November Market Update

December 16, 2019

The Guilford County and Greensboro real estate markets saw little change in year over year results from October to November.    The clearest indicator of whether it is a sellers’ or buyers’ market is the months supply of homes.  The months supply is basically how many months it would take to sell out current inventory if no new homes came on the market.  A balanced market would contain somewhere between four and six months worth of inventory.  November’s inventory in the county and the city still remained at around two month’s supply, much the same as in October.

This scarcity of inventory continues to push prices up and time on the market down.  The average sales price of a home in the county grew at a slower year over year rate in November than in October, 1.7% compared to around 7% in October.  Sales growth in Greensboro also slowed slightly from around 7% in October to a little less than 6% in November.

Days on the market approached nearly a 30% decline in the county and almost 36% in the city.  It takes only about a month to sell a home in either Guilflrd County or the city of Greensboro.

The total number of closed sales for the county increased at a slower pace than October’s 15.5% growth, down to 6.4% growth in November.  Sales growth for the city of Greensboro continue to be very robust, up 20% over November 2018.

As you can see, it is a great time to sell your home.  Call or email me today to discuss whether the time is right for you to sell your home.