Look at that.313 closed sales in Greensboro in May. That’s the fourth month of increase in a row, and a 25% increase over May, 2009.
I know, I know. There was the Federal Home Buyer’s Tax Credit that spurred sales along. And after June 30th (or September 30th if a Senate proposal is approved), the deadline to close on existing contracts to claim the credit, there will possibly be a drop off.
So what? If the purpose of the tax credit was to get people buying houses, it worked. I’m not about to pooh-pooh the good numbers because they may not last any more than I would say Summer doesn’t count because Winter will surely return.
Better is better. And this is better. It is also 313 houses that are no longer on the market. True that until our overall inventory starts to decline, things are going to be tough for many people. But the only way to have a decrease in inventory is to have closings. Which brings us back to the good showing for May.
The average closed price was $168,440, the highest since November 2009, but 10% lower than May 2009. Prices will recover after sales pick up. That’s the way it works. The list price/closed price ratio was 96%, the same as virtually every month.
Sales were up in almost all 9 Greensboro zip codes except for 27455 which was down down by 2 and 27409 which was unchanged.
We must look at foreclosures in any discussion of real estate these days and on that front there may be some decent news. Namely, the percentage of closings that were foreclosures in May 2010 was 16%, the 6th decline in that number and down from the 23% in May 2009.
This is more hopeful data, as was last week’s Greensboro foreclosure listing numbers, that maybe (maybe, maybe) the tide is beginning to turn on this wretched chapter for the housing industry.
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If you have questions, comments or a good joke to share shoot me an email. I’m a full time Realtor®, I love what I do and would be thrilled to hear from you.
* All data from Triad Multiple Listing Service (MLS) and is only as good as the information entered, which is done by humans, who make errors. The information is only for those residential zip codes for Greensboro and does not include the surrounding communities.
