Hello everyone and welcome to another episode of Selling Greenville
your favorite real estate podcast here in Greenville
South Carolina I'm your host as always
Stan McCune Realtor right here in Greenville
you can find all my contact info in the show notes
if you need to reach out to me
for any of your real estate needs
just reminders always please rate
review subscribe
all of those good things with regard to the show
and by the way in case you didn't get my email
which I tried to email all of my past clients
got some bounce backs
maybe emailed a few people that weren't past clients
I don't know my CRM I I really need to clean it up
but I'm running a little bit of a contest right now
if you can review me on Zillow
I would greatly appreciate it
review me on Zillow you'll be entered into a drawing
for a 250 dollar gift card
which I will announce on the show
probably during the month of October
most likely I'm gonna give people a few weeks here
but I will be announcing it on the show
who wins there are some alternate ways to win as well
okay so if you review me on Zillow
and then if you also review the show okay
on whatever platform that you watch
or listen to your podcast on
take a screenshot
send it to me text or email either one is fine
I'm keeping I've got a spreadsheet
where I'm keeping up with all this stuff
and if you were a buyer client and
you have
you can take a picture of the front of your home
I would appreciate if you could send me a picture
of your front
of the front of your home that I could put on my website
a lot of people don't realize this
but realtors are not allowed to use other realtors
photographs okay
on their own website now
what I could do is
I can connect my website to what's called an IDX feed
which is essentially my website would become a portal
for the Multiple Listing Service
but I don't want to do that cost a lot of money
it's really only valuable if people are searching
on your website that
but that's like the workaround
in case you're wondering well
I've seen other realtors with with websites that have
you know photos of
of the homes that they help their buyer
clients purchase
those realtors
are subscribing to the IDX feed on their website
and so they're not actually taking
the photos from the listing agents
they're simply publishing the IDX data essentially okay
excuse me by the way I'm getting over a bug
that I've had for a week now it
it's been it's been quite the time nothing
nothing major
but if you hear me clearing my throat and
and what not I apologize
I'm I don't do heavy editing on this show
so you're just gonna have to listen to that
but anyway going back
if if you were a buyer client
if you could take a picture of the front of your house
it's fine to to take it now
or you can send me an old one from when you first bought
it either one works for me
that will get you another entry for the 250 dollar
Amazon gift card that's what I'm giving away
and so the more entries you get
the more likelihood you have to win the gift card $250
and it doesn't require a whole lot of effort from you
so I'd appreciate if if you guys could
could get motivated and get out there and do it
come on and and real quick one
one other point of clarification and I'm
I'm not gonna go into all of this detail in the future
when I when I mentioned this
but all of this is to get Zillow reviews cause I've
I have not done that in the past
I have a so my company sends out a link to
to clients to what's called Testimonial Tree
and a lot of you have probably filled out reviews
for me on Testimonial Tree
and I greatly appreciate that
Zillow doesn't like Testimonial Tree
and so unfortunately
Zillow is just a juggernaut that can't be avoided
and I need to finally really
double down on
and making sure that my exposure is out there
I can't just rest on my laurels
you know
I'm I'm getting a lot of interesting
leads from people right now
and I know
the first thing they do is they go to Zillow
look me up and they see I've got two reviews on there
and that obviously doesn't look super good right
I've been a realtor for nine years
almost 10 years and I've got two reviews on Zillow
what does that mean I must be a part timer
no
you guys know I'm not a part timer
I do this full time
but the general public doesn't know that
so I would really appreciate if you guys could do that
the and I'd appreciate if you did the other things
but you need to do the Zillow review primarily
and if you need a link to it
just hit me up just shoot me a text
and I will send you a link to where you need to go
in order to leave the review
speaking of Zillow
we recently within Berkshire Hathaway Home Services
which is the company that I'm
that that my brokerage is a
a franchisee
I guess is a proper terminology is a franchisee of
Berkshire Hathaway Home Services
recently released this program where we can for
for extra money for it cost a few hundred bucks
and extra money on the photography side
of things we can
list a home on Zillow Showcase
and I will be doing this for all listings
