Greenville Area Home Styles
When doing a search through available homes on the Greenville market, I found that seven styles seem to be the most prominent in the Greenville area. The seven most prominent I found are Traditional, Ranch, Bungalow, Contemporary, Colonial, Victorian, and Cape Cod.
The Traditional style is used more than any other to describe homes on the Greenville market, however, it is really hard to put a definition on Traditional style. Traditional can be a label put on a mix of different classical American styles or to some people it can even be used to describe other styles like Colonial, Georgian, or Cape Cod. Traditional is a very safe label when a home does not have an obvious style.
The Ranch Style is the second most prominent used to describe homes on the Greenville market. Ranch homes were most popular in the 50's and 60's. Common features include pitched-roof, picture window, brick exterior walls, and built-in garage or car port. Ranches are one story homes that are usually not as open in floor plan as homes built today and most of the Ranch style homes in Greenville are on crawl spaces with a small number on basements.
The Bungalow style is not quite as popular as the ranch but could be used to describe a number of homes on the Greenville market. Bungalows were most popular on the East Coast in the early 1900's. They are usually one story, rectangle shaped, narrow homes that do not have an attached garage and are smaller in size. The Bungalow is considered a forerunner of the Craftsman style.
Contemporary, Colonial, Victorian, and Cape Cod styles are sprinkled throughout the Greenville market, but just remember, if you are not sure, call it Traditional.
If you ever want to see a wide range of styles in the Greenville area with historical significance, just take drive down Hampton and Pinckney Streets near Downtown. There you will find everything from Queen Anne (Victorian) and Craftsman to Gothic Revival, Colonial Revival, and Italianate. For a copy of the walking tour visit: http://www.greenvillesc.gov/neighborhoods/hamp-pinck_tour.pdf
Greenville Homes Priced Under $150,000 Not Classified As Buyer's Market
We hear Greenville, SC real estate markets referred to as "buyer markets" or "seller markets" but what makes a market good for buyers or good for sellers. The National Association of Realtors® classifies markets based on absorption rates and inventory as follows:
0-5 months = Sellers Market, 5-7 months = Even/Split Market, 7+ months = Buyer’s Market
So what is an absorption rate and what does the 0-5, 5-7, and 7+ months mean? The number of months represents the number of months of inventory on the market. The number of months of inventory is determined by the absorption rate. The absorption rate is determined by taking the number of sold listings for any criteria (price range, city, subdivision, or a mixture) and dividing it by the amount of months (12 for a year or 9 for January to September). You can find the amount of inventory then by dividing the absorption rate number by the amount of active listings.
For instance, lets say that it is August in a local Greenville subdivision and it has 4 homes on the market and 16 have sold since January. This makes an average of 2 homes selling every month and means that there is a 2 month supply in the subdivision. When looking at absorption rates for the entire Greenville area as a whole, it reveals some interesting facts when keeping the definition of a buyer's and seller's market in mind.
Here are some recent Greenville Area real estate statistics:
•Listing Price: $0 - $150K
–Active Listings: 2639
–Sold Listings: 3083
–3083 / 8 mths = 385/mth (Absorption Rate)
–2639 / 385 = 6.85 (Months of Inventory)
–Avg DOM: 83
•$150K - $300K
–Active Listings: 2732
–Sold Listings: 2399
–2399 / 8 = 300/mth (Absorption Rate)
–2732 / 300 = 9.11 (Months of Inventory)
–Sold DOM: 95
•$300K - $500K
–Active Listings: 1123
–Sold Listings: 565
–565 / 8 = 71/mth (Absorption Rate)
–1123 / 71 = 15.82 (Months of Inventory)
Sold DOM: 110
•$500K - $1Million
–Active Listings: 638
–Sold Listings: 174
–174 / 8 = 21.5/mth (Absorption Rate)
–638 / 21.5 = 29.67 (Months of Inventory)
–Sold DOM: 125
•$1Million +
–Active Listings: 144
–Active Solds: 14
–14 / 8 = 1.75/mth (Absorption Rate)
–144 / 1.75 = 82.3 (Months of Inventory)
Sold DOM: 109
These statistics show that Greenville is in a buyer's market in every category except one. The homes priced at $150,000 and below are not in a buyer's market. According the the NAR's® definitions of markets, that price range is an "even/split market." What does this mean? Seller's under $150,000's can expect a better market than those with higher prices and buyers cannot expect the luxury of a buyer's market under $150,000. Seller's under the $150,000's still have to keep things in perspective though since they are not in a seller's market either.
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