Thursday, May 9, 2019
by Jason Harrell & Kevin Lee
This is the first Lee & Harrell Report, so I think it's important that I introduce myself. I am Kevin Lee, listing partner with Lee and Harrell Real Estate Professionals with RE/MAX. I have been selling homes in Pitt County since before the internet was a tool in the profession. I have seen all kinds of market. The one thing I know is that whats true today about the current market conditions and trends will most certainly not be true a year from now, heck maybe even a month from now. The market is very different from location to location at any given moment. A short drive 30 miles in any direction can find a market as different as 3000 miles away. The market is always changing. The purpose of this report is to keep Pitt county folks up to speed. We will issue a new report each month so you can stay up to speed on whats going on in Real Estate. Each month I will focus on a specific area, I will translate the numbers you see into market trends and market conditions. I look forward to keeping our viewers up to date on this fascinating Real Estate market.
|
Price Range
|
Active
|
Pendings
|
Closed Last 30 Days
|
|
100,000 - 150,000
|
28
|
66
|
39
|
|
152,000 - 200,000
|
51
|
88
|
59
|
|
201,000 - 250,000
|
69
|
66
|
36
|
|
251,000 - 300,000
|
74
|
47
|
26
|
|
301,000 - 350,000
|
31
|
18
|
11
|
|
351,000 - 400,000
|
13
|
13
|
4
|
|
401,000 - 450,000
|
14
|
8
|
1
|
|
451,000 - 500,000
|
10
|
3
|
3
|
|
501,000 - 550,000
|
4
|
1
|
1
|
|
551,000 - 600,000
|
4
|
1
|
2
|
|
601,000 +
|
18
|
2
|
1
|
The number above represents the month of April 2019. The fascinating thing about these numbers is that it highlights the real shortage of homes on the market. A shortage translates into higher prices and typically happy sellers. Prices are definitely on the rise in Pitt county housing, and that’s not the worst thing because for many years our market has been improving but prices stayed stagnate because the supply was still great. The downside in this market is for buyers. It can be quite frustrating for buyers now. When every home you view is also being viewed by multitudes of other buyers at the same time. As frustrating as this is, buying a home still makes more sense than renting, because along with the improving home buying market the rental market has also been improving. In large part because of the decrease in the amount of rental homes on the market. As the prices and demand have gone up, many of the rental homes are owned by, let's call them the “reluctant landlords”. (These are landlords that are only landlords because in the previous market they couldn't sell their homes and instead, rented them, but now as tenants move on these homes have gone on the sells market creating a shortage in rental homes)
What these numbers specifically show is that homes under 250k are selling at a rate 2 to 4 times the rate that they are coming on the market. These are the best price ranges if you are looking to sell. Also, the most frustrating if you are looking to buy. From 250-400 homes are selling at about the same rate they are coming on the market. This is what I call the most improved price range in Greenville. Sure these homes stay on the market longer than the ones under 250 but way less than this same price range did even a year ago. This trend continues as we go up in price at a rate that might be expected until we get over 600k. This is what I call no mans land. Currently, as you can see, there are 18 homes in Pitt County priced between 600k-over a million. Of those only 1 closed and 2 went pending. There is quite a large supply in this high-end market. This is why I have always advised folks to avoid building their “Dream Home” over $600k, when there has always been a great supply of resale homes that often sell for a fraction of what it cost to build them because the supply has always outnumbered the demand. This price point often takes years and many significant price drops to sell, why not take advantage of these great prices.
My Advice if you are a seller in any of these price ranges to get the most money in the least amount of time is to make sure your condition is on target with the most recent color schemes and finishes. I have found in a strong market buyers want move-in ready. It was just a few years ago when the opposite was true; buyers were all looking a deal and were excited by a fixer upper priced under value.
My advice to buyers, find that house that needs new carpet and fresh paint, and new appliances. The house that you must spend a little money on to make it your own. Because you are paying for instant gratification when you demand a home to be move-in ready and with all the competition out there for these homes you will pay handsomely. Remember, the market is always changing. In a future down market you will thank me for this advice. It could save you a small fortune. Until next time, my wish for you all is that you are able to buy low and sell high!
Lee and Harrell Real Estate Professionals at REMAX Preferred Realty
“Experience Is Our Key To Your New Home”
(252) 327-9668
www.BestHomesInGreenville.com
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