moving forward
it cost me extra money
I'm not passing that along to my clients
in any meaningful way
so just so that you understand how this works
this is going to set your listings apart Zillow
if you ever look at the Zillow map
you'll see that there are some listings on
on the map that stand out
and also if you're just scrolling through Zillow
there are some listings that the algorithm prioritizes
and guess what
it is not the listings that are getting the most clicks
or or the listings that are the
you know that fit your search criteria the best
they're the listings that people have paid money for
people meaning specifically the listing agents
and in this market
every single thing you can do to get ahead helps
this is a brutal brutal market to sell in
like let's just be honest
I've got several listings
and you know
we'll get showings
and buyers just nitpick the daylight out of
out of the listings doesn't matter how immaculate it is
could be a fully renovated home
buyers will find something to complain about
that is the market that we're in
so every little thing we can do to get ahead
I'm trying to do that even if it means
even if it's more of an upfront cost for me
really without the guarantee
that I will ever get a commission
so I'm doing that now this involves
I had to get my photographer
shout out to Damien great guy
great photographer by the way
everyone loves Damien
he
he actually like I I told him about this and I was like
you might need a new camera
because Zillow requires very specific camera
cause they do a 3d tour
and an interesting home layout
where you can actually click
where the bedrooms and all the different rooms are
so they require a very specific there's a handful of
of cameras
but not very many that Zola allows for this and so
shout out to Damien my photographer
I told him about this and
you know I said hey
it would be great if if you don't have the camera
you know I don't know how to ask this
but it would be great if you could get one
so that we could do this and he
he texted me back within a few seconds and was like
I'm getting the camera now
I was like whoa okay haha
so I love it
so if you need to
if you need to sell a home
let me know
your home will be getting priority
uh priority views on Zillow
alright
one more thing right
we're gonna get into market stats here in a second
which I know you guys are
are dying for all the
all the stat nerds that listen to this podcast
this past week
The South Carolina Association of Realtors
had a conference that they called Realtor Mania
it had kind of a WWE kind of theme to it it was fun
very very very very useful
and we just went through a well
it was it was a few days several different receptions
we we installed the new president of SCA Corwin
mullet
I think is his last name something like that great guy
I love Corwin
I've
he's kind of a larger than life kind of personality
he'll be great for our association
what's what's crazy
what's absolutely insane
is that the South Carolina Association of Realtors
just had in the history of the association
their first ever black president
and
her name was Kian and Kian was Kian Aldrich
and Kian was fantastic
I have I'll tell a quick story about Kian
I go to a realtor conference in DC every year
and the first year I went
I didn't really know anyone you know
it's just kind of one of those things where I'm going
I have to do it
because of different positions of leadership
I'm in the association and
but you know it's never fun when
when you're kind of don't know anyone
which is and
and I've been in this situation many times
but if you guys know me from my past life
before real estate I had to go to a lot of conferences
where I didn't know anyone
in my previous line of work
and and
and things like like that
so there was one point where we were waiting
for Biden to finish a speech
an impromptu speech of the Capitol
so they had the entire mall area or the entire
not the whole mall but the
the area around the Capitol roped off
and that was where we're supposed to be
which eventually William Timmons got us in
through a back way
but I was there standing at
at the fence
looking at the Capitol and taking some pictures
and just kind of kind of waiting and
Kian just came up and introduced herself and
very you know
just like a normal just a normal person
which she is
but also she's not right she
she was she knew that she was
the next year
going to be the president of the South Carolina
Association of Realtors
didn't lead with that
and and that sort of humility
was a hallmark of the entire year that
that she was president now we have
I should so
she was the first ever black
president of the South Carolina Association of Realtors
Carwin is now the second ever
and so that
that's a pretty cool thing
I think because obviously
South Carolina has a bit of
a complicated history when it comes to
to race related things and
sometimes we have to play a little bit of catch up on
on some of these things so
very excited
uh for all of that but the conference was great
