Every quarter, The PMI Group Inc. releases their risk index, which basically measures the likelyhood of a decline in average home price over the next two years. The Fall 2008 Risk Index was released this morning.
Just thought I would post the fact that the Greenville-Spartanburg-Anderson area continues to have a "less than 1% risk of decline in average sale price over the next 2 years."
Ever since I started checking this risk index, our market has held the same "minimal" rating for risk of decline. In fact, I have compiled more than 5 years worth of data from the Greenville MLS, which completely supports The PMI Group's risk index.
With all of the doom and gloom in the national media, I thought I would post this information here, since it contradicts most of what we hear, even on our local news.
Cameron Keegan
Prudential C. Dan Joyner
Greenville SC Real Estate
Source: http://media.corporate-ir.net/media_files/irol/63/63356/pmi_eret_fall08.pdf
I recently came across a report from Realtor.com that shows search trends in various markets around the United States. This data compares searches in July 2008 to July 2007. It is pretty interesting that consumers are searching significantly more in the markets that have been publicized as being in crisis. For instance, Stockton, CA has consistently ranked very high in depreciation rate, but 140.9% more people were searching for homes in Stockton, CA in July 2008 compared to July 2007. Las Vegas showed a similar trend, with a 93.9% increase in search activity on Realtor.com.
Greenville, which has consistently ranked high in appreciation on various reports ranging from the OFHEO Home Price Index to the National Association of Realtors index, also ranked fairly well in search activity on Realtor.com. In fact, 12.2% more searches were performed for Greenville/Spartanburg/Anderson in July 2008 compared to July 2007.
Any increase in search activity is welcomed, and justified. After all, Greenville had the 4th highest appreciation rate in the US, according to the 2nd quarter OFHEO Home Price Index.
Source: http://marketing.realtor.com/julysearch/
________________________________
Cameron J. Keegan - Realtor
Prudential C. Dan Joyner Realtors
http://www.GreenvilleMOVES.com
On August 26th, 2008, the OFHEO released their quarterly home price appreciation report. This report gathers data from conforming, conventional mortgages secured through Fannie Mae or Freddie Mac. For that reason, this index has received some scrutiny, since it only covers loan up to $417,000. This scrutiny is justified in markets where the average home price exceeds the indexed amount, but in markets such as Greenville, SC, this index covers a vast majority of home sales. In fact, 94.7% of single-family homes and condos sold in the Greater Greenville area during 2nd quarter fell below the $417,000 price point.
OK, so here's what you're really interested in. Over the past three calendar quarters, Greenville has ranked as having the 37th highest appreciation rate in 4th quarter, and the 18th highest in 1st quarter.
Well, in the 2nd quarter OFHEO home price index, Greenville posted the 4th highest appreciation rate of 291 metro areas indexed, with a 5.87% increase from 2nd quarter 2007 to 2nd quarter 2008.
View over 5 years of Greenville SC Real Estate Statistics by visiting my website: GreenvilleMOVES.com
________________________________
Cameron J. Keegan - Realtor
Prudential C. Dan Joyner Realtors
I've been waiting for this report to come out since the 4th quarter report was released back in January. Today, the OFHEO (Office of Housing Enterprise Oversight) released its quarterly house price index. Now, this indexs differs a bit from the Case/Shiller index you probably hear about on the news. The primary difference is the fact that the Case/Shiller index only looks at the 20 largest markets in the country, whereas the OFHEO index looks at 291 metro areas around the US. This makes the OFHEO index a much better picture of the whole country, but even this index has its downfalls, specifically in markets where the average home price is outrageous. The OFHEO index only takes into account loans from FNMA and Freddie Mac, which are capped at $417,000. This is fine for the Greater Greenville market, but not an accurate representation of an overpriced market in California.
