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 of my contact info in the show notes need to reach out to me for any of your local real estate needs just a reminder as always if you support the show if you want to support the show there's only one good way to do it that's by well I guess technically a few things that you can do you can subscribe you can like you can leave a rating you can comment on YouTube all of those things are very very helpful by the way speaking of YouTube we're gonna be going over some stats regarding where the real estate market is in Greenville right now and this would be a great episode to see on YouTube if you want to actually see exactly what I'm looking at and I am going to screen share for those that are looking on there and normally we always go over the market stats or monthly indicators for the Greenville market I'm recording this on June 19th the June 19th holiday which unfortunately is not a holiday that realtors typically get to observe we only get to observe if we're lucky July 4th Christmas and maybe New Year's Day nonetheless we are at June 19th and still don't have the market stats which I'm not really sure what the reason is for that those market stats are produced by Showing Time which is showing software that we use but we also have this thing called Infosparks which if you're looking on YouTube Infosparks is also something is produced by Showing time and it's we've had this data for quite some time for the month of may because I'm recording this you know mid June we don't have June's numbers yet so long story short I'm gonna be doing this a little bit differently than normal normally we look at those monthly indicators and we go through month by month and see okay what is the market doing is the market appreciating depreciating you know warming up cooling down whatever today we're going to be looking at this from a little bit of a different angle and maybe it'll be a little bit a little fresh for you guys as opposed to the way we have been doing it but we're just going to kick right off from the very beginning with the median sales price according to Infosparks which again when those monthly indicators come out often times the numbers are slightly different sometimes they're the same but 325,000 is the medium price point according to Infosparks with the average being 408,528 and that's a pretty strong number I mean if we want to if we want to look at year over year it was three 29 in may of 2025 so a slight uptick year over year but here's what I really want to look at the different construction types right previously owned or new construction and here's where things are interesting I've been talking to you guys about this for quite some time new construction is all the way down here at 300 basically 312,000 whereas previously owned homes right now the median is 340,000 okay so if you are looking at previously owned homes 340,000 is actually the median that you should be looking at and that's a a pretty substantial increase versus previously owned construction of may of last year which is 322,000 so we are seeing meaningful appreciation with previously owned or existing home that the economists prefer to use the term existing home sales so it's this new construction that's all the way down here in the low three hundreds that is keeping the median price point down if you look at the average it's even more dramatic the previous home sale but or previously owned existing home sales 4 28 whereas new construction is 370,000 in change so that is a a pretty substantial gap between those two and so new construction has been causing just a lot of ripples in general in the market and that is one of them what about new listings new listings as you can see again if you're looking on YouTube we've been getting a ton of new listings we crested 3,000 new listings in April we came back down to 27 in may I was curious what would happen because historically speaking may can be at or near the peak for the year but we did come down so it appears that April is going to probably end up being the peak month for new listings with 3,000 May had 27 20 708 new listings and if we look at the breakdown between various construction types again this is being driven heavily this time by previously owned homes are really a lot more of them are coming on the market than new construction and that's because probably tied to what we just looked at the sellers are seeing that you know what the prices that sellers are getting is fair it it's not going crazy like it was in in 2020 2021 but it's fair people are willing to actually list their homes now if we break this out by bedroom type what we see is let's see here three bedrooms and four bedroom homes by far are what are coming on the market okay so out of out of the entire entirety of the MLS 27 and eight new listings of those about hmm nearly 25 of those were three or four bedroom homes not a lot of one or two bedroom homes coming on the market and that shouldn't come as as too big of a shock contract to close according to this the average is 44 days the median is 35 days and you know typically when I have clients that ask okay how long does it take for a home from contract to close I typically say 30 to 45 days so no big shock there and you know as you can see the it typically kind of hovers around kind of the same area now homes for sale total inventory we are at the highest we've been to in a very very long time I just backed this out to our entire MLS it goes back to 2008 you know we're at the highest point of inventory since 2,011 and so currently we at the end of may we had 60 509 homes for sale break this out by construction category and you can see that both new construction and existing home sales are going upward but new construction is basically in record territory new construction we we've got more of that on the market than we did during the Great Recession you'll if you'll remember during the Great Recession there was a lot of new construction on the market at that time whereas we're nowhere near with existing home sales we're nowhere near what we were during the Great Recession and so that's very interesting to me again if you feel like there's a lot of new construction that's out there a lot of homes being built there are but not enough to bring down prices not enough for us to see actual price appreciation now pending sales we had 18 four 18:04 pending sales that's a very very high number I've got this backed out all the way to 2008 and that constitutes the second highest number of all time sorry the third highest number of all time and the other two were this year we're March and April of this year so we have had a stronger year than you would expect when it comes to pending sales now the close sales number haven't all been you know quite as rosy so we're seeing a lot of people backing out of contracts but that being said may was still a very strong 1778 close sales that constitutes I believe hold on let me see here looks like about the third highest all time and actually let's see your 1771 actually second highest all time second highest only to may of last year so we had a little bit of a drop off year over year in closed sales in comparison to may of last year but still very very strong historically speaking days on market until sale the medium is 26 days the average is 52 for this one I do prefer the average and so you know how long is a home on the market before it goes under contract we are currently in a steady decline throughout the spring here which is not uncommon that's typically what happens we typically see you know these numbers peak during the winter months and so things it takes less time to sell your home during the spring and summer months than it does during the fall and winter months generally speaking so that's what's happening here 52 days is on average how long it takes from the time you list your home until the time it actually gets sold if you see a home that's been on the market for 60 70 80 days maybe there's an opportunity there to make an offer