#MarketMinute: How COVID Is Effecting Upstate Real Estate Market

By in Buying with 0 Comments

According to the SC Realtors Association, “While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May.”

While this is a quick national assessment, what we’re seeing locally is a continued shortage of listings, but buyers who are anxious to find their dream homes.  Really, it’s just a different chapter in the same book we’ve been reading for the last several years…just on a different scale.

Buyers are anxious, but from my perspective, there still aren’t as many looking so far this Spring/Summer than in previous years.  That, combined with relatively little new inventory means a decline in the number of Sold Listings, New Listings, and Pending Listings in both the Greater Anderson and Greater Greenville Real Estate Markets over 2019.

The good news in the Greater Anderson Real Estate Market is that the number of properties Sold and New Listings were up slightly over April 2020.  Also, as you can imagine with a lack of inventory, the Average Number of Days on the Market also dropped from April 2020.

The good news in the Greater Greenville Real Estate Market is that we did see a slight uptick in Sold Listings over April 2020.  The lack of inventory is still driving prices up a bit.  The Median Sales price increased by $3000 over April 2020.

From my personal perspective, May was an overall slow month (in comparison to previous Mays), however, over the last couple of weeks the phones have started ringing much more often with potential buyers.  We’re experiencing the same thing the general market is and that is a shortage of listings.  With so many buyers, if you’ve been thinking about selling, but COVID has held you back, we have safeguards in place to help keep your home safe.

We would love to chat with you about those and why now is a great time to get your house on the market for sale.  It doesn’t cost anything but a little bit of your time (and we promise not to hassle you…that’s not how we operate 🙂  EMAIL US to get the conversation started today!

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