Check out the included link to see the latest market statistics for Greenville, SC.
GGAR May 2011 Market Statistics
The numbers show our economy is still struggling, despite a slightly more optimistic "feel". The bottom line is, we need people to get back to work. Until unemployment falls, the real estate market will continue to be soft. On the positive side, rates are still very low (below 5%) and affordability is up!
Friday, June 17, 2011
Wednesday, May 11, 2011
New Listing - 3b/2b Walking distance to downtown Greenville, SC!
Don't miss this opportunity to live within walking distance to downtown Greenville! 3b/2b completely renovated home for $169,900!!
8 KEAT AVENUE, GREENVILLE, SC 29601
Click here for a Virtual Tour
8 KEAT AVENUE, GREENVILLE, SC 29601
Click here for a Virtual Tour
Friday, May 6, 2011
New Listing - Downtown Greenville
If you are looking for an affordable, 4 Bedroom / 2 Bathroom house within walking distance to downtown Greenville, then look no further!! Completely renovated and move in ready!
Check it out now! 810 Hampton Avenue, Greenville, SC 29601
Check it out now! 810 Hampton Avenue, Greenville, SC 29601
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| 810 Hampton Avenue, Greenville, SC 29601 |
Monday, January 17, 2011
Is the Real Estate Market Improving?
2010 is history and you may be wondering if the real estate market will improve in 2011. If asked, most commercial and residential brokers will tell you their "gut" feeling is the market will show a slight improvement in 2011 over 2010. So, is their gut feeling going to be right or wrong?
To fully understand the market, there are several economic indicators you should study. However, one simple, but effective method I like to use is analyzing the housing trends. I typically go back 5 years to get a good feel of where the market has been and where it looks like it is going. Below are some key stats for Single Family Homes in Greenville County, SC starting in 2005 and ending in 2010 (all stats provided by the Multiple Listing Service of the Greater Greenville Association of Realtors).
2005 2006 2007 2008 2009 2010
Total Listed 14,496 16,016 17,606 16,435 14,226 14,592
Number Sold 8,682 9,511 9,240 7,426 6,285 6,028
Pct Sold 59.89% 59.38% 52.48% 45.18% 44.18% 41.31%
Avg. List Price $180,389 $187,467 $194,778 $193,527 $175,120 $183,276
Avg. Sale Price $175,497 $182,435 $188,967 $186,313 $167,326 $174,080
Sale $/List $ Ratio 97.29% 97.32% 97.02% 96.27% 95.55% 94.98%
Avg. DOM 95 83 83 89 100 99
Pct. Expired 20.14% 15.87% 16.70% 20.78% 27.34% 26.76%
These statistics clearly show the bursting of the housing bubble in 2007, but they also show the green shoots of recovery that began in 2009. It is too early to draw any definite conclusions, but the signs are positive. The one area for concern is the "number of homes sold". You can see that the number has consistently fallen since 2007. That trend slowed in 2010 and should reverse in 2011, but I will be keeping an eye on it. The main factors that will affect recovery will be mortgage rates, employment, and affordability of homes. As long as mortgage rates stay low, unemployment shrinks, and home prices remain affordable the recovery has a decent chance of continuing.
Disclaimer - The conclusions drawn in this article are the opinions of the author and should not be viewed as a complete or accurate prediction of the real estate market.
To fully understand the market, there are several economic indicators you should study. However, one simple, but effective method I like to use is analyzing the housing trends. I typically go back 5 years to get a good feel of where the market has been and where it looks like it is going. Below are some key stats for Single Family Homes in Greenville County, SC starting in 2005 and ending in 2010 (all stats provided by the Multiple Listing Service of the Greater Greenville Association of Realtors).
2005 2006 2007 2008 2009 2010
Total Listed 14,496 16,016 17,606 16,435 14,226 14,592
Number Sold 8,682 9,511 9,240 7,426 6,285 6,028
Pct Sold 59.89% 59.38% 52.48% 45.18% 44.18% 41.31%
Avg. List Price $180,389 $187,467 $194,778 $193,527 $175,120 $183,276
Avg. Sale Price $175,497 $182,435 $188,967 $186,313 $167,326 $174,080
Sale $/List $ Ratio 97.29% 97.32% 97.02% 96.27% 95.55% 94.98%
Avg. DOM 95 83 83 89 100 99
Pct. Expired 20.14% 15.87% 16.70% 20.78% 27.34% 26.76%
These statistics clearly show the bursting of the housing bubble in 2007, but they also show the green shoots of recovery that began in 2009. It is too early to draw any definite conclusions, but the signs are positive. The one area for concern is the "number of homes sold". You can see that the number has consistently fallen since 2007. That trend slowed in 2010 and should reverse in 2011, but I will be keeping an eye on it. The main factors that will affect recovery will be mortgage rates, employment, and affordability of homes. As long as mortgage rates stay low, unemployment shrinks, and home prices remain affordable the recovery has a decent chance of continuing.
