Local Market Continues to Show Signs of Slow But Steady Improvement.
By Yvette Gardner
(Keller Williams Realty, Spartanburg, SC)
Second quarter statistics from the Spartanburg MLS continue to show that our local market has bottomed out and is starting to show improvement. A comparison by quarter reveals that there were 535 homes sold in the 1st.qt and 738 homes sold in the 2nd qt, an increase of 38%. The median home value increased from $104,000 to $117,250 and the days on market fell from 147 to 144. When you look at the 2nd qt alone, the median price was $106,000 in April, $116,000 in May and $124,950 in June which shows an upward trend for the past 3 months. Several factors, including stabilization in the foreclosure market and the impact of first time home buyers, have helped reduce inventory and increase the value of existing homes in our market.