now I will say that there's a lot of unreasonable sellers right now in fact I communicated with one recently their home had been on the market for a while my client asked me to reach out let them know that like hey your current price point doesn't work but if you came down to this price point it could and I got several chat GPT very obvious ChatGPT responses from the listing agent and actually took him a few days to get me those responses but basically saying thank you for your consideration but we are not coming down on the price I'm just like okay no problem that one has been on the market for a very long time and it's going to continue to languish on the market because it's overpriced but I digress months supply of inventory so we just talked about how inventory as a whole is very high is very high month supply is at 4.3 now 4.3 is not super high but looking historically that is the highest that we've had since 2016 and so and it really does feel like 2016 that was the first year I got into real estate it feels a lot like that in in the current state of the market that was a seller's market soft sellers market neutral ish market was the way it felt it feels that way very much right now if we break that out by construction type man they're all pretty similar previously owned homes are selling there's only 4.1 months supply of previously owned 4.5 months of new construction okay so there's more months supply of new construction than previously owned let's compare that to those 20 in in those 2016 levels new construction had like a lot of inventory was at like six months of inventory so new construction you know where I just compared it to 2016 was like really really soft back then whereas previously owned only had 3.6 months of inventory loosely speaking back then so that's it that's interesting we got more months supply of previously owned than we had 10 years ago and less new construction despite so many of these other metrics being flipped between previously owned and new constructions out there percent of list price received 99.9 okay which is you know typically you know we see this number hovering between 98 and 100% you can see that's basically been the case since 2016 we've had we had a few little glitches in you know 2021 2022 where it was at 100 or above 100 that's really rare usually it's 99 98 to somewhere less than 100% 99.9 that that's a that's a strong number now I will say that these this is one thing where this info spark software I'm using is different than the monthly indicators that GGR produces for us it doesn't come out quite that high and maybe you know now that I think about it I was looking at the median I just realized that that this actually has a median and average of the percent of list price received so the average is 98.5% that that sounds more in line with what we should expect compare that to let's see here May 2025 it was 98.6% so basically the same basically flat dollar volume we set a new record for the month of may Yay US with a with a total volume of seven 726 million in change what does that mean that just means real estate is getting more expensive in this area the total number of sales you add them all together we set a record I'm not drawing any massive conclusions from that shows depending the median is that it takes seven showings before a home goes under contract the average is 10.3 break that up by construction type and the median for new construction is 4 the median for previously owned is seven and the average for previously owned 10.6 and for new construction is 7.1 all right but the but the total on average is 10.3 so that's you know that that's a significant thing right ten showings you know until a home goes under contract is significant because that's actually low okay that's historically low if we back this out well we are we are showing the max we only have data going back to 2016 but the hotter the market the more showings there are on a house now you might think do you typically in a hot market homes go under contract before there's very been very many showings but that intuition that you have is not accurate because a lot of people get those showings in you know when it was so crazy in 2021 2020 2022 when we had all of that craziness in the market I mean a home would come on the market and within 30 minutes there would be showings and then you know you would list a home at three PM and it would have seven showings before the end of the day and so the fewer showings that we have that's an indicator that the market has softened now how does this compare to May 2025 May 2025 was 10.4 showings per listing so that's very very close on average if we look at the median which was 7 let's look at the May 25 median was also 7 okay so we haven't changed a whole lot with regard to that and again a lot of this softness in the data is driven obviously by mortgage rates showings per listing just in general is 3.8 so I just told you how many shows depending was like ten shows per listing for the month of may was 4 what does that tell you that's telling you that a lot of these showings are not people going under contract right it takes you know on a listing in the month of may on average had 3.8 showings but requires over 10 showings to go under contract on average what does that tell you need to get those showings you need to make your home attractive it needs to be priced correctly it needs to be marketed flawlessly everything needs to be done perfectly to get enough people in there so that the right person comes along and says this is it this is the house I hadn't really maybe they hadn't considered it at first or maybe it wasn't the top of their list but everything on the top of their list got under contract now they're looking at you know at your house and now they're like you know what this could work we can make this work and so that that's what's happening there so yeah a lot of interesting things going on in the market right now and you know I think in general there's not been any major major fluctuations it's just kind of been the way it is it's kind of you know one market to the next it kind of feels like it's leaning more towards the buyers more towards the sellers I think it's kind of a it's kind of a neutral ish market right now is what it feels like again it does feel very similar to what it felt like in 2016 for me and so I think that that is something to consider when you're thinking about this is it a buyer's market is it a seller's market it it's kind of neutral at the moment and that's not a bad thing necessarily it means that buyers aren't getting hosed on prices it means that sellers aren't getting hosed on value and if you're okay with it if you can get done what you want to get done I just had a unfortunately a bad conversation recently with someone who's underwater on several properties and you know what it's tough this is not a good market to be underwater on a property because they do take a good couple of months to sell you do have to get a bunch of showings in before they go under contract there there's a lot that has to happen and so and so that's where all of this data comes into play and really plays a crucial role in how you strategize whether you're selling whether you're buying what kind of strategy you put into place for that that's all I have for you guys today thank you very much for watching and listening I hope you guys had a wonderful June tenth I wish I could have been celebrating that with you unfortunately I had to work but nonetheless we have the 4th of July coming up soon that is a holiday that typically realtors kind of get to celebrate somewhat probably have a few texts maybe a few phone calls here and there but for the most part people lay low on that day so I'm looking forward to that and I'm looking forward to hearing from you guys in the comments on YouTube please leave a little comment rating review all of those good things if you need a realtor in the Greenville area please reach out my contact info is in the show notes I'll talk to you guys again next time!