June 20, 2012

The Greater Greenville metro real estate market is looking up

The Greater Greenville metro real estate market is looking up as the sales for May were 14.7 percent higher from the year before and a 12.4 percent increase to date.  There are also 10,000 fewer homes for sale than this time last year.  The Greater Greenville metro area includes Pickens and Laurens counties.  Ahead of Greenville are Greater Columbia and Charleston Trident.  Columbia saw a 20.3 percent gain while Charleston had an 18.3 percent increase in sales.  Four of the state's markets had a worse May than last year: Cherokee, Greenwood, Spartanburg, and Sumter-Clarendon counties.  

Inventory shrinkage for buildable lots has been one of the biggest shifts and developers have taken notice.  Financing for new real estate development is tougher.  While there is still a "healthy supply" of lots to date, it is anticipated that there could be future problems if the market does not keep up with demand and population growth.  This is especially important as companies considering locating to the Greater Greenville area want to ensure their employees have affordable housing.
Posted in Economics
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