"The seasonally adjusted average home price in Guilford County in May 2014 was $175,157, a 3.7% increase over May 2013’s average of $168,982 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 July 2012 and have since risen 11%.
In May 2014, the Time on Market (TOM) was 100.8 days, 5.1% more than it was in May 2013. Over the past 12 months the TOM has risen but the spread, which shows the ratio of selling to listing prices, has also risen, indicating somewhat less discounting in the market.
Sales of existing, single-family homes in Guilford County decreased slightly during last month compared to the previous month. A total of 340 units sold in Guilford County in May 2014 and 351 sold in April 2014.
The inventory/sales ratio, which indicates the number of months to clear the current inventory of homes on the market, was 7.6 months, up from 7.2 months in April 2014.
"Our market is improving,” said Marian Stafford, president of Greensboro Regional REALTORS® Association. “The price of homes sold has risen consistently over the last several months, so potential buyers should not wait too long to make that offer. Work with a Greensboro REALTOR® to help you navigate 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."
A Press Release