Welcome everyone to the selling
Greenville podcast I am your host Stan McCune
realtor here in Greenville South
Carolina and just as a reminder as
always all of my contact information is
in the show notes should you be
interested in reaching out to me should
you just want to talk or should you need
a realtor I'd be happy to help you I
represent a lot of buyers and sellers
including investors which are have
always been a big part of my business
but also just regular people buying and
selling their homes now just as a
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that and today we're just going to have
have a quick market update that I'm
going to give you guys just a quick
snapshot this was actually an idea from
my friend Andrew Dixon shout out to
Andrew with Dixon pest solutions they
are a pest control company that Andrew
runs he does a great job he's helped me
and a lot of my real estate clients with
a lot of different things here in the
upstate but he had the idea that I
should just give a brief market update
every now and then that he was
interested in that and I was like you
know what that's not a terrible idea so
I've given a few Market updates in the
past I spent a little bit more time
on them than I intend to on this one
this is just going to kind of go through
a few numbers of what's happening and
allow you guys to kind of get a sense of
what the market is doing so what is the
market doing well I'm glad you asked the
market in summary is stable and is
improving from the standpoint of Sellers
from the standpoint of buyers it's
improved a little bit since the last
time we talked about it but here in the
upstate we are still having inventory
issues so here is what's happening all
right so in mid-march to early April we
saw that that new listings went down
from March 19th to March 8th new
listings went down about 7% year onye
for that same time period but then
contracts on those listings were
actually up that was a really strange
phenomenon really indicated a strong
really strong sellers market for this
year but obviously things plummeted a
little bit from April 9th through 16th
which we discussed a couple of weeks
ago the listings went down for that time
period year on-ear by
35% which was a crazy amount but not
unexpected a lot of uncertainty with
what was happening with
covid-19 sellers decided you know what
we might just wait to list our home or
maybe sellers just decided we're just
going to wait on moving Al together
until all of the stabilizes who knows
what exactly happened but for that
roughly two two and a half week span
listing new listings were down year onye
by 35% but new contracts on the on those
listings were only down year onye
10.5% we discussed a little bit on that
podcast that again all indications were
that more sellers were dropping out of
the market than buyers which means still
squarely the sellers Market still
squarely inventory issues not enough
houses to satisfy the number of buyers
in the market to say this another way we
have had from March 19th to April 8th
we saw a little bit of dip
in new
listings but a lot of contracts coming
in then both new listings and new
contracts dipped but the listings way
more so and so what has happened since
then from April 17th through 29th I'm
not including today I'm recording this
on the 30th not including today because
the day hasn't over I don't the day
isn't over rather I don't want to skew
the numbers but we have seen a rebound
okay not quite a rebound to the late
March early April levels but we have
seen a rebound in the new listings they
are now for that time period from
April 17th to
29th they ended up being down only 12%
year on year so in
2019 the way I ran this we had
871 new listings from April 17 to 29th
and this year same time period same date
range 766 new listings what about new
contracts on those listings similar
phenomenon that we had earlier where we
have
231 contracts on those new listings so I
mean we're talking about like pretty
close to what a third of of those
homes that came on the market from April
7 17th to April 29 already have
contracts on them are already under
contract that's a that's a pretty
good number overall I would
say out of the listings in 2019 the
871 that came on the market from April
17th to to 29th 166 of those sold with
contracts that happened during that same
time period so that you can't compare
apples to apples exactly because again
as I've said in the past we don't know
how many of the 231 current contracts
that we have are going to fall through
but 231 it's going to have to have a lot
of them fall through in order to be less
than the 166 that we had for the same
time period of last year so we are
seeing a lot of buyers still in the
market aggressive these seem like
serious buyers that want to put offers
in on homes they're looking at these new
homes that are coming on the market and
they're getting them under contract I
have had the past two weeks multiple
clients again I feel like I'm repeating
myself but you need to know the story is
still the same I have had multiple buyer
contracts get into multiple offer
situations I had one that we even did
what's called an escalation Clause where
where we were willing to go well above
the purchase price to beat any competing
offers and they still did didn't get it
because it is such an aggressive sellers
market right now there are such
aggressive buyers out there and you
should know that this is not an easy
time to buy if you're looking to sell
though don't be don't be hesitant
that that's all I'm saying that there
are a lot of other considerations when
you're looking to sell but in terms of
of the Corona virus and hesitancies
there I would not be concerned in
general at the moment showings for
the same time period are are also
reflecting the same rebound so we have
had a steady really since early April a
steady increase in showings whereas
April so so Saturday is always the
busiest day for showings right so on
April 4th we had 641 showings that was a
very light
Saturday that was like coming close to
half what we would expect for early
April showings on a Saturday so this
past Saturday the 25th we had
899 again this data coming from showing
time the data before was data I had
pulled from the MLS this is data pulled
from showing time it's not 100% accurate
because not all showings go through them
but a large percentage of them do so
so we we are now seeing it hasn't fully
rebounded I would like to see that
number go above a th000 for a Saturday
but 899 is pretty good that was more
than the previous Saturday which was
865 which was more than the 11th
which was 651 which was more than the
4th which was 641 so we are seeing a
steady increase that's also happening
on weekdays as well the only weekday
week on week that I'm aware of that we
had a slight dip with was just from
Friday the 17th we had 687 showings and
on the 24th it went down to
674 so that was just a dip by 13
showings otherwise everything the
trajectory just keeps going up from the
standpoint of how many buyers are
looking at houses how many contracts are
being put in on houses the market
seems to be very resilient and we should
be encouraged that it does not appear
here that the Greenville real estate
market at least is heading into any type
of recession or anything like that but
it is going to be a challenge for buyers
for the near future in with inventory
levels going down that is not a good
thing for buyers you have fewer homes to
look at more competition because fewer
buyers have dropped out of the market
than than sellers have and so you're
going to have to be patient and kind of
ride this out and let's hope that here
in the near future that we get more
sellers coming on on the market willing
to list their homes maybe we will
even have kind of an influx at some
point here in the summer that's what I'm
really hoping an influx of homes that
come on the market to help to satiate
the buyers and and hopefully that
will result in in a more of a leveling
of the market but right now at least
the market is healthy from the
standpoint of of the economics of it all
we just need for buyers to hang tight to
be patient your home that you want to
buy will come around at some point and
if you need a realtor to help you with
that I'd be happy to do that again my
contact information is in the show notes
and until next time stay safe
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