Read Camerons answer as it has good info. Just wanted to add that the average days-on-market for all of the Greater Greenville MLS (as of May 31) is 102 so it is taking a little longer to sell in 29651.

I believe a simple question deserves a simple answer.

According to the Greater Greenville MLS, 30 four bedroom homes sold during the first quarter of 2009 in the 29651 zip code. These homes sold for a median price of $280,803, and sold in an average of 123 days. This is compared to 34 homes sold during the same time period in 2008, which sold for a median price of $250,950, in an average of 87 days.

The absorption rate, based on the same criteria, is 12.2 months. More specific criteria will yield more specific results, and give you a better picture of the current market.

If you have any more questions, don't hesitate to ask.


Cameron Keegan - Realtor
Prudential C. Dan Joyner Realtors
Mobile: 864.238.7109
http://www.GreenvilleMOVES.com

Hi Kelly,

Unfortunately, there is no specific answer to average days on market for a 4 bedroom home in Greer. There are many factors that will determine the average time on market; price, condition, location ect…. The best way to determine the average days on market for your home is to first determine the market value of the home. Once you determine the market value of your home you can determine the absorption rate based on price location and other factors that will determine the days on market.
ABSORPTION RATE is the mathematical representation of the relationship between supply and demand. The total amount of available product is divided by the total amount of product sold in the previous month. The resulting number represents the number of months it would take, at that same pace, to sell the entire inventory of product.

"Normal Market" conditions exist when the Absorption Rate is between 5 and 6 months.

"Sellers Market" conditions exist when the Absorption Rate is lower. (1-4 months)

"Buyers Market" conditions exist when the Absorption Rate is higher. (7+ months)

Here is a (fictitious) example:

Anytown, USA has 252 homes currently on the market.
In the past month, 78 homes sold
252 / 78 = 3.23
This would be a Seller’s Market, but is approaching "normal" conditions.

HOW IS KNOWING ABSORPTION RATES VALUABLE FOR SELLERS?

Knowing the market conditions can help you determine the appropriate asking price for your home, based on your need for a timely sale. If the Absorption Rate in the 300K to 500K is 4.2, while 500K to 800K is 17.4, and you were considering pricing around 510K, you might want to reconsider and price at 499K instead if you need a faster sale. If you can afford to have your home on the market for a year or more, then pricing it at the 510K would be fine.

I would be happy to help you determine the market value and absorption rate for your home. Please feel free to contact me if i can help you within anything.

Thanks,

Nate Blankenship
(864) 497-3131
nate@homesintheupstate.net http://www.NateBlankenship.com http://www.HomesInTheUpstate.net