Guilford County home prices up 10.5 percent

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GREENSBORO, N.C. — The seasonally adjusted average home price in September 2013 was $172,149, a 10.5 percent increase over this time last year, according to monthly figures prepared by Dr. Donald Jud of Jud & Associates for the Greensboro Regional REALTORS Association. Existing home prices in this cycle bottomed in February 2012 and have since risen 14 percent.

Sales of existing, single-family homes in Guilford County decreased slightly during the month of September compared to August, but were 14.9 percent above September 2012. A total of 417 units sold in Guilford County in September 2013 and 363 sold in the same month last year.

The inventory/sales ratio was 5.6 last month, 14.3 percent less than the ratio of 7.1 in September 2012. This ratio shows the number of months it took to clear the current inventory of homes on the market at the current pace of sales.

Last month, the Time On Market (TOM) was 91 days, 14 percent less than it was in September 2012. Over the past 12 months the TOM has fallen and the spread, which shows the ratio of selling to listing prices, has increased indicating less discounting in the market.

“With the rising prices of homes sold, the Time On Market decreasing and less discounting, it’s a great time to put your home up for sale,” said Nancy Radtke, 2013 GRRA president.