October Market Update

November 12, 2019

The Guilford County and Greensboro real estate markets definitely continue to be a sellers’ market.  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.  October’s inventory in Guilford county was 2.5 months and the city of Greensboro had 2.4 months worth of homes on the market.

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 and in the city both grew by over 7% compared to  October of last year.  Days on the market approached nearly a 30% decline in both the county and the city.  Guilford County days on market were down to 34 days and in the city it took, on average, a month to sell your home.  The total number of closed sales for the county increased 15.5% and sales in the city of Greensboro sales were up nearly 23% over October of last year.

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.