By Melanie Carr
The seasonally adjusted average home price in February 2014 was $168,423, a 6.3% 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 11.1%.
In February 2014, the Time On Market (TOM) was 93 days, 8.6% less than it was in February 2013. Over the past 12 months the TOM has fallen and the spread, which shows the ratio of selling to listing prices, has risen slightly indicating somewhat less discounting in the market.
Sales of existing, single-family homes in Guilford County decreased slightly during the month of February compared to the previous month. A total of 385 units sold in Guilford County in February 2014.
The inventory/sales ratio, which indicates the number of months to clear the current inventory of homes on the market, was 6.5 months, up slightly from 6.2 months in January 2014 and 5.5 in February 2013.
“Overall, these figures indicate a continued reinforcement of steady gains and market stabilization,” says Marian Stafford, 2014 GRRA President. “As we head into the spring home-buying season, more homes are coming onto the market and the time homes are on the market is decreasing. Whether you are in the market to buy or looking to sell, now is the time to contact a Greensboro REALTOR® to help you through the process.”
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.