Greenville Magazine - June 2008 - (Page 55)

sold, bringing 2008 sales down by a little over 20 percent. Average days on the market for those units stayed fairly consistent – 92 days in 2007 compared to 97 days in 2008. Average price increased by four percent, and the median price increased from $144,500 in 2007 to $150,000 this year, a difference of 3.8 percent. As far as housing inventory, last year from Jan. 1 through April 10, there were 5,993 single-family homes, condominiums and townhomes on the market with an average price of $250,176 and an average of 107 days on the market. This year, during the same time period, there were 732 more units on the market with an average price increase of almost $15,000 and only an 11-day-on-the-market average increase. It’s not just sales that are doing well. Greenville is also a strong rental market. Mimi Abels, of Joyner Property Management, says her division is managing a greater volume of single-family homes this year than in previous years. Their growth from 2005 to 2008 in number of properties is 144 percent. “It is a great market for rental homes,” Abels says. “There are a lot of people who come here to live temporarily. There are people who come here who want to lease before they buy. They have a house to sell in another market where the market is bad. Their house hasn’t sold there. So they’re waiting for that house to sell in another market to get the equity out of that home to buy here. They rent until that home sells. And then we have a lot of corporate clients who are only here temporarily.” Why is Greenville doing so well? According to a Mortgage Guaranty Insurance Corporation report, Greenville’s housing market condition is considered stable based on several indicators including income trends, employment and housing affordability. Existing home sales fell 3 percent in 2007, but home prices still appreci- ated well above the national rate. Employment is up by 2.2 percent thanks to gains in the service industries, which offset losses in the transportation and utilities sectors. However, production of new homes is one area that has slowed considerably, Crigler says. Building permits, according to GreenvilleCounty.org, are off. A March 2008 report shows year to date permits for single family homes fell by 44 percent. But, multi-family permits – permits for condominiums and townhome – have improved, making total permits off by only 24 percent. What are this market’s trends? Crigler has seen a tendency toward teardowns and renovations in some of the more established areas. This, he says, is to be expected as the market grows and older neighborhoods are in demand for their larger lots and proximity to downtown. On Parkins Mill Road alone, Crigler has seen four or five tear downs in the last few years. Affordable housing is another trend, giving Greenville a wide range of choices for people of all income levels. Crigler cites Pendleton West as an example. A twobedroom townhome there sells for under $200,000 and offers easy access to Falls Park and the baseball stadium along with shops, restaurants, galleries, and entertainment. Master planned communities, Crigler says, are making their way to Greenville. Hollingsworth Park on Verdae is an in-town example. Now beginning to take shape, Hollingsworth Park will offer a town center, retail businesses and a variety of price points, all without the typical suburban set-up of getting in the car to get anywhere. Tougher underwriting is another reality affecting the housing industry. Gone are the days of 100 percent loans. First-time homebuyers have a tougher time qualifying, and some have difficulty coming up with a down payment. Clearly, Greenville’s housing market is sound, making this a great $150,000 or less may/june 2008 | Greenville maGazine 55

Table of Contents Feed for the Digital Edition of Greenville Magazine - June 2008

Greenville Magazine - June 2008 Contents From the Publisher My Greenville Everyday Heroes Tackling Diversity Greenville’s Gone Global In The Lead From the Pros Anderson Suburban Sprawl Wellness The REAL State of Real Estate Something to Bark About Minority-owned Business A Look Back 1-Tank Trips Private School Resource Guide After Hours The Bulletin Around Town Viewpoints

Greenville Magazine - June 2008

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