Inventories within the Greensboro property market are hit new lows as properties on the market proceed to promote quick information
As of February 2021, Guilford County had a supply of housing for only 0.8 months. This is a decrease of almost 60 percent from the previous year.
GREENSBORO, NC – Inventories in the Greensboro property market are hit new lows and homes for sale are selling fast.
According to statistics from Triad MLS, Guilford County’s supply of housing was only 0.8 months in February 2021.
That is, if no new homes came on the market, all of the homes would have disappeared in less than a month.
This corresponds to a decrease of almost 60 percent (57.9) compared to the inventory of 1.9 months in February 2020.
Heather Dodson, president of the Greensboro Regional REALTORS® Association, has been a REALTOR® for 14 years and said she has never seen housing supply so low.
“Inventory is very low, which means that many properties are receiving multiple offers and being pushed above list price,” said Dodson.
Dodson said buyers are in a rush to see homes because they are selling so quickly. She said a newly listed home could get dozens of offers in just a few days.
According to Triad MLS statistics, Guilford County had 478 homes as of February this year, down 53.2 percent from 1,021 at that point in 2020.
“The supply is so low because there is a large pool of buyers so everything can be signed quickly,” said Dodson. “Sellers are nervous about selling when they have to buy too.”
There were 256 homes for sale in Greensboro in February 2021, down 47.8 percent from 490 in February 2020.
The monthly supply of housing stocks in the city of Greensboro is just 0.8 months, down 52.9 percent from 1.7 months in February 2020.
The average Greensboro home sold in just 24 days this February, down 52.0 percent from 50 days at this point last year. In Guilford County it was 25, down from 48 the previous year.
Other counties in the triad are seeing similar trends.
Randolph County’s monthly residential supply was set at 0.9 months, down 57.1 percent in February 2020, which was 2.1 months. And homes sold in just 30 days on average, a 36.2 percent decrease from 47 days at this point last year.
Rockingham County had 1.3 months of residential real estate inventory, down 53.6 percent from 2.8 months in February 2020. And homes sold, on average, in just 29 days, down 59.7 percent from 72 days at this point last year.
Greensboro Regional REALTORS® Association, Inc. is a not-for-profit organization whose mission is to assist its members in their business activities by promoting the highest professional ethics and being the premier provider of quality services, education, and real estate information in the market area.