OK, so looking back at the 4th quarter OFHEO House Price Index, it showed the Greenville-Mauldin-Easley MSA as having the 37th highest appreciation rate in the country when comparing 4th quarter 2006 to 4th quarter 2007. The 1st quarter index, which was released today, showed the Greenville-Mauldin-Easley MSA as having the 18th highest appreciation rate in the US when comparing 1Q07 to 1Q08. Yet another reason why no one should hesitate to buy in the Greater Greenville market. The numbers behind the rank are as follows...
Prices in the Greenville-Mauldin-Easley MSA have increased by 5.67% since 1Q07, 1.66% since 4Q07, and 22.96% since 1Q03.
For the full report, click here: http://www.ofheo.gov/media/hpi/1q08hpi.pdf
Also, feel free to visit my website (GreenvilleMOVES.com) for quarterly statistics dating back more than 5 years, and more information about how prices have changed, changes in the average days on market, and number of homes sold.
It's almost no surprise to me, since I love living in Greenville, but it's nice to see Greenville getting some recognition. Every year since 1997, Relocate-America accepts nominations for the Best Places to Live. This year, Greenville not only made the top 100, but actually hit number four, trailing just behind Charlotte, San Antonio, and Chattanooga.
Short blog post, but worth it!
http://top100.relocate-america.com/
Cameron J. Keegan
Prudential C. Dan Joyner Realtors
http://www.GreenvilleMoves.com
 |
|
|
A full service Realtor with over 5 years experience, and more than 100 homes sold in the Upstate!
My name is Cameron Keegan, and I have been a Greenville SC Realtor with Prudential C. Dan Joyner since 2003. My family and I have lived in Simpsonville, SC for more than 6 years now, and all of my clients and friends know how much I love the Upstate. I have lived in six states throughout my life (MI, CT, MD, WI, PA, and SC), and I knew I found home during my first visit to South Carolina. Prior to beginning my career in real estate, I worked for one of the largest advertising agencies in South Carolina. I later realized a passion for real estate, and I am proud to say that I have helped more than 100 buyers and sellers find home in the Greater Greenville area. I have been inducted into the Prudential Honor Society, and I have earned designations as an Accredited Buyer Representative and Accredited Seller Representative.
Since 2003, I have been a devoted Greenville, SC Buyers Agent. I have helped buyers find homes in Greenville, whether they're moving locally, from a different state, or even a different country. My buyer's criteria takes priority over everything else, and I will never show a single home that fails to meet an important aspect of their specific criteria. My goal is to help my buyers locate, negotiate, and close on their new home without any hitches in the process. During the search process, I always provide my buyers with instant notifications when new properties become available, which match their specific criteria. Once we begin viewing potential homes, I will always provide a detailed map of our route for the day, since I know how easy it is to get turned around in a new area. As the list of potential homes narrows, I will provide detailed research of comparable sales, to ensure that my buyers are getting a good value for their money. After all, this may be one of the most important financial decisions they will make in their lifetime. As we near closing, I will keep a watchful eye over the process, while remaining in regular contact with the inspectors, lender, and closing attorney.
I believe that my background in advertising has helped me excel when it comes to marketing a property for sale. My homes for sale continually receive the maximum exposure, which is necessary in a buyer's market such as Greenville. Every single one of my listings is marketed in the most effective ways the Greater Greenville area has to offer. Your home will be advertised in The Real Estate Book, Homes & Land magazine, Big Blue Book of Dreams, Greenville News, and Greenville Journal. I also advertise my homes for sale on more than 35 websites, and potential buyers will always find multiple pictures and a featured tour. In 2008, I was recognized by Realtor.com with the Online Marketing Award of Excellence. My personal website (GreenvilleMOVES.com) maintains a high rank in all major search engines, which results in more than 1,000 visitors per month, and more than 80% of those visitors go directly to my featured listing page. Apart from marketing, I will also maintain a constant line of communication with my sellers, providing feedback as soon as it is available from the showing agent. Once we finalize our contract with a buyer, I will never cease or scale back any marketing, and I never advertise my listings as "under contract" until I feel comfortable in doing so.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
