Average Home Price Rises 8% in First Quarter

"The seasonally adjusted average home price in Guilford County at the end of the first quarter of 2014 was $170,679, 7.6% more than the average price of $158,619 at the end of the first quarter of 2013, according to the quarterly housing report prepared by Dr. Donald Jud of Jud & Associates for the Greensboro Regional REALTORS® Association.

Sales of existing, single-family homes in Guilford County decreased 11.3% during the first quarter of 2014 compared to the first quarter of 2013.  The number of homes sold was also down 8.2% from the previous quarter.  A total of 1,111 units sold in Guilford County January – March, 2014, down from the 1,252 sold in the first quarter of 2013.

The inventory of homes available to be purchased at the end of the first quarter of 2014 was 2,475, a 10.6% increase from the 2,238 homes on the market this time last year and 15.4% more than last quarter.

Comparing the end of the first quarter of 2014 to the same time last year, the inventory to sales ratio increased 24.6%.  At the current sales pace, it will take 6.7 months to exhaust the inventory. The inventory to sales ratio at the end of the first quarter of 2013 was 5.4 months.

 “The price of homes sold is increasing, which is great news for sellers,” said Marian Stafford, 2014 GRRA President.  “For buyers, there is more to choose from as more homes come on the market in the Spring buying season.  And, whether buying or selling, now more than ever is the time to work with a Greensboro REALTOR®.

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."
A Press Release

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