Disclaimer - The conclusions drawn in this article are the opinions of the author and should not be viewed as a complete or accurate prediction of the real estate market.
Tuesday, January 11, 2011
Snow Day Pictures - Greenville, SC - 1/10/11
Sunday, January 9, 2011
Friday, December 3, 2010
The Return of Hospitality
As history has shown us Real Estate is a cyclical industry. Similar to the rising and falling of the tide, the commercial real estate market ebbs and flows. Currently, we are at a full moon ebb tide and the boat is lying on the sand. Although things are bleak some positive figures in the hotel industry have been released that suggests the time to push the boat off the beach and re-enter the market is here.
Smith Travel Research a leader in global travel research for over 20 years has released figures stating that the demand change for hotel rooms in 2008-2009 decreased by 8.2% while the supply of new hotels increased by 5.5%. Going forward, Smith Travel suggests the forecasted demand for 2010 will rebound 5.7% with continued growth in 2011 of 3.1%. On the supply side, there is expected to be a 2.6%change with little growth forecasted in the coming years. Put simply, hotel developers are taking a break and allowing demand to catch up to supply. The forecasted numbers are derived from the broader travel industry showing signs of stabilization and macro economic factors such as job growth and the return of international travel.
This brings us to the question of whether to take on the risk of investment now or continue to wait for the tide to come in? To answer this, you must ask yourself, “do I want to take advantage of the discounts created by the momentary imbalance between supply and demand, or do I want to play it safe and wait until the market normalizes?” If you are looking for higher returns and don’t mind more risk, the time to invest is now. If you belong in a risk adverse group, then it will be best to wait it out. Consider starting your search with “class B” hotels offering just the essentials for travel. These hotels have been hit hard and are being sold at steep discounts. However, due to their low overhead and budget rates, they will be the first to recover. As with any real estate investment, your financial success requires an understanding of the current economic conditions and a comprehensive study of the local market. Local market demand generators such as barriers to new supply, local and state political forces, and travel infrastructure (airports and convention centers) are vital to a successful investment. The complexity of commercial real estate investing makes it a smart choice to seek the advice of a professional. An experienced commercial broker will assist you in all phases of the investment process.
Smith Travel Research a leader in global travel research for over 20 years has released figures stating that the demand change for hotel rooms in 2008-2009 decreased by 8.2% while the supply of new hotels increased by 5.5%. Going forward, Smith Travel suggests the forecasted demand for 2010 will rebound 5.7% with continued growth in 2011 of 3.1%. On the supply side, there is expected to be a 2.6%change with little growth forecasted in the coming years. Put simply, hotel developers are taking a break and allowing demand to catch up to supply. The forecasted numbers are derived from the broader travel industry showing signs of stabilization and macro economic factors such as job growth and the return of international travel.
This brings us to the question of whether to take on the risk of investment now or continue to wait for the tide to come in? To answer this, you must ask yourself, “do I want to take advantage of the discounts created by the momentary imbalance between supply and demand, or do I want to play it safe and wait until the market normalizes?” If you are looking for higher returns and don’t mind more risk, the time to invest is now. If you belong in a risk adverse group, then it will be best to wait it out. Consider starting your search with “class B” hotels offering just the essentials for travel. These hotels have been hit hard and are being sold at steep discounts. However, due to their low overhead and budget rates, they will be the first to recover. As with any real estate investment, your financial success requires an understanding of the current economic conditions and a comprehensive study of the local market. Local market demand generators such as barriers to new supply, local and state political forces, and travel infrastructure (airports and convention centers) are vital to a successful investment. The complexity of commercial real estate investing makes it a smart choice to seek the advice of a professional. An experienced commercial broker will assist you in all phases of the investment process.
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