Greensboro, NC – The seasonally adjusted average home price in Guilford County in October 2014 was $183,208, an 8.6% increase over October 2013’s average of $168,652 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 January 2012 and have since risen 20.8%.
In October 2014, the Time on Market (TOM) was 88.8 days, 4.4% less than it was in October 2013. Over the past 12 months the TOM has declined and the spread, which shows the ratio of selling to listing prices, has risen, indicating less discounting in the market.
Sales of existing, single-family homes in Guilford County increased during last month compared to the previous month. A total of 423 units sold in Guilford County in October 2014 and 414 sold in September 2014. The number sold was higher by 2.1% compared to the level of sales recorded in September 2014, and was 4.1% above the number sold during October one year ago.
The inventory/sales ratio, which indicates the number of months to clear the current inventory of homes on the market, was 6.1 months, 3.2% less than the previous month.
“We have had ten months of price increases since January 2014 and seven months of quantity gains since April 2014 indicating a stable market,” said Marian Stafford, president of Greensboro Regional REALTORS® Association. “Interest rates are at record lows and more product is coming on the market since sellers are listing their homes as prices are rising. Whether buying or selling, work with a Greensboro REALTOR® who can 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