basically one of the themes of the conference
was that South Carolina
is doing better in so many different ways than
than a lot of the countries
and specifically Greenville is
so even though this was not a Greenville conference
this was a South Carolina conference
Greenville kept coming up over and over again
your market is doing better than other markets
so imagine what the other markets are like
because this does not feel
this does not feel like a great market to me
so I feel bad for for those in the other markets
cause that must be really tough
but it was a really good conference
we had at Isle of Palms
at the Wild Dunes Resort very expensive resort
did have a good time got a little sun
sunrise walk in
on the primary day of the conference
cause I knew I'd just be sitting all day
that was fun
and and I liked Isle of Palms
that was
I've never actually been to that island before
and it is an expensive island to go to
so if you do plan to go be prepared for that
nothing is cheap there
that it's it's not intended for
for for people that are just trying to get a
you know a quick little inexpensive getaway
that's
that's not what this is go to Myrtle Beach for that
but but I did enjoy myself there alright
so all of that out of the way
hopefully that was entertaining for you guys
or or not
we're gonna get right into market stats here
so let me pull up
right one alright here we go
so we're gonna start off talking right at the top
with new listings what is happening with new listings
well interestingly
we have been we've been seeing double digit
year on year gains in new listings
almost the entire year basically from March Onward
we've been seeing double digit year on year gains
that changed in August in August
we did see an increase in new listings year over year
but it was only a 6.8% increase
so August of 24 had 2178 new listings August 25 23
27 so about 150 more listings year over year
but what has me the most interested is that often times
if if you look historically
and if you're watching on YouTube
you'll see this almost every year
prior to all the weirdness of
you know the post covid market
almost every year
there is this little bump that you see that happens
that's like a monthly a
a month on month increase in new listings
that bump almost every time happens in August
now I don't focus much in this podcast
on month on month trends
but when we see a month on month a
a a trend that frequently happens in a certain month
and it doesn't happen that is of interest to me
and if you're looking at the chart
you'll see that August
month on month went down from July
now we did have a July bump
so maybe the bump was simply earlier
if that's the case then that could mean that basically
just everyone got everything out of their system
basically by July
and that August was just an exceptionally slow month
compared to
compared to normal
I I don't know yet because right
we need to see what some of the other data
you know as it comes in September
October by the way
I apologize this is so late
I really wanted to do this episode
before the interview with Tina
with Tina Belgi which by the way
that episode has been taking off all over the place
so if you haven't listened to that Tina Belgi
candidate for for Greenville City Council
I highly recommend it
it's an hour long
but you can hit the little
speed up button and
and watch or listen to it that way if you want
but lots of good stuff in there
she has a lot of interesting ideas
but anyway I apologize
for this coming out late the
stats
did not come out until I was already at the conference
it was already too late for me to to record it
but anyway it's very interesting
new listings were
were soft basically
the long story short new listings were soft in August
even though they were up year on year
they weren't up as much as you would expect
and month on month they were down
which by the way that that typically is an indicator
new listings aren't just an indicator for sellers
those are also an indicator for buyers as well
and so that can be an indication
that we're entering an even slower time here
in in upcoming months
excuse me alright
pending sales
by the way I just got out of the shower if you
if you see me scooping my hair out of the way I
I didn't I don't have any product in it at the moment
so it's just kind of going all over the place
pending sales
this is one of these
numbers that always gets revised
I know we don't like data revisions in 2025
but they they happen and you just gotta prepare for it
the thing is that I've tracked this for so long
that I basically know what it's gonna be revised to
and it's pretty simple we can
we can look back at August
and see how August got revised
I've got or sorry not August
July
so July last month said 9:01 pending sales
that got revised up to 1,452 pending sales okay
and that's basically what I said would happen
that was pretty close to flat year on year right
it was only a half a percentage point increase
over the 1,445 pending sales
that we had in July of 2024
