. Low interest continue to drive demand to purchase real estate. That demand continues to raise home prices in Greenville at a slow rate, depending on location and price point. Elevated home prices are working against buyers. On the other hand, low interest rates offset the elevated prices when looking at the total cost of ownership or affordability.
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