The housing market in Guilford County the last quarter of 2019 was up in almost every category according to a report from the Greensboro Regional Realtors Association.
The average length of time a house was on the market was 37 days in the fourth quarter of 2019, which is a 17.8 percent decrease from the same period in 2018.
The average sales price for houses was up 3.3 percent to $236,251 and median sales price was up 6.2 percent to $204,500.
The housing supply is at 2.1 months, which is a 22.2 percent decrease from 2018. Housing supply means the number of months it would take at the current rate of sale to sell all the houses currently on the market. It is an indication of the supply and demand ratio more than six months is considered an excess of homes that favors buyers, less than six months favors sellers.
The total number of homes sold in the fourth quarter was up 17.4 percent and totaled 1,532. And new listings were up 7.1 percent with 1,459 new listings in the fourth quarter.
The condominium and townhome market was also strong with a 19.1 percent increase in the number sold, which was up to 343, and there were 286 pending transactions, which was a 10.4 percent increase.
The price of condos and townhomes was also on the rise. The average price increased by 10.4 percent to $166,738. And the housing supply for condos and townhomes was set at 1.1 months, which was a 35.3 percent decrease from 2018.
The average sales price for a home in Greensboro in the fourth quarter was $234,535, which is a 5.6 percent increase from the fourth quarter last year and the overall housing supply was set at 1.8 months a decrease of 28 percent from the fourth quarter of 2019.