the August number that is the unrevised number is 8 67
so basically we can expect this to get revised into
probably the low 1400s would be the norm revision
and August of 2024 was 1425
so more or less
I'm predicting that this is gonna revise
be revised back to essentially a flat
pending sales number
or or maybe a slight increase or a slight decrease
but it's gonna be pretty close to that 1425 number
what's what's noteworthy about that is that we've had
you know
the lowest increase year on year had been 1.5%
the entire year
so we've had positive pending sales numbers all year
including March was 10.6% increase
February was an 8.2% April was a 7.1%
so we've had we had a real nice strong
spring season
and then that has just really tapered off
the past couple of months again
seasonal cooling that's happening
but a cooling that is even more extreme
than you might expect we
we went from all the way up to a 10.6%
year on year increase in pending sales to now
running multiple months
that I believe will end up being pretty close to
to flat months year on year close sales
we had a decrease okay
and and I
I am not surprised by this based on the
we pending sales numbers right
the homes are falling out from under contract
a slightly more than normal right now in
in my opinion I don't have a ton of data on that
but long story short
close sales for August was down 2.1% year on year
it was
1,522 as compared to 1,554 the year before
and so you can see you know we had had a
you know
the year was looking pretty decent for a while
until just just recently
so again slow
slowing down cooling off
whatever metaphor you wanna use it's happening
days on market until sale
August came in at 49 days
that's a four day or an 8.9% increase over the 45
days on market until sales
this is the
this is how long you can expect your home to
to be on the market until it goes under contract
doesn't factor in price changes
decreases
things of that nature
a lot of those are happening by the way
but right now we are at 49 days
you know a little more than a month and a half
is how long it takes for home to go under contract
on average on average
median sales price was up 1.3% year on year
we've only had one negative month all year
in terms of the median sales price
so that continues
the median for August was 324,250 again
1.3% increase over 319 9:50
which was August 2024
don't be shocked if we get a few negative prints
year on year on the median sales price
in the back half of this year
that would not surprise me at all
and honestly
I'm kind of expecting at least one negative print
here at some point
but we'll see it's been
remarkably resilient here in the Greenville market
thus far
for 2025 prices have have been
ticking up again just looking at it
from a median sales price perspective
not every house has gone up 1.3% the past year
some have gone down
some haven't really gone up in value at all
and and 1.3%
you know one
if you bought your home last year
and you're wanting to sell it this year
odds are you're going to be paying more than 1.3%
in closing cost
so you're not going to come out positive
so keep that in mind as well
this is just you know
I don't tell you guys what you wanna hear
I tell you guys what you need to hear
that's what's happening but if you wanna know
what's the average price in Greenville
again I don't like to talk
average
I like to talk medimore accurate 324,000 in change
now if you want to know the average
it came in at 395,000
which is a pretty strong number quite frankly
that's a 3.2% increase your
year over year
from the 383,000 change that we had in August of 2024
so that's your average
and your median there I
I don't think trend wise
that there's anything super noteworthy
you know in case you're looking at these
you're like oh no the
you know these
they're going down month on month
which is true right
the July median was well you know
the the June meeting was 3:30
the July meeting median was 3:31
which let me see if those got revised
no not really
and and so
now the August median comes down from a June and July
similarly with the average price
the average price has been in the four hundreds
for the past and all of a sudden it got kind of echoey
not sure why
the average price
has been in the 4 hundreds for the past several months
and now suddenly it is below 400
this is seasonal okay
this is this is something that we frequently see
the market tops out during the summer
and then it has a seasonal
I'm gonna try to turn down my volume a little bit
and hope that maybe that helps a little bit
with the echoiness
okay
I don't know if that just changed my headset or what
but I apologize for that
but seasonally we do see the market tend to
these prices tend to top out in the summer and then
you know they do keep going up
but it is a gradual going up from the summer
peak season
that's why we say if you want max value on your house
your your best bet is to sell in the summer
that's the reality
not everyone can do that well
and I should say when I say summer I really mean spring
