Improvement Continues, But We Still Have A Long Way To Go

Spartanburg County, South Carolina - - -July MLS sales records indicate real estate values remain stable and sales continue to creep up. The median price of a home was $127,000 and there were 230 homes sold. Of the homes that sold, the average days on market was 165.

Although the numbers were encouraging they are still well below the past year's levels. Unit sales are about 50% of July '06 sales and 33% lower than last year. Of the homes that were sold 80% were sold for less than $200,000. There is currently a 12 month supply of homes on the market in this price range.

Homes priced between $300,000 and $600,000 are still taking longer to sell with only 44 units sold in July. There is a 22 month supply of homes on the market in this price range. This is yet another indication that tax incentives have not helped sales in the upper price range and that the local economy, while improving, is still struggling.