By Melanie A. Carr
The seasonally adjusted average home price in January 2014 was $167,753, a 6.9% increase over this time last year according to monthly figures prepared by Dr. Donald Jud of Jud & Associates for the Greensboro Regional REALTORS® Association. Existing home prices in this cycle bottomed in February 2012 and have since risen 10.9%.
In January 2014, the Time On Market (TOM) was 87.2 days, 15.7% less than it was in January 2013 and .9% less than December 2013. Over the past 12 months the TOM has fallen and the spread, which shows the ratio of selling to listing prices, has also fallen slightly indicating somewhat more discounting in the market.
Sales of existing, single-family homes in Guilford County decreased slightly during the month of January compared to the previous month. A total of 391 units sold in Guilford County in January 2014.
The inventory/sales ratio, which indicates the number of months to clear the current inventory of homes on the market, was 6.1 months, up slightly from 5.9 months in December 2013 and 5.8 in January 2013.
“We are experiencing a stable housing market again in Guilford County,” said Marian Stafford, 2014 GRRA President. “Prices continue to climb from year to year and the time homes are on the market is decreasing. It’s a great time to list your home with a Greensboro REALTOR®. It’s also a great time to buy, before interest rates rise.”
The Greensboro Regional REALTORS® Association, Inc. is a non-profit organization whose mission is to support its members in their business pursuits by promoting the highest professional ethics and being the primary provider for quality services, education and real estate information in the market area."