because a lot of the homes
that are selling in the summer
were listed in the spring
percent of list price received 98.2%
that is a point two % decrease from
August of last year
so this is the percentage found when dividing a property
sales price by its most recent list price
and then taking the average for all properties
sold in a given month
not counting for seller concessions
so a little bit of a decrease
sellers aren't getting quite as much
as they were last year
and I think that that's
then they're just trying to move
move these properties right
homes that are on the market
longer than people want them to be
and it's just like you know what
we gotta do something
what can we do we can accept a lower offer
and so that's what's happening again
this is what happens in a cooling market
housing affordability index
we had a month on month increase
it went from 92 to 95 however
it's a year on year decrease from 98 of August 2024
what does all that mean we want this number to be 100
100 means
the median family can afford the median priced home
now what's interesting for it to go up month
month on month that's a positive obviously
but how did it go up all the way from 92 to 95
month on month
when the median sales price only went down
a little bit well
this number takes into account mortgage rates
and mortgage rates have come down a little bit
in recent weeks now they did hop back up a little bit
let me look at Mortgage News Daily
which is an aggregator
currently saying that the average is about 6.35%
that is significantly lower than what it was
back in July
it was hovering around 6.75%
and then in August it was mostly in the six fives
and so we should see some
some positive this
it should be trending in the right direction
we should we might even see this number go up to
if not right around 100 for the month of September
if these mortgage rates for the
for the remainder of the month stay in this
you know in this lower 6 range
now maybe I should do another episode on
on why mortgage rates are where they are
they actually went really
really low relatively speaking
before the Fed cut their rates
the Fed didn't cut rates or
or issue the sorts of statements that the bond market
really wanted the Fed to
that the bond market
wants the Fed to be super aggressive on cutting rates
and they didn't do that
they cut rates by a quarter point
which was expected
but the bond market had priced in a half a point
and so immediately when that happened
and then there wasn't a clear indication
from the Federal Reserve that they were going to
dramatically make any more cuts this year there
keyword dramatically right
that they're still projecting to make one or two more
uh 25 basis point cuts this year quarter point cuts
but the bond market wants more
when they didn't get that
then Treasury yields shot up
and mortgage rates shot up with them
and so that's that's what's happened there
but we're still a lot lower than we were
a couple of months ago
with regard to mortgage rates
inventory of homes for sale
this one is always one that gets revised as well
so let's look back at July
July was came in last month at 6,444
that got revised down by about 600 units to 5,871
all right this month
and and that was a 32.4% so a huge increase 30
that's the biggest of the year
32.4% increase year over year versus July 2024
August came in at 6,540
that'll probably get revised down by roughly 600 units
as well
so we're gonna be kind of again right near 6,000
probably the fifty nine hundred range
something like that the year before that was 40 518
so we're probably gonna see basically another 30 ish
or so percent increase year on year
so inventory
and and again
if you're looking at the map
inventory is now
starting to get I don't want to say worrisome
it depends on how you're how you're thinking about it
but right now it's higher than we've seen since 2,011
okay so
so that that's not nothing right
2,011 we were still in the global financial crisis
so we're now seeing inventory
at levels comparable to the global financial crisis
now what we're not seeing is a bunch of foreclosure
short sale inventory there is some of that but
but not a whole lot
most of that's getting bought up by corporations
right now
and and so it's not hitting generally speaking
the retail market
it's getting absorbed in other ways
so inventory
this is this is a big story right
this is at the end of the day
this is the cooling that's happening
we see inventory levels
higher than we've seen in almost a decade and a half
that is the story of 2025 right now
particularly this part of the year
and I mean if you look at the chart
it is shooting up I mean
if if this were prices
we'd be freaking out on the
on the flip side the prices were going crazy
but this is inventory right
this is one of the main ways that we track the market
and it is shooting straight up
this can't continue up much longer
before we start to see prices come down substantially
like that's just the reality of the situation
the main reason prices aren't coming down again
