Shadow inventory is the number of foreclosed properties currently owned by banks (or will be owned in the future) that are sitting empty and are not currently for sale. 

Many analysts use the “tip of the iceberg” analogy to describe the 'shadow inventory' situation, feeling that a massive number of distressed properties and underwater loans sits just below the surface. Some believe that the number of potential homes for sale greatly exceeds the number currently on the market. No significant appreciation of North Carolina real estate and home prices will take place until the shadow inventory that exist works its way through the real estate market.  

 

Now take a look at how the Greenville NC real estate market performed in March.

Greenville NC real estate sales statistics for March saw the average sales price increase by 26% to $193,336 when compared to March 2010.  The sold listings have decreased by 40%.  New listings have decreased by 26% from 2010 and pending sales have decreased by 19%.  Market times increased by 13 days or 7% from March 2010.

The map below shows the number of months it would take to clear the shadow inventory by state. The months’ supply is estimated by dividing the shadow inventory and the monthly number of distressed sales. As you can see, North Carolina has 13 months of shadow inventory to contend with.  

Date New Listings Pending Sales Sold Listings Average Sale Price DOM
March 2011 181 103 53 $ 193,336 180
March 2010 245 127 88 $ 143,808 167

Learn more about the Greenville NC real estate market by visiting our websites, LizFreeman.com and LizFreemanHomes.com.  

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Information is provided by the Greenville Multiple Listing Service and is deemed accurate but not guaranteed.