I already alluded to it
it's because we're not seeing a lot of foreclosure
or short sale volume and we're not going to
it's not going to happen their
the delinquency rates right now are still historically
extremely low people have a lot of refinance options
a lot of restructure options with their loans
don't expect this inventory to be apples to apples
or to have an apples to apples result on the market
like it did during the the global financial crisis
that's not what I'm saying
however
this tells you a big story
about how the market's cooling
homes are not selling
to the extent that they used to
and demand is not keeping up
and we're seeing that in months supply
now we've talked about this
the months supply numbers are deceiving
I've talked about this so many times
because they are deceiving okay
so July was 4.1 months of inventory that were to rise
down from 4.7 and August came in at 4.7
so odds are
August is also gonna be revised back down to 4.1
months of inventory those are both increases
July with that was a 24 in
percent increase from the 3.3 months of inventory
in July 24
August had a 3 point
of 24 had a 3.4 months of inventory print
and so we'll see about a 20% increase year over year
once that gets revised as well
from 4.7 down to probably roughly 4.1
and so again everyone's like
well until it hits six months of inventory
it's it's still a seller's market nah
that's hogwash
that those old metrics don't apply anymore
because of all the new construction
inventory that we have that is changing the
the dynamics of the market and
and so yes even though demand and supply
have more of an equilibrium
you know this is where you know
if you're looking at the chart
this is really the biggest thing that's crazy when
when you look at inventory levels
that are comparable to 2,011 but
but then sorry I'm if you're on YouTube I apologize
I'm flipping back and forth here
inventory levels comparable to 2,011
but then you look at month supply and I mean
we're nowhere near right
2,011 month supply was in the tens to twelves okay
even got above twelve a year's worth of supply
that means if they didn't
if an entire year went by without homes being listed
that's how long it would take for
for the market to get absorbed of all its inventory
just on average
obviously it doesn't work that way in practice
but on average
and and so it
it appears that we've got a lot more demand
offsetting all of the supply
but so much of that demand
is going towards new construction
and so what people when
when they're looking at these numbers
they don't care about new construction right
you care about your home
you care about selling your home
your neighbor cares about selling their home
they don't care what Dr Horton or
or SK Builders or Ryan Homes or
or Meritage or Toll Brothers or who
anyone that you want to mention Lenard
they don't care about any of these companies how
how much inventory they have
and how much demand they have
they only care about the demand for them
well unfortunately
we don't have in these stats
a very clear way to break out the demand
for new construction
versus the demand for existing home sales
but I can assure you that it is more lopsided
we talked about this a few weeks ago and
and I did provide some data that that
implies how lopsided the market is right now
and I've seen this for myself
I've seen this with my own buyer clients
how many buyer clients keep they
they start their search not wanting new construction
they end their search buying new construction
and that is the way the market is right now
you've got to be prepared for that
if you're selling a home you've got to be prepared
that one of your big competitors is the builders
and they are causing these numbers
they are causing the months supply of inventory
it's not their fault
they're like I'm not blaming them for it
I I had a builder agent one time say you hate builders
I was like I don't hate builders
why would I hate builders
I just talk about the statistically
they are impacting the market in a very big way
and and we need to consider that when we are
looking at this data
so even though month supply
is still gonna end up being in the low fours
I've been telling you guys if we get to the mid fours
we're in a buyer's market
and we might not even need to get to the mid for us
to be there quite frankly
cause I it feels
very much like we're in a buyer's market right now
based on a lot of different things
a lot of the things that we talked about today
and just the feel of the market as well
so I don't want to end on a negative note
if you're a buyer that's a great note
although
if you're a buyer that doesn't want new construction
maybe not right that's
that's the problem right now
but that's all I've got for you guys today
thank you so much for listening and for watching again
all my contact info is in the show notes
if you need to
reach out to me for any of your real estate needs
and please like rate review subscribe
do the same on Zillow
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